Argentina corn weather rains though coming days seen dry.
Argentina scraps corn export quotas.
Argentina scraps corn export quotas.
NCDFI to buy 22,000 tn maize via e-auction Oct 25.
NCDFI to buy 22,000 tn maize via e-auction Oct 25.
Groundnut price may top MSP in 2 mos on likely small crop, govt buys.
Groundnut prices are likely to top the minimum support price during the peak arrival season in Oct-Nov, deviating from the norm, buoyed by a smaller crop, procurement in Gujarat, and an uptick in exports Erratic weather conditions due to uneven distribution of monsoon rains in key growing areas have hit the crop this year.
Mustard seed prices up in Jaipur as arrivals fall.
Prices of mustard seed were up in Jaipur, due to a fall in arrivals coupled with improved demand from domestic oil millers and crushers. Arrivals across the country were estimated at 80,000 bags (1 bag = 85 kg), compared with 110,000 bags on 28 Sep. Farmers are holding their produce in anticipation of a further rise in mustard seed prices. Export demand for mustard meal and seasonal demand for mustard oil in the domestic market, further supported prices.
NCDEX to exclude 1% cash discount on Apr mustard from Feb 5.
NCDEX will exclude 1% cash discount on mustard spot polling price, effective from Feb 5. The decision by the exchange is taken in order to align the polled prices with the physical market price where cash discount is deducted while making payment. NCDEX polled spot prices with the discount will be applicable on contracts expiring in April and thereafter.
India soybean down 1% on low spot demand, CBOT cues.
The futures contracts of all components of the edible oil basket fell on the domestic exchanges due to tepid buying in spot markets and low trade ahead of the extended weekend. Futures contracts of soybean on the National Commodity and Derivatives Exchange closed nearly 1% lower due to subdued purchases in the wholesale markets
Govt approves procurement of soybean in Maharashtra, Rajasthan.
Centre has approved Maharashtra and Rajasthan governments proposal for procurement of soybean grown in the 2017-18 (Jul-Jun) kharif season. The central government has given approval for procurement of 100,000 tn soybean from farmers in Maharashtra and 150,000 tn of the oilseed from Rajasthan at MSP. The move comes as prices of the oilseed have fallen below the minimum support price in key markets. Prices may decline further with arrivals seen rising October onwards.
Maharashtra to finalise schedule for soybean procurement on Oct 03.
The farm ministry officials of Maharashtra will on 3 october finalise the schedule to procure soybean. The move comes after the Central government last week gave approval to the state government’s proposal to procure 100,000 tn soybean at the minimum support price.
Tur up in Akola, Kalaburagi shut on Dussehra holidays
Prices of tur in Akola up slightly due to demand from dal millers while the market in Kalaburagi, Karnataka was closed on the occasion of Dussehra.
Maharashtra to finalise schedule for mung and urad procurement on Oct 03.
The farm ministry officials of Maharashtra will finalise the schedule to procure moong, and urad. The Centre approved the state government’s decision to procure new crop moong and urad, prices of which fell below the MSP earlier this month. Moong and urad prices in the state are also 10% below their MSPs. The state marketing federation will implement the procurement on behalf of state government.
Sugar futures higher following 1 MMT delivery.
Sugar futures rise following a 1 MMT sugar delivery against the October contract. Raw sugar for March up 1.9% at 14.36 cents a pound on the ICE Futures U.S. exchange. Bulky deliveries such as this occur when the physical market is uninteresting enough to make the deliverer use the exchange as a last resource.
India govt OKs 10,000 tn sugar export in preferential quota to EU 2017-18.
Government allowed export of 10,000 tn white sugar to the European Union under preferential quota for the new marketing year starting October. Under the quota, the export of sugar to the EU is allowed at zero duty. Sugar exports from India through the normal channel attract a duty of 20%. The government has pegged India’s sugar output in the new season starting October at 24.5-25.0 mln tn, higher than 20.17 mln tn produced a year ago.
ISMA seeks inclusion of sugar in FTAs with neighbouring countries.
India Sugar Mills Association has, in a letter to the commerce ministry, sought inclusion of sugar in bilateral free-trade agreements with neighbouring countries as India would need to export the commodity from 2018-19 (Oct-Sep) onwards on expectations of higher output. The sugar body expects 2018-19 and 2019-20 to be surplus sugar years, as a result of which domestic prices of the sweetener may crash. Low sugar prices may also lead to the problem of higher cane arrears in the country. Commerce ministry had asked for our opinion on how to increase sugar exports as they are framing an agriculture exports policy. The sugar body has suggested the commerce ministry to include sugar in the bilateral free-trade agreement between India and Bangladesh. Bangladesh should also “be convinced to give preferential import duty for India sugar.
Two Indian mills surrender 11,555 MT of reallocated raw sugar import quota.
Deccan Sugar and Shree Ambika Sugars have surrendered the additional quota to import 11,555 tn of raw sugar allocated to them by the Directorate General of Foreign Trade. The foreign trade body allocated an additional quota of 2,958 tn to Deccan Sugar, and 8,597 tn to Shree Ambika Sugars. Subsequent to the initial allocation of quota for import of sugar on Sep 13, nine applicants had surrendered their allotted quotas amounting to 92,660 tn. The mills surrendered the quota as the quantity allocated to them was very small and thus import would be unviable. Our agreement for the initially allocated quantity has already happened and the shipment is arriving on Oct 7. Deccan Sugar had applied for 25,000 tn raw sugar, while three refining units of Shree Ambika Sugars had requested for a total quota of 135,165 tn raw sugar. The Directorate General of Foreign Trade, however, initially allocated a quota of 5,942 tn raw sugar to Deccan Sugar, and 17,269 tn raw sugar to the refining units of Shree Ambika Sugars.
ICRA bullish on sugar prices in near term as supplies seen tight.
Prices of sugar are likely to remain firm in the near term due to tight supplies. Output of sugar in 2016-17 (Oct-Sep) fell to a seven-year low of 20.2 mln tn due to continued dry spell in Tamil Nadu, Karnataka and Maharashtra are major sugar-producing states in the country. ICRA has estimated the closing stocks for the season to be at 4.5-5.0 mln tn. The carryover stocks would be sufficient to meet the requirement for only around two months of consumption. This is still lower than the normative stock level of three months (around 6 mln tn). The country ideally needs three months’ worth of carryover stock to meet demand until cane crushing gathers pace by December.