India maize futures down on spot cues, poor demand.
Pakistan soybean imports on the rise.
Pakistan continues to increase its purchasing of soybeans with imports expected to reach a record 1.6 million tonnes during 2016-17 and 2 million tonnes during 2017-18. Higher imports are a reflection of a tariff structure that favors soybeans over soymeal and growing demand from Pakistan poultry sector. imports of edible oils are proving to be slower than forecast as higher prices curb demand and increased imports and crushing of canola and soybeans offset some of the need for edible oil imports. Imports of both palm oil and soybean oil are now expected lower, but Pakistan remains one of the largest vegetable oil importers. Continued demand for protein meal from Pakistan’s poultry feed sector is expected to push soybean imports to a record. Importers continue to source small quantities of soybean meal when pricing is favorable and imports are expected to reach 360,000 tonnes during the current marketing year based on imports to date and estimated bookings.
Export of soybean meal increases by 235%.
Export of soybean meal and its other value-added products during July 2017 has been pegged at 0.98 lakh tons compared to 0.29 lakh tons in July 2016 showing an increase of 235 per cent over the same period of last year, according to Soybean Processors Association of India (SOPA). On a financial year basis, the export during April’2017 to July’2017 is 4.69 lakh tons as compared to 1.19 lakh tons in the same period of previous year showing an increase of 292 per cent. The release added that during current oil year, (October 2016 – September 2017), total exports during October 2016 to July 2017 is 16.46 lakh tons as against 3.48 lakh tons during the same period last year, showing an increase of 372.72 per cent.
Indore soybean prices down on lower meal exports.
Prices of soybean in Indore fell due to lower exports of soymeal from the country. Soymeal exports in July declined to 30,678 tonne as compared to 45,975 tonne in June. There is lower demand for the meal in the local and overseas market, which is seen weighing on the sentiments. In Indore, the benchmark market for the oilseed, soybean was down 8-10 rupees. The most active October futures were up 0.3%.
CBOT soybean up as demand from China seen higher.
Futures contracts of soybean rose on CBOT due to anticipation of higher demand from China. Prevailing dry weather conditions in some parts of the US Midwest region also lifted prices of the commodity. Soybean futures also rose due to bargain buying.
Nagpur Pulses.
Gram and Tur prices recovered strongly in Nagpur Agriculture Produce and Marketing Committee (APMC) here on good seasonal demand from local millers amid weak supply from producing regions. Government decision to withdraw stock limited on pulses also boosted prices. Fresh hike in Madhya Pradesh gram prices and repeated enquiries from South-based millers also helped to push up prices. Gram varieties firmed up in open market here on increased festival season demand from local traders amid tight supply from millers. Tur varieties shot up in open market good seasonal demand from local traders amid thin supply from producing regions. Moong varieties recovered in open market here on renewed demand from local traders amid tight supply from producing belts.
Rajkot market delivery prices of pulses steady to firm trend.
Moong and Moong Daal moved up due to thin supply. Gram prices firmed up due to retail demand.
NAFED to auction 1,340 tonne tur via NCDEX e-Markets.
The National Agricultural Cooperative Marketing Federation of India has offered 1,340.24 tonne of tur for auction through NCDEX e-Markets. The pulse is stocked at warehouses in Madhya Pradesh and Telangana.
Tur down in Akola as arrivals surge five times.
Prices of tur in Akola, Maharashtra, were down as arrivals surged five times. Prices in the benchmark market were down 50 rupees from previous close.
Chana up on high demand, positive trend in tur.
Prices of chana rose in Delhi because of demand from dal millers ahead of various festivals, as well as a positive trend in tur in the last two-three days. Tur prices in key markets have been rising following the government decision to cap import of the commodity at 200,000 tonne a year. The most active September contract of chana on NCDEX was down 0.2%.
Minister says sugar prices up on regional imbalance.
Prices of sugar have risen recently due to the regional imbalance in availability of the sweetener. However, taking the sugar production of 2016-17 (Oct-Sep) and the carryover stock of 7.7 million tonne into account, there is sufficient availability of the commodity to meet the domestic demand. Mills across the country are estimated to have produced about 20.3 million tonne sugar in 2016-17, sharply down from 25.1 million tonne produced in 2015-16. Wholesale sugar prices in Delhi had shot up to a record high of 41 rupees a kg in July as stockists rushed to build inventory, which they had liquidated ahead of the rollout of goods and service tax. Though wholesale prices have eased since then to about 39.50 rupees, retail prices continue to hover at 43-45 rupees. Prices are expected to rise again as supplies are seen tight this season and demand is seen increasing ahead of the festival season.
Jharkhand govt to buy 27,000 tonne sugar via NCDEX spot arm.
The government of Jharkhand has floated a tender to buy 2,700 tonne white crystal sugar via NCDEX e-Markets Ltd, the spot arm of National Commodity and Derivatives Exchange. The Department of Food, Public Distribution and Consumer Affairs of Jharkhand seeks to buy ISS Grade S-30 sugar on Aug 17.
India Government to allow 200,000 tonnes of additional imports.
India is planning to allow additional 200,000 tonnes of duty-free sugar imports, a government source said on Tuesday, as production fell below consumption in 2016/17 marketing year ending on Sept. 30, according to Reuters. The world’s biggest sugar consumer had earlier allowed duty-free imports of 500,000 tonnes of the sweetener. The country’s opening sugar stock for 2017/18 season starting from Oct. 1 are likely to be 4 million tonnes, down sharply from 7.7 million tonnes this year, the source, who declined to be named, said. Separately, India is planning to raise import tax on vegetable oils like palm oil, soyoil and sunflower oil, the source added.