India Centre wants states to procure pulses.
Ram Gopal Yadav (8 years ago)

The Centre is considering pulling out of the procurement of pulses at minimum support price (MSP), and instead ask states to procure the key farm produce. As per the proposal, the Centre would bear about 30% of the amount spent for procurement on account of loss that agencies of state governments would incur during storage and release of pulses. Centre failed to procure enough pulses at MSP post the bumper harvest, which has resulted in distress sale by farmers. Secondly, the Centre is also struggling to dispose off the old stock of about 1.8 million tonnes of pulses since states are not picking them up from the central pool. the central outgo for compensating the states for their loss is estimated about Rs 1,800-Rs 2,000 crore. The proposal, which was presented to a committee of secretaries headed by Cabinet secretary, was recently discussed with state food secretaries.

india Tur set to hit 6-year low as Africa crop may worsen glut.
Ram Gopal Yadav (8 years ago)

A sharp rise in supply from overseas–largely Myanmar and some African countries like Malawi, Mozambique and Tanzania–is seen pulling down the already-low prices in a couple of months, to levels last seen in 2011. Africa tur production is expected to jump to 450,000-500,000 tonne in 2017-18, from the 350,000 tonne crop of last year. 70-80% of the African output making its way to India in the absence of other destinations. A record domestic crop, pegged around 4.5 million tonne or almost double of last year crop compounds the supply glut. Tur prices falling further, maybe towards 3,000 rupees per 100 kg in the next two months.

NAFED procures 56,583 tonne of 2016-17 rabi chana crop for buffer.
Ram Gopal Yadav (8 years ago)

The pace of procurement is slow now, but could pick up if the rains take a break. The agency had started procuring the pulse last month when prices fell below the minimum support level of 4,000 rupees per 100 kg, including a bonus of 200 rupees. Procurement is being carried out in Rajasthan, Madhya Pradesh, Uttar Pradesh and Haryana. Around 42,580 tonne of the pulse has been procured in Rajasthan, 12,730 tonne in Madhya Pradesh, 967 tonne in Uttar Pradesh, and the rest in Haryana.

Malaysia CPO down on profit booking, CBOT soy cues.
Ram Gopal Yadav (8 years ago)

Futures contracts of crude palm oil fell on the Bursa Malaysia Derivatives as investors booked profits after prices hit a four-month high of 2,692 ringgits per tonne previous close. The most-active October palm oil contract was down 0.75% at 2,657 ringgits (39,859.66 rupees) per tonne. Decline in soyoil contracts on CBOT also weighed on palm oil prices. Prices of crude palm oil and soyoil move in tandem as both are used in the production of bio-fuels.

Fall in supply lifts soybean prices in Indore.
Ram Gopal Yadav (8 years ago)

Soybean prices in the benchmark market of Indore were up as arrivals slipped due to heavy rains. A pick-up in demand from oil millers and stockists, and slow progress of kharif sowing in the state also supported prices.

Iran achieve self-sufficiency in sugar production within next four years.
Ram Gopal Yadav (8 years ago)

Iran can achieve self-sufficiency in sugar production within the next four years provided domestic factories are equipped with up-to-date machinery. A record high of 1.65 million tons of sugar were produced in Iran in the last fiscal year (March 2016-17), which amount is unprecedented in the last 120 years. Iranians consume between 2.2 and 2.4 million tons of sugar a year and last year the import of more than 550,000 tons of the product was needed.

Financial ministry turns down food ministry demand for 3-billion-rupee sugar subsidy.
Ram Gopal Yadav (8 years ago)

The food ministry plan to sell subsidised sugar to the poorest-of-the-poor has run into financial hurdles. The finance ministry has turned down the food ministry request for additional allocation of 3.0 billion rupees for sugar subsidy due to paucity of funds. Under the scheme, the central government provides a subsidy of up to 18.50 rupees a kg to state governments for selling 1 kg of sugar at a fixed price of 13.50 rupees per kg through fair price shops to each of the 20.5 million families covered under the Ana Anna Yojana. The scheme was expected to cost the central exchequer 5.5 billion rupees annually.

India sugar down in north India on low demand, bearish outlook.
Ram Gopal Yadav (8 years ago)

Prices of sugar fell in the key wholesale markets of north India as mills lowered their prices due to subdued demand and adequate stocks. Prices are sluggish as there is a fear in the market that the government may allow more imports. The government may consider importing more duty-free sugar and bringing back stock limits on sugar mills this season if prices continue to rise in the run-up to Diwali. The government is looking at the possibility of allowing duty-free imports barely weeks after it increased the import duty on sugar to 50% from 40%, as prices have started rising. Traders have a bearish outlook for sugar prices in the near term.