National Agricultural Marketing Federation of India launch an online platform later this month to dispose the huge stocks of pulses piled up from last year kharif season. The pulses were procured by the government for creation of buffer stocks. Registered traders can purchase and sell various agricultural commodities including pulses by bidding for the prices through an open auction system. Department of Consumer Affairs set the base price for the auction of pulses procured for buffer stocks through the portal, and the government not charge any transaction fees on it. For all other commodities, traders have to take part in an open auction and transaction charges levied on them.
Tur prices up in spot markets on demand from mills.
Tur prices in Akola, Maharashtra, were up due to a rise in demand from millers amid a fall in supplies. Prices of tur in Kalaburagi, Karnataka, were up 100 rupees from previous close.
Chana up in Delhi as higher demand absorbs supply.
Prices of Chana in Delhi rose as increase in demand from millers absorbed excess arrivals. In Bikaner, Rajasthan, a key market, Chana was quoted unchanged. Arrivals were also steady at 200-250 bags (1bag=100kg).
US export soybean sales have down from prior week.
Old-crop soybean sales of about 8.6 million bu. were down 23% from the prior week but matched trade forecasts. Germany, the Netherlands and Bangladesh led buyers. Most of the attention in soybeans is on the new crop year, which starts Sept. 1. New-crop sales of 13.5 million bu. also were down from the prior week and were led by China, unknown destinations and Thailand. Soybean oil sales for the 2016-17 crop year of 10,700 metric tons were down 28% from the prior week but within forecasts, with Mexico, Guatemala and Canada as the leading buyers. Soybean meal export sales 87,100 metric tons were sharply up from the prior week. New-crop business of 57,700 MT was up slightly from a week ago, with Colombia, El Salvador and the Dominican Republic as the leading buyers.
US Soybean futures hit one-month low on rainfall.
Soybean futures fell to the lowest point in over a month, leading a day of selling across grain and oilseed markets. Rain in the Midwest overnight added moisture to the soybean crop and pressured prices. Better growing weather for the oilseed in August, with plenty of rain and cool temperatures forecast, prompted a selloff this week. Traders are betting that soybean supplies large as a result, with U.S. farmers already sowing more acres of the crop than ever before this year. August-dated soybean futures at the Chicago Board of Trade fell 1.7% to $9.50 1/2 a bushel, closing at the lowest point since late June.
CBOT soybean down on improved US weather conditions.
Futures contracts of soybean were down on the CBOT due to an improvement in US weather conditions. The contracts declined after USDA rated 59% of the US soybean crop as being in good condition. The August soybean contract on CBOT was at $9.50 per bushel, down 1.7% from the previous close.
India edible Oil down; soybean ends 1.7% lower tracking CBOT cues.
Futures contracts of all components in edible oil basket were trading down on domestic exchanges tracking weakness in global markets. Soybean futures on the National Commodity and Derivatives Exchange closed 1.7% down for the fourth consecutive session tailing losses in Chicago Board of Trade. Tepid buying at higher price level pulled prices lower. Refined soy oil futures on the NCDEX and crude palm oil on the MCX declined due to adequate stocks in wholesale markets. Expectations of a duty hike on imports of edible oils cushioned any sharp fall in prices.
Soy prices in Indore extends fall as arrivals rise.
Prices of soybean in the key wholesale market of Indore extended fall due to a rise in arrivals. The fall in spot price of oilseed in the benchmark market also reflected on the futures contracts. The most active August soybean contract on NCDEX traded down 1.1% from the previous close.
US seeks to import more sugar from the Philippines.
The United States is planning to import more sugar from the Philippines after several exporters were not able to fill up their United States quota allocation this year, a development seen beneficial to the Philippines especially because local production is expected to improve this season. Philippines got additional sugar quota allocation of 63,830 metric tons (MT) from the US.
Global food prices hit 31-month high in July: FAO.
Global food prices rose for a third consecutive month in July to hit the highest in 31 months, with hot and dry weather in North America and some other parts contributing to the situation. Average global food prices increased by 2.3 per cent in July against June, primarily driven by a sharp increase in the prices of rice, wheat, sugar, milk and cheese. FAO’s Food Price Index averaged 179.1 points in July, up by 3.9 points or 2.3 per cent from June. The latest rise put the Index nearly 16.6 points (10.2 per cent) above last year’s level and at its highest since January 2015.
Tamil Nadu sugar mills seek raw sugar from states with surplus.
Sugar mills in Tamil Nadu are keen on sourcing raw sugar from Uttar Pradesh and Maharashtra–the states that are expected to produce a surplus in 2017-18 (Oct-Sep) –in a bid to improve availability of the sweetener in the state. While the mills in surplus sugar-producing states are willing to produce and supply raw sugar to Tamil Nadu, high transportation costs would make it unviable. The mills have also urged the government to help cut their loss by restructuring their bank loans. Sugar production in Tamil Nadu in 2017-18 is likely to be even lower than the 2016-17 season because of successive years of meagre rainfall in the state, a drop-in cane acreage, and lower sugar recovery. Millers expect sugar output to fall to 600,000 tonne in 2017-18 from 1.05 million tonne in 2016-17.
India sugar down in north India as demand fades at high prices.
Prices of sugar fell in the key wholesale markets of north India as bulk demand faded at higher price levels. Sugar prices had risen over the last two days due to an increase in demand ahead of Raksha Bandhan and Janmashtmi. Buyers have already stocked enough supplies for festive season. Now that prices are high, there is depressed demand. In the key wholesale markets of Maharashtra, however, prices of the sweetener were stable amid lacklustre trade. Market players have a bearish outlook on sugar prices in the near term. The Centre may also consider giving millers and refiners more time to export refined sugar under the advance license scheme in a bid to ensure adequate supply in the domestic market.