CBOT wheat hits low on ample global supplies.
MMTC invites bids to sell 3,960 tonne imported urad on Aug 23.
MMTC Ltd has floated a tender to sell 3,960 tonne of urad of Myanmar origin for crop years 2015-16 and 2016-17 on Aug 23. Of the overall amount, 1,145 tonne of urad lies with the Centre Warehousing Corp of Vashi, while 2,820 tonne of the grain lies with Centre Warehousing Corp of Wadala. Bids must be submitted on Aug 23 and opened on the same day. The bids valid up to Aug 30.
Tur up in Akola on improved demand from dal millers.
Prices of tur at Akola, Maharashtra, rose because of improved demand from dal millers.
Govt says no more import of tur in FY18 as cap of 200,000 tonne hit.
More imports of tur in the current financial year are not required as the 200,000-tonne limit for the fiscal has already been hit. The government has capped import of tur at 200,000 tonne per annum in a bid to check the sharp fall in domestic prices. The import restrictions though not apply to the government import commitments under bilateral trade agreements and other pacts. The move of capping imports comes in the wake of domestic tur prices plunging to fresh lows due to bumper production. Huge procurement to buoy the falling prices by the government also did not serve the purpose.
Chana prices up in Delhi on demand from millers.
Prices of chana rose in Delhi because of demand from dal millers ahead of various festivals. Arrivals of chana up in Delhi and Bikaner. On the NCDEX, the most active September contract was up 2.4% from previous close.
India Govt allows export of 122.2 tonne pulses to Maldives.
India has allowed export of 122.23 tonne of pulses to Maldives under a bilateral trade agreement between the two countries. The export of the two commodities is exempt from any existing or future restrictions. India had banned export of pulses a decade ago when low supply had pushed up domestic prices of tur, urad, and moong to record high.
Soybean close 14¢ lower with favorable crop-weather.
The CME Group farm markets closed weaker, with favorable crop-weather providing most of the pressure. September soybean futures closed 11¢ lower at $9.21¾. November soybean futures closed 14¢ lower at $9.24¼.
SEA urges govt to hike import duty on mustard, sunflower oil.
The Solvent Extractors Association of India has urged the government to raise the import duty on crude sunflower and mustard oil from the current 12.5% to 17.5%, in line with crude soybean oil. The association has requested the government to further increase the import duty on refined soybean, sunflower and mustard seed oil to 25% from the current 20%, in line with the refined, bleached and de-odorised palmolein. The SEA has also urged the government to further increase the duty to discourage import of refined oils and to support domestic refining industry and improve the capacity utilisation in the country.
Mustard up in Jaipur on low supply, rise in demand.
Prices of mustard seed rose in Jaipur due to rise in demand from domestic oil millers and crushers, and a decline in supply. Seasonal buys for mustard oil during rainy season lifted demand for seed, thereby supporting prices.
India Soybean, mustard down; CPO gains on import duty hike.
Futures contracts in the edible oil basket, barring crude palm oil, traded lower on domestic exchanges. Soybean futures on NCDEX ended 0.4% lower. Higher imports of edible oil in the country also dragged down prices of the oilseeds. Refined soy oil contracts on NCDEX traded 0.84% lower due to ample stocks in the country. Crude palm oil traded higher due to pick up in demand in wholesale markets. Futures contracts of crude palm oil on the Malaysian bourse ended down after India doubled import duty on crude palm oil to 15%.
Indore soybean up as govt hikes soy oil import duty.
Prices of soybean in the key wholesale market of Indore rose as the government raised import duty on crude soy oil to 17.5% from 12.5%. A higher duty may discourage imports. Firm demand for soymeal and soy oil is seen pushing prices higher. Arrivals in Indore were steady.
Egypt has contracted to buy 850,000 T of sugar this year.
Egypt has contracts to buy 850,000 tonnes of sugar so far, this year, covering the nation needs through January. Egypt typically consumes about 3 million tonnes of sugar a year but produces a little more than 2 million tonnes. The gap is filled by government and private imports, usually purchased between July and October. Egypt state buyer ESIIC is set to hold a purchase tender for 50,000 tonnes of raw sugar for November arrival.
Centre-South Brazil Jul 16-31 sugar output 3.4 million tonne, up 9.5% on year.
Mills in Brazil Centre-South region produced 3.41 million tonne sugar in the second fortonneight of July, up 9.5% from 3.12 million tonne in the year ago period. Centre-South Brazil accounts for over 90% of the country’s total sugar output and mills in the region crushed 50.74 million tonne cane during Jul 16-31, up 2.6% on year. Between Apr 1 and Jul 31, mills have crushed 297.33 million tonne cane, down 4.7% on year. During the same period, they produced 17.57 million tonne sugar, up 3.5% on year. The Centre-South region also produced 11.57 billion ltr of ethanol during the period, compared with 12.88 billion ltr a year ago. Of the total cane crushed, around 48.4% was used for sugar production, while 51.6% was used to make ethanol.
India Sugar prices stable in key spot markets; volumes on NCDEX low.
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.