Weaker euro supports EU wheat ahead of crop estimates.
India wheat futures remain up, gain 0.31% on rising demand.
India wheat futures remain up, gain 0.31% on rising demand.
Wheat down in Indore as farmers liquidate stocks.
Wheat down in Indore as farmers liquidate stocks.
India rice basmati edges up on scattered demand.
India rice basmati edges up on scattered demand.
NAFED to auction moong, urad via NCDEX e-Markets.
The National Agricultural Cooperative Marketing Federation of India has offered 9,942.19 tonne of moong and 1,434.71 tonne of urad for auction through NCDEX e-Markets. The pulses are stocked at warehouses in Madhya Pradesh, Rajasthan, Maharashtra and Telangana.
MMTC to auction 4,491 tonne masoor via NCDEX e-Markets.
MMTC offer 4,491.56 tonne of masoor for auction through NCDEX e-Markets. The pulse is stocked at Central Corp Warehouse in Mundra, Gujarat and Mumbai Port Trust, Maharashtra.
Chana prices up in Delhi on higher demand from mills.
Prices of chana rose in Delhi despite the fact that arrivals nearly doubled, as demand from dal millers improved. On the NCDEX, the most-active October contract was up 1.04% from previous close.
Tur down in Kalaburagi as confusion over GST prevails.
Prices of tur in Kalaburagi, Karnataka, fell as confusion over the new amendment in the goods and services tax led to lower buying of the commodity. Traders were uncertain about how branded and non-branded items distinguished for the purpose of determining the GST rate applicable.
Malaysian Palm Oil Council sees 2017 output up at 19.4-19.5 million tonne.
Malaysia palm oil production in 2017 is likely to rise to 19.4-19.5 million tonne from 17.2 million tonne last year, bolstered by recovery in weather conditions during the flowering period. Weather is also favorable for the palm trees and fruits are seen better. Prolonged dry spells due to El Nino had hit the crop last year but conducive weather this year resulted in better flowering and fruits.
CBOT soybean up on bargain buys after recent fall.
Futures contracts of soybean on the CBOT rose, as investors bought the oilseed at a bargain after prices fell in the last four trading sessions. The most active November contract of soybean on the CBOT was at $9.54 per bushel, up 0.5% from the previous close. Prices had fallen earlier after the USDA raised its estimate for soybean production in the US during 2017-18 to 120.6 million tonne, up 1.2% from its projection in August. The rice in prices was also because of higher forecast of US soybean exports in 2017-18.
GAPKI sees ’17 Indonesia palm oil export to India unchanged at 5.7 million tonne.
Indonesia palm oil exports to India in 2017 are estimated to be around 5.7 million tonne, largely unchanged from last year, despite a recent duty hike on import of palm oil in India. Prior to the duty hike in India, exports were good to the country. In Jan-Jun, Indonesia exported 3.4 million tonne palm oil to India. India doubled the import duty on crude palm oil to 15%. Market participants said Indonesia palm oil output is seen rising to 35.5 million tonne this year from 32.5 million tonne in 2016.
Groundnut seed prices up in Junagadh on expectation lower production.
Prices of groundnut seed were up in Junagadh, Gujarat, because data from the agriculture ministry showed that farmers had sown groundnut across 4.08 million ha, down 12.2% on year. A fall in supply, coupled with improved demand from domestic oil millers and crushers, also supported prices.
Market Players sees India ’17-18 soy crop 8.9 million tonne, down 15%.
After a stellar start to monsoon this year, the prolonged dry spell in Jul-Aug has taken a sizeable toll on kharif crops, soybean. This may lead to an over 12% decline in the country’s overall output of summer-sown oilseed crops. Soybean is the largest hit oilseed crop and we expect production this kharif season to fall by 15% to 8.9 million tonne. Expect soybean production in Madhya Pradesh to fall to around 5.0 million tonne from 5.4 million tonne and in Maharashtra to 3.8 million tonne from around 4.0 million tonne a year ago. However, the carry-forward stock of the oilseed from the current year is likely to shoot up to around 1.2 million tonne from 460,000 tonne a year ago, which keep supply comfortable next year. Overall oilseeds production in the kharif season is expected to be at 14.4 million tonne, down 2 million tonne from a year ago.
Soybean prices down in Indore as arrivals pick up.
Soybean prices fell in Madhya Pradesh benchmark market of Indore because arrivals of the new crop picked up pace. Extending gains from the past few sessions, soybean contracts traded higher on the NCDEX due to reports of lower-than-expected production in 2017-18. The most active October contract of soybean on the NCDEX was up 0.6% from the previous close.
NCDEX October mustard seed futures up on short covering.
The October contract of mustard seed was up on NCDEX as investors covered their short positions after the contract hit a four-week low. The most-active October contract was up 0.8% from the previous close. Prices fell in the last six trading sessions due to higher carryover stocks of the oilseed from the 2016-17 season.
Bangladesh Govt set to import 50,000 tons of sugar at Tk211 crore.
The government is set to import 50,000 metric tons of sugar, in order to control the market and meet shortages in the country. The sugar imported through London based firm ED&F Man Sugar Limited at a rate of $470 with per ton, resulting in a total cost of Tk 211.32 crore. The retail price of sugar has now dropped to Tk56 per kg from Tk60 one month ago, while packed sugar is selling at Tk65 per kg as compared to Tk69 a month earlier. The annual demand for sugar in Bangladesh is at 1.5 million tons. About 7-8% of this is produced by 15 state-run sugar mills, while the rest is imported from the private sector.
ICE raw sugar up due to lower output in Brazil.
Futures contracts of raw sugar on ICE rose due to lower output of the sweetener in Brazil. The most-active October contract was up 0.8% at 14.13 cents per pound.
Centre-South Brazil Aug 16-31 sugar output 2.5 million tonne, down 0.5% YoY.
Mills in Brazil Centre-South region produced 2.54 million tonne of sugar in the second fortonneight of August, down 0.5% compared with 2.55 million tonne produced in the year-ago period. Centre-South Brazil accounts for over 90% of the country’s total sugar output. Mills in the region crushed 38.91 million tonne of cane during Aug 16-31, up 0.8% on year. In Apr-Aug, mills crushed 381.52 million tonne of cane, down 3.6% on year. During the same period, mills produced 23.26 million tonne sugar, up 3.4% on year. Mills in the Centre-South region also produced 15.29 bln ltr of ethanol during the period compared with 16.54 bln ltr in the year-ago period. Of the total cane crushed, around 48.5% was used for sugar production, while 51.5% was used to make ethanol.
Maharashtra may revive 40 defunct cooperative sugar mills.
The Maharashtra government may look to revive at least 40 non-functional cooperative sugar mills in the state possibly by acquiring and leasing them out. Government has formed a committee under the chairmanship of State Sugar Commissioner Sambhaji Kadu-Patil to conduct a financial and technical evaluation of the assets of these shuttered sugar factories. The committee has been asked to submit its report before Sep 20. Maharashtra has 175 cooperative sugar factories, out of which 93 are functional, 33 has been already acquired under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and six have been sold by government.
Govt gets applications to import 3-4 times the allowed sugar quota.
The response to the government allowing more import of raw sugar has been robust, with millers having sought to import three to four times the allowed quota. Like last time, govt have received a lot of applications. The quantity applied for is almost three-to-four times the approved quantity of 300,000 tonne. Shree Renuka Sugars and EID Parry have applied for the maximum quantity.