Prices of gram and tur rose by up to Rs 200 per quintal at the wholesale market on pick-up in demand from retailers. Uptick in demand from retailers against restricted supplies from producing belts amid some enquiries from dal mills mainly helped gram and tur prices to trade higher.
Chana tad up in Delhi on demand from dal millers.
Prices of chana rose slightly in Delhi because of demand from dal millers ahead of festivals. Gains were limited due to a rise in arrivals. Futures contracts of chana on the NCDEX were also up tracking gains in the spot market.
Kazakhstan 98% of sunmeal exports go to neighboring countries.
Sunmeal exports from Kazakhstan totaled 1.1 KMT in July 2017 against 1.7 KMT in the previous month and 0.5 KMT in July 2016. In general, 2016/17 exportable stocks remained at last season’s level. The difference is that the shipments are more evenly distributed over the year. So, 23.6 KMT was exported for the eleven months of the current season against 23.4 KMT a year ago. The end market for Kazakh sunmeal is very narrow. Traditionally, its key importers include Uzbekistan (72% of total exports) and Tajikistan (26%). Iran accounts for 2% of exports, and it makes purchases irregularly.
EU countries increased soybean oil imports from Ukraine.
Ukraine exported a total 15.2 KMT of soybean oil in July 2017 against 19.5 KMT a month earlier and 11.8 KMT in July 2016. Overall, in the eleven months of MY 2016/17, Ukrainian soybean oil exports hit an all-time high of over 163 KMT – this is up almost 15% from the same time last season (142 KMT). Apart from an expansion of the end markets for Ukrainian soybean oil, a change of leaders is observed in the 2016/17 season due to growing shipments to EU countries (40% of total exports) and falling ones to China (27%). The stable demand from India brought this country to the ranks of top importers: it gained a 17% export share. As a reminder, Bangladesh and Saudi Arabia not only started purchases of the Ukrainian product, but also got significant niches in the export structure, 4% each.
Rajasthan dry spell, pests hit kharif crop, soybean suffers most.
Dry spells during monsoon have led to pest attack and undergrowth in kharif crops in the state Hadauti region. Hadauti region witonneessed deficient rains in this monsoon season whose brunt was faced by the farmers. Soybean crop, which is sown in 5.60 lakh hectares area in the region’s four districts Kota, Bundi, Baran and Jhalawar, is the worst affected kharif crop. Tobacco caterpillar, a typical soybean crop pest, has infested the crop.
Soyabean, mustard oil rise on stockists’ buying.
Soyabean and mustard oil prices rose by up to Rs 150 per quintal at the wholesale oils and oilseeds market on stockists buying following uptick in demand from retailers against restricted supplies from producing belts. Traders said stockists buying, driven by pick-up in demand from retailers against restricted supplies from producing belts, mainly led to the rise in soyabean oil and mustard oil prices.
India Soybean meal exports up 86 per cent in August.
India export of soybean meal and its other value-added products in August is 0.50 lakh tonne compared to 0.27 lakh tonne in August last year, showing an increase of 86% over the same period last year. On a financial year basis, the exports during April-August 2017 is 5.57 lakh tonne compared to 1.47 lakh tonne in the same period previous year, showing an increase of 280%. During the current oil year, (October – September), total exports during October 2016 to August 2017 is 17.35 lakh tonne against 3.75 lakh tonne during the same period last year, registering an increase of 362.13%.
Indore soybean up on low supply of quality crop.
Soybean prices in Indore were up because of lower supply of quality crop due to end of season. There are worries of lower output due to infestation and limited availability of quality inventories with the farmers and stockists. Gains in the soybean contract on the CBOT are also seen supporting upside in the oilseed prices. The most active October futures were up 0.7%.
Brazil Court suspends auction of Shree Renuka sugar mill.
Brazilian court has suspended the judicial auction of a sugar mill owned by India’s Shree Renuka Sugars Ltd scheduled for September 4, after a request from state bank BNDES.
Brazil raw sugar up on weak dollar, dryer weather.
Raw sugar futures on ICE settled higher, boosted by a weak dollar and dryer-than-normal weather in Brazil. October raw sugar settled up 0.4 percent, at 14.09 cents per lb, 2.5 percent higher on the week. The market was supported by the weak dollar while speculators also continued to reduce a large net short position.
Unusually dry weather likely to hurt Brazil cane through 2018.
Unusually dry weather in Brazil’s center-south sugar-producing region is likely to cut the total cane output per hectare for the rest of 2017 and in 2018.
Thailand ’17-18 sugar output seen 11.5-11.8 million tonne vs 10 million year ago.
Sugar output in Thailand for 2017-18 (Nov-Oct) is expected to rise to 11.5-11.8 million tonne from 10 million tonne a year ago. The rise in sugar production can be attributed to increase in area under cane in the country and favorable weather conditions. Acreage has increased this season as cane prices for 2016-17 were good. The area under sugarcane in the country in 2017-18 is estimated at about 1.77-1.79 million hectares and the cane output is seen at 107-110 million tonne, higher from 92.90 million tonne produced a year ago.
Sugar mills in west Uttar Pradesh to begin cane crushing on Oct 10.
Some sugar mills in western Uttar Pradesh are likely to begin cane crushing operations for 2017-18 (Oct-Sep) on Oct 10. Mills will halt cane processing for a week on account of Diwali, scheduled Oct 19, and resume crushing operations by Oct 25. Most mills in the state are expected to begin crushing sugarcane by late October.
Sugar down in Mumbai, Delhi as govt allows import.
Prices of sugar continued to fall in key wholesale markets of India after the government allowed imports of sugar. The government allowed import of 300,000 tonne raw sugar at a basic customs duty of 25% under the tariff-rate quota for 60 days. Sugar imports currently attract a duty of 50%.