Prices of sugar were largely unchanged in the key wholesale markets of the country due to lacklustre trade. Thin trade in the market can be attributed to the fear of government action to ensure enough supplies in the domestic market. The government is likely to allow import of 300,000-500,000 tonne sugar at zero duty to augment supply during the upcoming festival season.
India in no hurry to grow GM food crops.
The government is in no hurry to introduce genetically modified food crops in the country, three months after the sector regulator gave its nod to commercialization of GM mustard, because of widespread opposition from different quarters. The government has decided to examine all objections raised by scientists and farmers before taking a decision on genetically engineered (GE) mustard. Pursuant to recommendation of GE mustard by GEAC (Genetic Engineering Appraisal Committee), several representations and concerns have been raised by a wide range of stakeholders including scientists, policymakers, farmers and NGOs. The issues raised are manifold, like long-term health and environmental impact, herbicide tolerance, loss to honey bees and pollinators, outperformance of native varieties, no enhancement in yields, etc. All these issues are under examination.
NCDEX Mustard seed futures add to gains; up Rs 5/a qtl.
NCDEX Mustard seed prices edged further higher by Rs 5 in futures trading as speculators indulged in raising their bets on the back of strong sentiment at the spot markets. Widening of positions by players, tracking a firm trend at the spot markets on increased offtake by oil mills mainly kept mustard seed prices higher.
Indore soybean prices a tad up on low acreage
Soybean prices rose marginally in the benchmark market of Indore in Madhya Pradesh due to slow progress of sowing in the state. Poor rainfall in the state so far in the southwest monsoon season has hit sowing operations and pulled down the area sown under soybean. Area under soybean has also declined as some farmers in the state have switched to cotton for better returns.
CBOT soybean up on dry weather conditions in the US.
Futures contracts of soybean were marginally up on CBOT due to dry weather conditions in some parts of Illinois and Iowa, the largest soybean producing states in the US Midwest. The good-to-excellent rating for the oilseed in the two states has declined in the last week. The most-active November contract on CBOT was at $9.7575 per bushel, up 0.3% from the previous close.
Malaysia CPO up on weak ringgit, gains in CBOT soy.
Futures contracts of crude palm oil traded higher on the Bursa Malaysia Derivatives because of weakness in the ringgit against the dollar and gains in the soyoil contracts on the CBOT. The most-active October palm oil contract was at 2,640 ringgits (39,259 rupees) per tonne, up 11 ringgits from the previous close, while the most-active September soyoil contract on CBOT was up 0.3% at 33.98 cents per pound. Soybean futures on the CBOT are trading firm over the last few days amid concerns over forecast of drier weather in the US Midwest just when the plants are in crucial pod-setting stage.
Tur down in Akola on low buying by dal millers.
Prices of tur at Akola in Maharashtra were down because of a weak demand from dal millers. Arrivals of tur in Akola were unchanged.
Farmers group to auction 659 tonne tur via NCDEX e-markets.
Small Farmers Agribusiness Consortium offer 659 tonne of tur for auction through NCDEX e-Markets. The pulse is stocked at a warehouse of Central Warehousing Corp in Chhatarpur, Madhya Pradesh.
Tur, arhar growers need procurement support.
The acreage decline is pronounced in Maharashtra and Karnataka, where growers have been rather upset with low prices and inadequate procurement support. The acreage estimate is a clear indication of the mood of the growers. The Agriculture Ministry production target of 42.5 lakh tonnes of tur/arhar for 2017-18 is unlikely to be achieved. In 2016-17, the actual harvest was an estimated 46 lakh tonnes. Yet, the market is unlikely to face any shortage given the high level of existing stocks. Having fixed the MSP at a high level, the policy makers are duty bound to ensure that growers receive the minimum price. For this purpose, procurement operations have to be strengthened. Government agencies should get into a state of readiness right away. Inventory building by the private sector should be encouraged too. The target should be to procure at least 10 lakh tonnes of tur/arhar so that growers do not feel shortchanged this season too.
Chana futures climb 1.43% on robust demand.
Chana prices rose 1.43 per cent to Rs 5,155 per quintal in futures trade as traders created more positions, supported by the soaring demand from dal mills in the spot market amid restricted supplies.