Govt wheat sales via OMSS remain weak at 193,000 MT.
India rice mills seek removal of GST on branded rice.
India rice mills seek removal of GST on branded rice.
Thailand export up by 17% from last year.
Thailand export up by 17% from last year.
Blast disease attack on paddy spotted in Chhattisgarh.
Blast disease attack on paddy spotted in Chhattisgarh.
Coriander prices fall on muted demand in Delhi.
Coriander prices fall on muted demand in Delhi.
NCDEX chana down as exchange imposes 5% margin.
Futures contracts of chana on NCDEX were down for the third straight day as the exchange has imposed 5% additional margin on buy and sell positions. The most active September contract traded down 2.7% from the previous close. According to traders, speculators have reduced their positions as well as exposure which is the result of easing demand due to adequate stocks present in the spot market.
NAFED buys 60,259 tonne chana of 2016-17 crop from 4 states.
As of Wednesday, the National Agricultural Cooperative Marketing Federation of India had procured 60,259 tonne of chana from the 2016-17 (Jul-Jun) rabi crop from four states. The slowdown in the pace of procurement was due to rising prices in spot markets ahead of festivals.
Tur down in Kalaburagi as govt relaxes import norms.
Prices of tur in Kalaburagi in Karnataka were down as the government relaxed norms for import of the commodity from Myanmar. Importers of tur, who had signed import contracts prior to a quantitative cap on overseas purchases on Aug 5, can avail relaxation on the import cap if they register those contracts with the government.
Urad down in Kalaburagi as arrivals of new crop up.
Prices of urad in Kalaburagi, Karnataka, fell as arrivals of the new crop increased amid subdued demand from dal millers. New crop arrivals of urad in Kalaburagi were estimated at 1,000 bags in Gulbarga.
Relief for tur importers if deals prior to Aug 5 registered.
Importers of tur, who had signed import contracts prior to a quantitative cap on overseas purchases on Aug 5, can avail relaxation on the import cap if they register those contracts with the government. Such contracts registered by the regional authorities after verifying that companies had entered into contracts prior to Aug 5. The government on Thursday had relaxed the norms by allowing consignments from Myanmar and other exporting countries for which advance payments were made prior to the restriction.
Food Corp sells 60,000 tonne pulses of 395,000 tonne allowed for sale.
The Food Corp of India has sold nearly 60,000 tonne pulses over the 15 days through open market sales scheme. Sale of pulses has picked up now. In a meeting held on Aug 17, government allowed us to sell entire stock of moong, while for other pulses, they allowed sale of the stock purchased more than nine months ago. The central government issued a permit to sell 395,000 tonne of domestically purchased pulses from its stocks. The Centre is selling pulses from its buffer stock by floating tenders under the open market sales scheme to dispose of inventories, which rose sharply due to a bumper output last year followed by high imports.
Ukraine new season starting with low rapeseed crushing.
Rape oil production by Ukraine large and medium-sized crushers hit a five-year low of 2.8 KMT in July 2017 that was down 71.4% from July 2016 (9.8 KMT).
Sunseed stocks in Ukraine were up 69% year-on-year.
Sunseed stocks in Ukraine totaled 729.4 KMT as of August 1, 2017, or 69% more than on the same date last year (431.5 KMT). 383.0 KMT out of this volume was held by growers themselves (+85.87 KMT or up 28% year-on-year), while sunseed storage and processing companies accounted for 346.4 KMT (+212.1 KMT or up 158%). By August 1, 2017, crushers had stockpiled almost 79.7% more soybeans than at the same time last year (135.7 KMT against 75.5 KMT by August 1, 2016). Rapeseed availabilities as of the reporting date were up 81% year-on-year at 988.4 KMT against 546.55 KMT as of August 1, 2016.
Olam Agro takes delivery of 4,530 tonne of soybean on NCDEX.
Olam Agro India Pvt Ltd took delivery of 4,530 tonne soybean on the National Commodity and Derivatives Exchange in the August contract. Olam Agro also took delivery of 3,690 tonne of the same-month contract of mustard, while the largest delivery was made by Cargill India Pvt Ltd at 1,000 tonne.
Indore soybean down on anticipation of higher yield.
Soybean prices in Madhya Pradesh benchmark market of Indore fell on anticipation of higher yields of the upcoming kharif crop. Good rains in Madhya Pradesh during the past few days, which help in better yields. Traders are not buying right now, as they expect prices to fall further in coming days.
CBOT soybean up due to rise in demand from China.
Futures contracts of soybean extended gains on the CBOT due to a rise in imports from China. The US is the largest exporter of soybean in the world, while China is the largest importer. The shift in demand for soybean from Brazil to the US further supported prices. Brazilian traders are reluctant to sell soybean at the prevailing low prices. The most active November contract on the CBOT was at $9.4850 per bushel, up 0.3% from the previous close.
Soybean up on bargain buying, bullish CBOT cues.
Futures contracts of the edible oil basket, barring mustard, traded higher tracking gains in international markets. Soybean on National Commodity and Derivatives Exchange traded higher due to bargain buying after the prices fell over 6% in the past four trading sessions. Lower acreage of soybean further supported the prices on the domestic bourse.
Jaipur mustard seed slightly up on demand for meal.
Prices of mustard seed were up in Jaipur due to higher demand from crushers. Reports of a decline in mustard seed output in Canada, one of the largest producers of the oilseed, is also seen creating a positive sentiment. On the NCDEX, the most-active September futures contract of mustard seed traded up 0.5%.
Higher supply weighs on groundnut seed in Junagadh.
Prices of groundnut seed fell in Junagadh, Gujarat, due to higher arrivals and lacklustre demand from domestic oil millers and crushers. In Junagadh, the key market for the oilseed, it was sold at down 10 rupees from previous close. In Gondal, another key market, the commodity was quoted down 15 rupees. Arrivals of the oilseed in Junagadh were estimated at 3,000 bags (1 bag= 20 kg), up 1,000 bags from previous close.
Andhra groundnut farmers asked to control insects.
IMD Agrimet has advised farmers in Andhra Pradesh to control the menace of leaf eating caterpillars, red hairy caterpillars, stem borer, and leaf folder insects in the groundnut crop to get optimal yield. The present weather conditions are favourable for the insect attacks. The disease may lead to shrivelling and wilting of the plants and eventually hit the yield. These attacks are common when the weather turns humid after rains.