The Army Purchase Organization has invited bids to buy 6,000 tonne of edible oil through NCDEX e-markets on Sep 12. In another tender, NCDEX e-markets auctioned 25 tonne soybean in Madhya Pradesh at 2,952 rupees per 100 kg against the base price of 2,950 rupees.
Soybean prices up in Indore on low supplies.
Prices of soybean were up in the key wholesale market of Indore, Madhya Pradesh, due to lower supply of soyoil amid good demand. Arrivals of soybean were steady. Refined soyoil in Indore was sold up 2-3 rupees from previous close. There is good demand for the seed from oil millers due to higher landed cost of imported crude degummed soyoil as compared to domestic market. Concerns over lower rainfall in key soybean growing areas of Madhya Pradesh and lower output also led to a rise in prices. The most active October futures contract was up 0.3%.
CBOT soybean up nearly 1% on US weather concerns.
The futures contracts of soybean on the CBOT traded nearly 1% higher mainly due to anticipation of poor weather in the US lowering yield of the oilseed. The most active November contract of soybean on the CBOT was at $9.44 per bushel, up 0.7% from the previous close. Crushing of US soybean will rise with a hike in import duty on bio-diesel, as soyoil–a derivative of soybean–is used in manufacturing of bio-diesel. Contracts gained also due to stronger-than-expected weekly US soybean export data.
India Soybean closes a tad down; CPO up on Malaysia cues.
Futures contracts in the edible oil basket traded mixed, with soybean and mustard ending lower and crude palm oil and refined soyoil traded higher on domestic exchanges. Their prices had risen in the past three previous sessions on reports of weak area under the kharif crop this year. Soybean and mustard futures on National Commodity and Derivatives Exchange ended lower due to tepid buying at higher price level.
Demand for survey, showing affected crop.
MP Farmers say when the insurance company come from the surveyor not getting the information. Hundreds of farmers from dozens of villages reached the collectorate with the crop of affected soybean. But the collector said stop now. Let it be a little more time Because one person cannot be surveyed. Now you have come again and farmers come. After some time, the situation become clear. After this, the survey done together, the damage done by assessing the loss, but the farmers said that the crop has worn out, which is to plow the farm. Then how the loss be assessed. After this, the collector assured them to get the sum insured in the light loss.
Jharkhand farmers advised to sow pulses in fallow land.
IMD’s Agrimet has advised farmers to sow short duration varieties of kulthi, urad, and tur in fallow land after the current spell of heavy rains in Jharkhand. The state is among the leading growers of kharif paddy, pulses and oilseeds. During Jun 1-Aug 23, the state received 4% above-normal rains.
Tur down in Akola on limited demand at higher rates.
Prices of tur fell in the benchmark market of Akola, Maharashtra, due to subdued demand at higher rates. Prices of the commodity had increased due to improved sentiment, following the government decision to cap imports of urad, moong and tur. Arrivals were steady at 600-700 bags (1 bag = 100 kg). Kalaburagi, a key market for tur, was closed due to strike by traders protesting the mandatory e-payment system launched by the Karnataka government Rashtriya e-Markets Services.
Pace of chana procurement by NAFED slows, only 68 tonne bought in 2 weeks.
The pace of chana procurement by the National Agricultural Cooperative Marketing Federation of India in four key producing states has slowed, with the agency buying only 68 tonne of the commodity in the last two weeks. Besides the fact that prices have surged above the minimum support price due to festival demand, good rains and the government’s move to cap the import of other pulses also weighed on procurement. The National Agricultural Cooperative Marketing Federation of India had procured 59,768 tonne of chana from the 2016-17 (Jul-Jun) rabi crop from four states.
NCDEX chana futures hit highest level since relaunch.
Futures contracts of chana on the NCDEX hit 5,847 rupees per 100 kg, the highest since the re-launch of the contract. Investors bought chana futures on the expectation of better demand in coming days ahead of festivals. The most-active September contract was up 0.8% from the previous close. Prices of chana in spot markets were, however, steady.
Traders warned against illegal hike in sugar prices.
Hyderabad: Commissioner for Civil Supplies C.V. Anand warned sugar traders against hiking the price by creating scarcity by stock holding of sugar illegally and practicing of speculative ctivities. Licensed Dealer / Trader should not sell sugar more than the price decided by Central government or state government. Raids should be conducted to check if any trader is doing business without license. A person engaged in the business of purchase sale and storage for sale of sugar and quantities of five quintals is considered as sugar dealer. Wholesale should get license from concerned district Civil Supplies officer, Tahasildar, if he fail to have license action will be taken under Civil Supplies Act.
India Sugar up in spot markets ahead of festival season, futures flat.
Prices of sugar were up in the key wholesale markets across the country due to expectations of a rise in demand in the run up to the festival season starting next month. In Maharashtra, demand picked up also because markets closed for three days for Ganesh Chaturthi, starting from Friday. Mills in north India are increasing prices steadily as they expect demand to improve significantly before Durga Puja, Navratri and Dussehra.
STC floats tender to sell 2,362 tonne imported urad in Chennai.
STC Ltd has floated a tender to sell 2,362 tonne of imported urad from the 2016 Myanmar-origin crop. The commodity is at the Central Warehousing Corp in Virugambakkam and Royapuram in Chennai. Bids must be submitted on Aug 29, and opened on the same day. The bids remain valid until Sep 8.