Futures contracts of all edible oils, barring mustard, traded lower on domestic exchanges, in line with international markets. Futures contracts of soybean fell around 1% on the NCDEX, tracking weakness in key contracts on the CBOT.
Farm minister says govt OKs buys of 350,000 metric tonne groundnut in Gujarat.
The Centre has approved Gujarat government’s proposal for procurement of 350,000 metric tonne groundnut in 2017-18 (Jul-Jun). The government-mandated minimum support price of the oilseed is 4,450 rupees per 100 kg, inclusive of Centre’s bonus of 100 rupees per 100 kg. The move comes as prices of the pulses have fallen below the minimum support price in key markets of the state.
Philippine Ships 100,662 MT of raw sugar to China, Japan
Traders shipped 100,662.51 metric tons (MT) of raw sugar to China and Japan as part of efforts to reduce the country’s sugar inventory. The volume is part of the 140,000 MT of sugar that Philippine traders would export to countries other than the United States by the end of November. Shipping 140,000 MT of ‘D” sugar would help reduce the country’s sugar inventory and improve domestic prices during the current crop year, which began on September 1.
Maharashtra sugar output in Nov seen up 60% on year at 1.5 million metric tonne.
Mills in Maharashtra are likely to produce around 1.5 million metric tonne sugar in November, the first month of the start of the season, up nearly 60% from the corresponding month last year. Around 150 mills are likely to start operations in November this season, compared to 100 mills in the same period last year. Reports surfaced in Maharashtra about a possible delay in crushing due to continued rains across the state.