Gram and tur prices declined further in Nagpur Agriculture Produce and Marketing Committee (APMC) here on lack of demand from local millers amid increased arrival from producing belts. Fresh fall in gram on NCDEX, weak trend Madhya Pradesh pulses and high moisture content arrival also pulled down prices. Desi gram reported down in open market in absence of buyers amid good supply from producing regions. Tur varieties ruled steady in open market but demand was poor.
NCDEX chana up 1% on rise in demand from millers.
Futures contracts of chana rose 1% on the NCDEX because of a rise in demand from millers. The most active October contract traded at 6,207 rupees per 100 kg, up 1.2% from the previous close.
China bought 8.45 million tonnes of soybeans in biggest August imports on record.
China, the world top soybean buyer, imported 8.45 million tonnes of the oilseed in August. A record for the month of August, as improving margins boosted demand from buyers. The August figures were up 10.2 percent from last year’s 7.67 million tonnes, but down 16.2 percent from 10.08 tonnes in July.
Palmolein oil up on retailers demand.
Palmolein oil prices firmed by Rs 50 per quintal at the wholesale oils and oilseeds market on pick up in demand from retailers. However, groudnut oil weakened on reduced offtake. Traders said pick up in demand from retailers mainly led to rise in palmolein oil prices.
India soybean ends a tad lower; CPO up on Malaysian cues.
Futures contracts of edible oils traded mixed, with soybean and mustard falling and refined soyoil and crude palm oil rising on domestic exchanges. Soybean closed marginally lower on the National Commodity and Derivatives Exchange due to arrival of fresh crop in the key markets of Madhya Pradesh, the largest grower.
CBOT soybean up on crop damage concerns in the US.
Soybean futures contracts rose over 1% on the CBOT on concerns of damage to the US soybean crop due to hurricane Harvey. After Harvey, investors are tracking developments on hurricane Irma which is expected to reach the Gulf of Mexico in a few days. Prices rose also on expectations of a fall in the country’s soybean yield due to dry weather over the US Midwest which is the key soybean-growing region. The most active November contract of soybean on the CBOT was at $9.7625 per bushel, up 0.5% from the previous close.
Soybean prices fall in Indore on new crop arrivals.
Prices of soybean fell in the key wholesale markets of Indore, Madhya Pradesh, due to arrival of fresh crop in the market. In 15-20 days, supplies in full swing and daily arrivals in Indore are seen at 10,000-15,000 bags. The most active October contract was down 0.4% from the previous close.
Jaipur mustard down as demand hit post 1-wk high.
Mustard seed prices were down in Jaipur, due to subdued demand from domestic buyers after prices hit a one-week high. In the benchmark Jaipur market, the oilseed down 20 rupees from previous close. A rise in arrivals also weighed on the mustard seed prices. Export demand for mustard meal, however, cushioned the fall in mustard seed prices.
Uttar Pradesh sees ’17-18 sugar output at record high of 10.3 million tonne: official
Uttar Pradesh official:’17-18 cane area seen 2.3 million ha vs 2.1 million. Sugar output in Uttar Pradesh is likely to rise to a record 10.3 million tonne in the next season starting October from 8.77 million tonne year ago. Uttar Pradesh is the top producer of sugarcane in the country and along with Maharashtra accounts for half of India’s total sugar output. Last year, cane area in Uttar Pradesh was 20.5 lakh (2.05 million ha). This year there is an increase of 10-12%, and area is seen around 23 lakh (2.3 million ha). Sowing of sugarcane is almost at its ending stage and farmers so far have already planted nearly 2.3 million ha of sugarcane in Uttar Pradesh, up 5.1% on year.
ISMA likely to maintain 2017-18 sugar output estimate at 25.1 million tonne.
India Sugar Mills Association is likely to maintain its sugar output estimate for 2017-18 (Oct-Sep) at 25.1 million tonne. There is slight reduction in Karnataka’s output and a rise is seen in sugar production in Uttar Pradesh. Uttar Pradesh is the top producer of sugarcane in the country and along with Maharashtra accounts for half of India’s total sugar output.
Karnataka 2017-18 sugar output seen 2.0-2.3 million tonne vs 2.1 million year ago.
Sugar output in Karnataka for 2017-18 (Oct-Sep) is expected to be at 2.0-2.3 million tonne compared with 2.1 million tonne produced in 2016-17. India Sugar Mills Association revised its estimate for sugar production in Karnataka for the upcoming season to 2.3 million tonne from 2.5 million tonne projected earlier. The sugar body has revised the output view downwards as the satellite mapping showed that the area under cane in the state was lower than what was expected. Production of sugar may also get hit in 2018-19 owing to scanty rainfall in the state this year.
Source says 2017-18 sugar output in Bihar may rise 5% to 550,000 tonne.
Sugar output in Bihar is likely to increase to 550,000 tonne in the new season that starts October, marginally higher than this year’s 525,000 tonne. Floods in many parts of the state have hit output expectations for the upcoming season. Initially, the sugar output was expected at a record high of 625,000 tonne, as the cane acreage was very good, and farmers in most parts of the state had switched to high yielding cane varieties.
Govt allows import of 300,000 tonne raw sugar at 25% duty for 60 days.
The government has allowed import of 300,000 tonne raw sugar at a basic customs duty of 25% under the tariff rate quote for 60 days. The import of 300,000 tonne sugar has been allowed through the ports of Tuticorin and Chennai in Tamil Nadu, Karaikal in Puducherry, Mangalore in Karnataka, and Kakinada, Visakhapatnam and Gang avaram in Andhra Pradesh. Since the import has been allowed under the tariff rate quota, millers and refiners have to convert the imported raw sugar into refined or white sugar within 30 days from the date of bill of entry.
India Sugar prices down on higher output view, likely imports.
Prices of sugar were down in key wholesale markets across the country as the market factored in the import of sugar at a concessional duty in the next few days. Expectations of a record high production in Uttar Pradesh also weighed on the sentiment in north Indian markets. Sugar prices fell by 10-15 rupees per 100 kg in the spot markets of Delhi and Muzaffarnagar. Sluggish demand due to “pitrapaksha”, an inauspicious period in the Hindu calendar for new purchases, is also seen weighing on prices.