The government is likely to give a subsidy of 15-18 rupees per kg on pulses to be sold from its buffer stock to Gujarat, Karnataka and Tamil Nadu. The Committee of Secretaries in a meeting have decided on the subsidy of 15-18 rupees. The states had recommended a wide range of subsidy starting from 12 rupees and Karnataka had requested the highest quantum of 18 rupees. The government is likely to offload 700,000 metric tonne pulses from its buffer stock in the coming days. Of this, 350,000 metric tonne be sold to state governments and the rest is expected to be sold through open market sales scheme. Out of the 1.8 million metric tonne buffer stock of pulses, government sell 350,000 metric tonne to these three (Gujarat, Karnataka, Tamil Nadu) states and (another) around 350,000 metric tonne through open market sales scheme.
Chana down in Delhi, Bikaner on likely higher sowing.
Prices of chana fell in Delhi and Bikaner due to anticipation of higher sowing of the pulse in this season. Higher imports of chana in September at Mumbai’s Nhava Sheva port are also seen weighing on prices. Chana imports at the Mumbai port in September were estimated at 79,667 metric tonne, compared with 20,832 metric tonne a year ago. Chana November futures on NCDEX were down 1%, tracking the downside in spot market.
Akola tur at 3-mo low on low demand from dal millers.
Prices of tur in Akola fell to a three-month low due to sluggish demand from dal millers. Auction of tur by government agencies along with expectations of higher output of the pulse in the country is also seen weighing on prices.
Purchase of pulses begins across 101 centres in Rajasthan.
Purchase of moong, urad and soybean has started in 101 purchase centres in the state and efforts are being made to seek the government’s permission for purchasing groundnuts.
Malaysia raises Nov palm oil export duty to 6.5% vs 6.0% Oct.
Malaysia, the world’s second-largest palm oil producer after Indonesia, has hiked its export duty on palm oil for November. For November, the tax on the export of palm oil be 6.5%, compared with 6.0% in October. When prices of palm oil exceed 2,250 ringgits (34,671.15 rupees) a metric tonne, exports of the commodity by Malaysia incur a multi-tier tax rate of 4.5-8.5%. The most-active December contract on the Malaysian bourse ended at 2,710 ringgits a metric tonne, up 0.5% from the previous close.
Bulgaria Oilseeds market remained relatively stable last week.
Bulgaria’s oilseed markets featured stability during past week, but dollar prices fell again because of currency exchange differences. So, purchase prices for sunseed remained at BGN 541/MT that is equivalent to USD 324/MT (down USD 2/MT). Rapeseed purchase prices stayed at BGN 667/MT that is equivalent to USD 399/MT (down USD 4/MT). The sunseed harvest has entered its final stage with a 1.8% higher yield level than last year. This factor is pressuring prices despite active export shipments (up 58.1% year-on-year) and strong demand for the feedstock.
Maharashtra soyabean procurement under MSP likely from October 25.
The State Marketing Federation of Maharashtra has sent a proposal to Nafed regarding opening 88 procurement centres in 23 districts of the state for the purchase of soybean under MSP. Soybean is expected to be procured at these centres from October 25. Moong and urad be procured under MSP from October 18. Registrations for cotton procurement commence from October 15. Around 10 lakh quintals of soybean is expected to be purchased from farmers at these centres.
India Soybean gains tracking CBOT; CPO up on spot buying.
Futures contracts of the key components of the edible oil basket traded higher on domestic exchanges tailing gains in global markets. Prices had fallen after the US Department of Agriculture said 61% of the country’s soybean crop was in good-to-excellent condition compared with 60% a week ago.
Indore soybean up on value buying, festival demand.
Prices of soybean rose in the benchmark market of Indore due to value buying and a rise in demand from oilseed crushers ahead of Diwali. Futures contracts of soybean on the NCDEX also rose. The most active November contract traded at 2,923 rupees per 100 kg, up 0.4% from the previous close.
Washim (Maharashtra) mkt shut due to heavy rains; soy arrivals hit.
Prices of soybean in Washim, a key market in Maharashtra, were unavailable, as the market was shut due to heavy rains.
Jaipur mustard prices tad up on rise in demand.
Prices of mustard seed were a tad up in Jaipur due to limited supply coupled with improved demand from domestic oil millers and crushers. Export demand for mustard meal also supported mustard prices.
Sugar down in north India, Kolhapur; Mumbai unchanged.
Prices of sugar fell in the key wholesale markets of north India and in Kolhapur due to weak demand from bulk buyers and selling by mills. Traders are eager to sell sugar ahead of Diwali as prices are expected to fall after the festival. The medium-term outlook for sugar is seen bearish as crushing start soon. Traders eager to sell sugar ahead of Diwali as prices expected to fall after festival.
Clear all dues of sugarcane farmers, Rayat Kranti Sanghatana (Kolhapur).
Rayat Kranti Sanghatana (Kolhapur), the newly formed organization of farmers belonging to minister of state for agriculture Sadabhau Khot has demanded that sugar factories should pay all pending dues of last year’s sugarcane crushing season. The organization has threatened to launch an agitation and has stated that farmers not allow the factories to start this year’s crushing season if they fail to clear the dues. After declaring the rate of sugarcane per metric tonne, the sugar factories pay farmers their dues in three installments. The first installment which is more than 80% of the total amount after the crushing season, while the other two installments are delayed. Warned the factories to ensure that they pay all the remaining dues before starting this year crushing. Not allow the factories to start crushing this year if they do not make the payment.