Colombia lifts import restrictions on US paddy rice.
Dairy body to buy 3,000 tn de-oiled rice bran on 7 Sep.
Dairy body to buy 3,000 tn de-oiled rice bran on 7 Sep.
Drought-hit Karnataka forcing farmers to switch from paddy to ragi.
Drought-hit Karnataka forcing farmers to switch from paddy to ragi.
Karnataka stops sale of paddy seeds in some districts.
Karnataka stops sale of paddy seeds in some districts.
Root intensification fetches Madhya Pradesh mustard farmers more yield.
Farmers in Madhya Pradesh have adopted a new set of practices for mustard cultivation that can increase the yield of the oilseed over threefold. The state had adopted root intensification technique for mustard in ten districts on a pilot basis in the last rabi season, and average yields rose to 3.5 tonne a ha from around 1.0 tonne per ha that farmers usually got from traditional farming methods. The practice has been taken up formally only in Madhya Pradesh so far, but farmers in Rajasthan, Bihar and Odisha, too, are gradually switching to the system of root intensification in mustard. The method is labor-intensive, but the overall cost of mustard production using system of root intensification is lower, as it requires lesser quantity of seeds and chemical fertilizers. Higher yield in mustard, and consequently higher output of mustard oil, could help lower India’s edible oil imports.
USDA arm sees India 2017-18 soybean output down 13% on year.
The US Department of Agriculture has cut its estimate for India’s output of soybean in 2017-18 to 10 million tonne, down 13% from its earlier projection of 11.5 million tonne in July. The USDA arm has revised total oilseed production in the country down to 35.9 million tonne, 7% below the 38.6 million tonne projected earlier. The USDA branch sees imports of edible oil in the country rising by 10% on year to 16.6 million tonne. The import basket is expected to include 10 million tonne of palm oil, 4.2 million tonne of soybean oil, 2 million tonne of sunflower seed oil and remaining other oils.
Jaipur mustard seed at 3-week high as demand rises.
Prices of mustard seed in Jaipur hit a three-week high up 25 rupees from previous close, due to strong demand from oil millers and crushers. The rise in arrivals is insufficient to meet the increase in demand, thereby lifting prices. Demand for mustard meal from overseas buyers is also supporting prices of the oilseed in the domestic market.
NCDEX soybean up as overall acreage down so far.
Futures contracts of soybean rose on NCDEX as acreage under the oilseed fell across the country as of Thursday. Farmers have planted nearly 10.52 million ha of soybean till last week, as against 11.33 million ha sown during the same period a year ago. Prices rose also because of improved demand from oil miller due to positive crush margins. Demand for soyoil, a derivative of soybean, is rising in domestic markets due to higher consumption of the edible oil in the ongoing festival season. The most-active October contract of soybean on NCDEX was up 0.7% from the previous close.
Rabobank sees palm oil prices tad up as CBOT soy complex choppy.
Global palm oil prices are likely to find short-term support in Jul-Sep as global soybean complex prices remain volatile. The financial services company has revised slightly upwards its price forecast for crude palm oil contracts on the Malaysian bourse at 2,500 ringgits (37,510 rupees) per tonne and 2,400 ringgits on an average for Jul-Sep and Oct-Dec, respectively. Palm oil prices are cheaper compared to soyoil, therefore demand for the former would increase. Increasing production of the edible oil and relatively slow exports, which led to higher Malaysian palm oil stocks, are also seen bearish for prices. CBOT soybean prices are seen lower in the coming months on record output of 114.5 million tonne in 2016-17 and selling by fund managers.
Ukraine exported USD 2.8 billion worth of vegoils in 2017.
The country exported 3.792 MMT of vegoils to an amount of USD 2.834 billion in January-July 2017. In particular, exports of sunflower, safflower and cotton oils totaled 3.656 MMT to an amount of USD 2.728 Bl. The largest volumes went to India (USD 933.265 million worth, 34.2% of their exports in value terms), Spain (USD 282.14 million worth, 10.3%) and China (USD 228.187 million worth, 8.4%). Exports to other countries totaled USD 1.284 billion (47.1%). The share of these commodity items in overall exports reached 11.4% in value terms. Soybean oil exports totaled 108.653 KMT to an amount of USD 81.755 Ml. Exports of rape and mustard oils made up 7.952 KMT to an amount of USD 6.747 Ml.
Indonesia extending duty-free palm oil exports till October.
The country will keep its zero-export duty on crude palm oil at least till the end of September 2017. So, Indonesia has been charging no duty on this product’s exports for five consecutive months now.
Moong down in Jaipur as supplies increase.
Prices of moong in the benchmark market of Jaipur were down, as supplies in local markets increased. Although arrivals in Kalaburgi are unchanged from previous close, they were higher from a week ago, and this was seen creating bearish sentiment. A sharp fall in prices of pulses was prevented because of concern about a smaller lower crop in Rajasthan and Karnataka.
Tur up in Akola, Kalaburagi on dal millers demand.
Prices of tur in most key markets rose due to demand from dal millers. Concern about lower acreage was also seen supporting tur prices.
NCDEX chana up over 1% on bargain buying.
Futures contracts of chana rose over 1% on NCDEX due to bargain buying by investors after prices hit a one-week low. The most-active September contract was up 1.1% from previous close.
Farmers across India are sowing more cotton, less oilseeds and pulses.
As September comes around with the promise of the first harvests in a few weeks, data released by the Ministry of Agriculture on Friday indicate that the overall kharif season sowing acreage as of the end of August is 0.5% less than the previous year. This year, farmers across India have moved decisively away from what were once profit-making crops such as oilseeds as well as jute, whose profit margins continue to remain insignificant. The equilibrium in sowing acreage comes almost entirely from an 18% increase in cotton acreage and 9% increase in sugarcane acreage. Farmers across the country have chosen to invest more in cotton this year. The highest increase comes from Telangana, which has sown 18.24 lakh hectares of cotton against last year’s 12.5 lakh hectares, representing a 5% increase.
Food minister says to take decision on sugar import soon.
The government is likely to soon take a decision on import of sugar to augment domestic supplies, as stocks are expected to fall to critically low levels. Government soon take a decision on the need to import sugar, Food Minister Ram Vilas Paswan posted on microblogging site Twitter. The government had taken an in-principle call to allow import of duty-free sugar, and modalities of import would be finalized soon. The government may be looking at another round of duty-free import also because it doesn’t want prices to rise ahead of the festival season.
Indian Sugar Exim Corp to launch electronic spot trading in 3 months.
Indian Sugar Exim Corp plans to launch a national spot electronic platform for trading in sugar. The platform available to traders, millers, and whoever is interested in buying or selling sugar. Going forward, the platform may integrate with futures and the export-import market. The exchange should provide a transparent platform for spot price discovery.
Mills body slams sugar stockholding limits on millers, traders.
The National Federation of Cooperative Sugar Factories Ltd has slammed the government efforts to rein in retail prices by imposing stockholding limits. Sugar industry is the only industry where stock limits are imposed on producers. These controls hurt the health and all-round development of the industry. There was no uniform policy on cane price as, unlike other states, the fair and remunerative price in Gujarat is paid in three installments, while Uttar Pradesh has its own mechanism of state advised price.
India can mull tapping Pakistan sugar surplus to ease supply crunch.
Import of Pakistan surplus sugar can help alleviate the prevailing supply crunch if the government allows more overseas purchases of the commodity. Even as the demand is set to rise due to upcoming festivals, India, especially the southern states that have seen sugar production dwindle due to drought conditions, has been hit by a supply crunch. Pakistan is likely to have a surplus of at least 300,000 tonne, which can be easily brought quickly into southern ports. Under the current circumstances, there is availability of 0.5 million tonne surplus sugar in Pakistan, which can come to south India.
NCDEX sugar up over 1% on likely higher demand.
Futures contracts of sugar traded higher on the NCDEX because of likely rise in demand ahead of the festival season. Reports that mills might not advance the cane crushing this season (Oct-Sep) despite Centre’s request has also supported the sentiment. The most-active October contract traded up 1.4% from the previous close.