India wheat prices fall in spot markets.
NCDEX wheat up on bargain buying; spot prices weak.
NCDEX wheat up on bargain buying; spot prices weak.
Nagpur Gram and tur prices up on good buying support.
Gram and tur prices firmed up again in Nagpur Agriculture Produce and Marketing Committee (APMC) here on good buying support from local millers amid weak supply from producing regions. Fresh rise on NCDEX, upward trend in Madhya Pradesh pulses and enquiries from South-based millers also jacked up prices.
Chana prices fall in Delhi on weak demand from mills.
Prices of chana fell in Delhi despite a decline in arrivals as demand from dal millers weakened. On the NCDEX, the most-active October contract was down 0.72% from previous close.
Tur dn in Kalaburagi as trade lean on GST confusion.
Prices of tur in Kalaburagi, Karnataka, because of subdued trade due to confusion over the new amendment in the goods and services tax. Traders were uncertain about how branded and non-branded items distinguished for the purpose of determining the GST rate applicable.
Sterility mosaic infection spotted on tur in Karnataka.
An outbreak of sterility mosaic infection has been spotted on the tur crop in some districts of Karnataka. The infection is caused by an insect attack and humid weather is conducive for its spread. Agrimet has advised farmers to uproot the infected plant and spray insecticide to control its spread. Karnataka is the second largest producer of tur in the country after Maharashtra. Farmers in the state have sown the crop over 878,000 ha as of Sep 7, down 26% from last year.
Brazil 2016/17 crop reached 238.7 million tons: 114 million tons of soybean.
Projection is that Brazilian soybean production decline from 113.93 million tons of soybeans in the 2016-2017 harvest to 107 million tons in the 2017-2018 harvest. Brazil’s 2016/2017 crop is expected to reach 238.7 million tons which is 28% higher than the previous year, because of better climate conditions and improved productivity. This includes 114 million tons of soybeans and 97.71 million tons of corn.
Statistics Canada pegged mustard output at 129,500 tonnes, down 45 percent as yield & acreage drop.
Mustard production projected by Statistics Canada shows a decline of almost 50 percent from a year ago. Mustard is grown mainly in southern Saskatchewan and southern Alberta, two areas hit hardest by drought. That accounts for most of the steep production decline. A smaller crop this year and low carryover stocks could send mustard prices up. Canadian mustard production is estimated to come in at 129,500 tonnes, down from 235,600 tonnes a year ago, which is a decline of 45 percent year-to-year.
Groundnut seed prices up in Gondal as demand rises.
Prices of groundnut seed were up in Gondal, Gujarat, due to improved demand from oil millers and crushers coupled with a dent in supply.
Farm panel member hints at further hike in edible oil import duty.
The recent increase in the import duty on edible oils is insufficient and the government may soon raise the duty again to protect the interests of farmers. The government, on Aug 11, raised the import duty on crude palm oil to 15% from 7.5%, and that on crude soyoil to 17.5% from 12.5%. The import duty on refined palm oil was raised to 25% from 15%. The new structure increased the difference in duty between crude and refined palm oil to 10 percentage points from 7.5. Import duties were increased to stem the fall in local soybean prices that had dropped below the minimum support price, and were weighing on mustard prices as well. Despite the increase in import duties, soybean prices were still low, and there was a strong case for a further hike in import duty.
Industry body sees 2017 Indonesia palm oil output up 3% at 36 million tonne.
Indonesia is likely to produce 36 million tonne of palm oil this year, 3% higher than 35 million tonne last year, owing to better weather conditions. Weather is good this year as there is no El Nino, which led to dry weather conditions last year. Indonesia is the world’s largest producer of palm oil. During Jan-Jun, the country produced around 18 million tonne of the commodity. For Oct-Sep, palm oil production in Indonesia is seen flat. Increasing demand from key importing countries India and China is seen pushing Indonesia’s exports to 26 million tonne this year from 25 million tonne in 2016. During Jan-Jun, the country exported around 15 million tonne palm oil. India is the world’s largest importer of palm oil. In 2016, it had bought 5.7 million tonne of the commodity from Indonesia.
Malaysia CPO up tracking soy oil; export data eyed.
Futures contracts of crude palm oil on the Bursa Malaysia Derivatives rose tracking soyoil prices on CBOT. The most-active November contract traded at 2,884 ringgits (44,050rupees) per tonne, up 11 ringgits from previous close. Prices of crude palm oil and soy oil move in tandem as both are used in the production of bio-diesel. Expectations of lower production in coming weeks coupled with good export demand are also seen supporting prices.
2016-17 end soybean stock seen up at record 1.8 million tonne.
India soybean stocks would be at a record high of 1.75 million tonne when the current marketing season ends on Sep 30 because of a bumper output. Stocks are seen rising more than four-fold from 2015-16 (Oct-Sep). All the 13 participants polled rise estimated higher year-on-year ending stocks. Estimates for the season-ending stocks for 2016-17 ranged between 1.0 million and 3.0 million tonne, while those for 2015-16 were in the range of 0.2-1.0 million tonne. Indian farmers harvested 11.49 million tonne of soybean in 2016-17, up from 6.93 million tonne harvested in the previous year. Carryover stocks (for 2017-18) of the oilseed is estimated higher because of a record crop last year and good beginning stocks.
Spot raw sugar futures on ICE settle down on dry Brazil weather.
October raw sugar settled down 0.06 cent, or 0.4 percent, at 14.27 cents per lb. Some commercial longs are rolling their positions into the March contract. There probably some March and May price fixing going on, too. The premium for white over raw sugar – a measure of the profitability of refining – has recovered only slightly after falling to its weakest in 2-1/2 years this week in the run-up to an expected large harvest in the EU. ICE October white sugar was up $5.70, or 1.5 percent, at $374.70 a tonne.
India Sugar down in north India on poor demand, unchanged in Maharashtra.
Prices of sugar continued to fall in the key wholesale markets of north India on account of sluggish demand from bulk buyers. Demand for the sweetener has been poor since the beginning of September. There is no demand at all. Production in Uttar Pradesh is also seen higher, so no one can stop prices from falling further. In the key wholesale markets of Maharashtra, however, prices remained largely unchanged due to lacklustre trade. Traders have a bearish view on sugar prices for the short as well as the long term.
Shree Renuka Sugars gets 20.2% of total quota for raw sugar import.
Shree Renuka Sugars Ltd has been allowed to import 60,658 tonne or 20.2% of raw sugar under the quota to import at a concessional rate by the Directorate General of Foreign Trade. EID Parry India Ltd has been allocated 46,556 tonne or 15.5% of the total quota. The government took into account monthly refining capacity of mills, quantity applied, and the number of applications while considering the applications for raw sugar import.
Jaipur mustard seed down as high prices hit demand.
Mustard seed prices were down in Jaipur, due to subdued demand after a recent surge in prices. A rise in arrivals also weighed on mustard seed prices. Export demand for mustard meal, however, cushioned the fall in mustard seed prices.