India rice procurement as on Oct 06 for 2016-17 is 38.1 MMT vs 34.2 MMT in LY.
Philippine rice inventory declined by nearly 20% in September.
Philippine rice inventory declined by nearly 20% in September.
NAFED procures 3,392 metric tonne of kharif moong in 3 states.
The National Agricultural Cooperative Marketing Federation of India has procured 3,392 metric tonne of moong grown in the kharif season under the price support scheme in Telangana, Karnataka and Rajasthan. Over 3,000 farmers have been benefitted from the procurement drive that started mid September in Telangana, and later extended to Karnataka and Rajasthan.
Pulses import at Mumbai port up 6% on year to 125,603 metric tonne in September.
The import of pulses at Mumbai’s Nhava Sheva port in September increased 6.3% on year to 125,603 metric tonne. The imports of chana and urad surged this year to 79,667 metric tonne and 14,784 metric tonne, respectively. The chana imports in September were largely from Australia, one of the leading exporters of the pulse to India. Tur imports declined and that of urad and moong increased last month despite restrictions imposed by the government.
Food ministry may seek Cabinet OK to push ministries to buy buffer pulses.
Food and Consumers Affairs ministry is likely to seek Cabinet approval for the disposal of pulses from buffer stock to other ministries at prices higher than the market rate. A direct communication with other ministries has so far not yielded any result because even at subsidized rates, pulses from the buffer stock are expensive than the market price. If the Cabinet approves the proposal, the ministries and their public sector undertakings would have to buy pulses from the food ministry. The food ministry has written to different ministries asking them to purchase pulses from the buffer stock at subsidised rates but they have shown no interest.
Maharashtra mulls delisting pulses, oilseeds from APMC Act.
Enthused by the positive outcome of delisting fruits and vegetables from the ambit of Agricultural Produce Market Committee Act, 1963, Maharashtra has proposed allowing direct marketing of pulses and oilseeds as well. The state government has appointed a committee to study the pros and cons of delisting pulses and oilseeds and asked it to submit a report in three months. Delisting pulses and oilseeds from the APMC Act likely ensure remunerative prices for farmers. However, with the delisting, farmers are free to sell their produce to anyone in the country who offers competitive prices. Keeping pulses and oilseeds out of the ambit of APMC Act may help shore up domestic prices of these commodities that have slipped below the minimum support price in many places.
Tur down in Akola on low demand.
Prices of tur at Akola in Maharashtra fell as demand from dal millers was subdued. Weakness in chana prices also dampened the sentiment.
NCDEX chana hits 9-wk low on hope of higher sowing.
Futures contracts of chana fell to nine-week low because of expectations of higher acreage under the pulse in this rabi season. The most-active November contract fell 2.6%. Sowing of chana in Maharashtra, Rajasthan, and Madhya Pradesh is expected to rise sharply this year which may weigh on the sentiment.
USDA arm sees Brazil 2017-18 soybean crop down 6% at 107 million metric tonne.
Brazil’s soybean crop is seen at 107 million metric tonne in 2017-18 (Feb-Jan), down 6% on year. Brazil produced 114 million metric tonne of the oilseed in 2016-17. The fall in production is attributed to likely lower yields this time in the South American country. The USDA arm is currently using average yields for its forecast that are much lower than the record high yields of the previous season. Soybean acreage in Brazil is seen at 34.7 million ha in 2017-18, up from 34.0 million ha last year. Exports of the 2017-18 soybean crop are forecast at 64 million metric tonne, about 1.5% lower on year. Lower exportable supply due to smaller crop and higher domestic consumption of soymeal and soyoil is the key reason for a likely drop in overseas shipments from Brazil.
Malaysia CPO tad up tracking gains in CBOT soybean.
Futures contracts of crude palm oil on Bursa Malaysia Derivatives were slightly up. The most active December crude palm oil contract on the Malaysian bourse was up 1 ringgit from the previous close. However, strength in the Malaysian currency against the dollar and a rise in palm oil inventories in September is seen restricting gains. A firm ringgit makes export of palm oil less attractive for Malaysian sellers. Weaker demand post the festival season is expected to further dampen price outlook.
Mustard seed tad up in Jaipur on oil millers buys.
Prices of mustard seed rose in Jaipur because of a slight recovery in the demand from oil millers. Expectations of lower acreage under the oilseed this season due to warm temperatures in key growing areas are also seen supporting oilseed prices. However, futures of the oilseed on the NCDEX ended lower because of profit booking by the investors after prices hit two-week high.
India Soybean ends tad up on bargain buying; CPO eases.
Futures contracts of key components of the edible oil basket, barring soybean, traded lower on domestic exchanges due to tepid demand in spot markets. Prices had been on a decline over the last eight trading sessions due to expectations of higher new-crop arrivals. Refined soyoil contracts on NCDEX and crude palm oil on MCX fell due to sluggish purchases from bulk buyers as most have replenished their inventories ahead of Diwali
India Govt may increase ethanol price by 5% for 2017-18.
The government is likely to raise the price of ethanol by around 5% for supplies to oil-marketing companies for blending with petrol in the next marketing year through November 2018. The Cabinet Committee on Economic Affairs would soon take up a proposal to increase the ethanol price to around Rs 41 per liter for the 2017-18 marketing year from Rs 39 this year. The increase in the ethanol price would improve the ability of the sugar mills, the largest producers of the bio-fuel, to pay farmers on time for cane supplies.
India Sugar down in north as crushing season nears, Maharashtra unchanged.
Prices of sugar fell in the key wholesale markets of northern India as the crushing season inched closer. Poor demand from bulk buyers also weighed on prices. Expectations that new sugar soon start arriving in markets weighed on sentiment. The surge in demand ahead of Diwali has also eased now.
CBOT soybean down as condition of US crop improves.
Futures contracts of soybean on the CBOT rose after the USDA said that the crop was in a better condition than a week ago. November contract of soybean on CBOT was at $9.64 per bushel, down 0.2% from the previous close.