Prices of tur fell in Akola, Maharashtra due to lower demand as trade was subdued after festivals. In the benchmark market of Akola, the commodity was sold down 50 rupees from previous close, while arrivals remained steady at 300-400 bags (1 bag = 100 kg).
Soaring Chinese soybean stocks to curb import growth – USDA.
US officials cautioned over expectations of a substantial rise in Chinese soybean imports, citing the high stocks of the oilseed already bought, amid market questions over a slow pace of US export orders. The US Department of Agriculture Beijing bureau pegged at 92.5m tonnes soybean imports by China, the world top buyer, in 2017-18 on an October-to-September basis. While a rise of 1.5m tonnes year on year, and representing a record high, the forecast is well below the USDA official forecast of 94.0m tonnes.
Refined palmolein firms up on sustained demand.
Refined palmolein firmed up at the wholesale oils and oilseeds market here due to sustained demand from retail buyers.
NCDEX refined soy down; new crop arrives in Indore.
Reports of arrivals of the new crop of soybean in Indore since four-five days are seen weighing on prices. The most active October contract was down 0.6% from previous close.
NAFED procures 124 tonne of sunflower seed in Odisha.
The National Agricultural Cooperative Marketing Federation of India procured 124 tonne of sunflower seed under the price support scheme in Odisha. The procurement drive, which started in late July, was underway in Eram and Bilana procurement centres and 180 farmers had sold their crop to the agency. NAFED started procuring the crop from growers as market prices fell below the minimum support price of 3,950 rupees per 100 kg, inclusive of a bonus of 100 rupees. The agency had wound up procurement of the oilseed in Haryana and Telangana.
Food regulator mulls lowering trans fat limit in edible oils to 2%.
The Food Safety and Standards Authority of India is looking at reducing the permissible limit for trans fat in edible oils and spreads to 2% from 5%. The regulator had in 2015 lowered the permissible limit for trans fat in edible oils to 5% from 10%, and given edible oil processors time till Feb 27 this year to comply with the norm. Health experts, however, have been seeking zero tolerance for trans fat in edible oils and spreads, as it is linked to higher risk of heart disease. Many countries allow only up to 2% trans fat in food products. The general thinking is that trans fat below 5% is safe.
India soybean down on arrivals of fresh crop; CPO falls.
Futures contracts of edible oils traded lower because of reports that arrivals of the kharif oilseed crop had started, as well as due to weakness in global markets. Soybean settled 1.3% lower on the National Commodity and Derivatives Exchange due to reports of arrival of the fresh soybean crop in Madhya Pradesh, the largest grower.
Arrivals of fresh crop soybean begin in Madhya Pradesh.
Muhurat of fresh soybean was held at Indore mandi. Quality of seed is satisfactory but size of the seed is small. Moisture content in the new crop is 20-25% while the ideal level is 10-12%. Condition of the standing crop is improving because of recent rains. However dry spells during prime pod filling period hit the growth of the plant and size of the seed. Arrival of fresh crop has also been reported in Mandsaur, Neemuch, Dhar, Jaura, Mahu, and Khandwa mandis this week.
Dairy body to buy 200 tonne de-oiled soy cake on Sep 19.
The National Cooperative Dairy Federation of India buy 200 tonne of de-oiled soybean cake and 200 tonne of groundnut extractions through a reverse auction on Sep 19.
India August mustard seed crushing down 18% on month at 450,000 tonne.
Oil mills across the country crushed 450,000 tonne of mustard seed in August, down over 18% from the previous month. Crushing of mustard seeds in August was lower than 550,000 tonne in July due to lower arrivals in wholesale markets. Tepid offtake from oil millers and mustard meal exporters also slowed the pace of crushing. Since the beginning of the mustard season in February, oil mills have crushed about 3.9 million tonne of mustard seed, compared to total arrivals of 4.22 million tonne during the period.
Jaipur mustard seed up on rise in demand for oil.
Prices of mustard seed rose in Jaipur, Rajasthan, because of improved demand for the oil. Shortage of mustard seed in the market is also pushing prices higher. Worries of a fall in yield, following reports of damage to the crop because of infestation in key growing areas, is also seen supporting soybean prices. A rise in exports of mustard meal in August up 56% on year,is also creating positive sentiment.
Sugar down in Mumbai on low buys, flat in Tamil Nadu.
Prices of sugar fell in the wholesale market of Mumbai because of weak demand and on the reports of probable sugar imports by the government. Prices in Tamil Nadu are high due to depletion in stocks and lower expected production in 2017-18 (Oct-Sep).
Tamil Nadu floats tender to buy 40,000 tonne sugar.
Tamil Nadu Civil Supplies Corp has invited bids to buy 40,000 tonne of S-30 grade sugar. Bids must be submitted on Sep 21. The government is procuring sugar from the open market for supply under the public distribution system.
Source says govt sees Oct sugar production at around 400,000 tonne.
Mills across the country are likely to produce around 400,000 tonne sugar in October. Earlier, Indian Sugar Mills Association had estimated production in October at 800,000 tonne, due to expectations that crushing of sugarcane would start earlier than usual this year. The Centre had asked millers across the country to begin cane crushing operations for the 2017-18 (Oct-Sep) season early in October, in a bid to tide over likely shortages during the festival season.