Mustard seed prices up in Jaipur as supply declines.
Ram Gopal Yadav (8 years ago)

Prices of mustard seed in Jaipur extended previous close gains due to shrinking supply of the oilseed coupled with a pick-up in demand from Stuckists. Seasonal demand for mustard oil also supported mustard seed prices. Arrivals have declined because farmers are holding on to their produce on expectations of a rise in prices in the coming days.

CBOT soybean futures gain tracking Malaysia CPO.
Ram Gopal Yadav (8 years ago)

Futures contracts of soybean traded higher on the CBOT tracking key crude palm oil contracts on Bursa Malaysia Derivatives. Prices of soybean and crude palm oil usually move in tandem as they are used in the production of bio-diesel. Poor condition of the soybean crop in the US, the world largest grower, due to dry weather also boosted prices on the Chicago bourse. The August soybean contract on CBOT traded at $9.9650 per bushel, up 0.8% from the previous close.

Soy up in Indore as heavy rainfall hits arrivals.
Ram Gopal Yadav (8 years ago)

Prices of soybean at spot markets in Indore rose by around 25 rupees as heavy rainfall hit arrivals. IMD has advised farmers in the state to re-sow the oilseed in some patches as erratic weather in the state has affected proper growth. Soybean contracts on NCDEX were also up tracking gains in the spot market. The most active August contract traded up 0.6% from the previous close.

Centre-South Brazil Jul 1-15 sugar output 3.10 million tonne, up 9% on year.
Ram Gopal Yadav (8 years ago)

Mills in Brazil Centre-South region produced 3.10 million tonne of sugar during the first fortnight of July, up 9.1% from 2.84 million tonne in the year-ago period. Of the total cane crushed, around 48% was used for sugar production, while the remaining was used to make ethanol. Mills in the region are likely to produce 35.2 million tonne of sugar this season, compared with 35.6 million tonne in 2016-17 (Apr-Mar).

NCDEX sugar down on reports of higher imports.
Ram Gopal Yadav (8 years ago)

Futures contracts of sugar traded down over 2% after reports said the government may consider more duty-free import of sugar. The government may also impose a stock limit again on mills, this season, if prices continue to rise. National Federation of Cooperative Sugar Factories asking sugar mills to advance cane crushing also weighed on the sentiment. The most-active December contract traded down 2.9% from the previous close.

ICRA sees India 2017-18 sugar consumption almost unchanged at 24.5 million tonne.
Ram Gopal Yadav (8 years ago)

India domestic consumption of sugar is likely to be nearly unchanged on year at around 24.5 million tonne in 2017-18 (Oct-Sep). The Indian Sugar Mills Association had estimated sugar consumption in 2016-17 at 23.8-24.0 million tonne. The ratings agency also pegged the sugar output in 2017-18 at 24.5 million tonne, up 20.7% on year. As a result, there are expectations of a tight sugar stock situation in the upcoming season. While this expected tight stock situation, along with the recent increase in the import duty on sugar from 40% to 50% is likely to support the domestic sugar prices in the near term, the increase in cane costs for the coming crushing season will impact margins.

Govt approves export of 8,424 tonne raw sugar to US under tariff quota.
Ram Gopal Yadav (8 years ago)

The government has allowed export of 8,424 tonne raw sugar to the US, under the preferential trade quota for 2017-18 (Oct-Sep). The US allows a fixed quantum of duty-free raw sugar import from India every year, under the preferential tariff rate quota. Sugar imports into the US outside the quota attract high import levies. Exports of sugar subject to 20% export duty. The government had allowed export of raw sugar to the US under the tariff rate quota this year as well but there have been no exports so far under the mechanism as shipments are unviable after the 20% export duty.

Renuka Sugars issues 500 million convertible preference shares to Wilmar Sugar Holdings.
Ram Gopal Yadav (8 years ago)

The company has announced a preferential issue of 500 million compulsorily convertible preference shares of 16.27 rupees each to Singapore-based Wilmar Sugar Holdings Pte Ltd. The Singapore-based company also make an additional investment of 7.84 billion rupees in the company, which be utilised to pay off part of the debt and provide working capital. Shree Renuka Sugars ended at 19.10 rupees, down 5.7%, on the National Stock Exchange.