AAP and farmers associations rejects new MSP of wheat.
India’s first shipment of wheat to enter Afghanistan via Chabahar Port.
India’s first shipment of wheat to enter Afghanistan via Chabahar Port.
MSP hike prevents Indore wheat prices from falling.
MSP hike prevents Indore wheat prices from falling.
US wheat futures firm on technical buying, short-covering.
US wheat futures firm on technical buying, short-covering.
India rice basmati moves up on stockists buying.
India rice basmati moves up on stockists buying.
India Low pulse exports create market anxiety.
Sluggish pulse sales to India have some analysts forecasting bourgeoning carryout while others believe there is no cause for alarm. Bulk pea sales are 35 percent below last year’s pace, while bulk lentil shipments are 42 percent behind. Sales are slow due to a myriad of issues in India and fierce competition from the Black Sea region. India is coming off a year where it produced 23 million tonnes of pulses, 20 percent higher than the previous record. It also imported staggering 6.6 million tonnes. India’s pulse warehouses are brimming with supplies.
Govt allows import of moong, urad if payments made before Aug 21.
The government has allowed imports of moong dal and urad dal beyond the 300,000-metric tonne-a-year cap, if importers had made advance payments before Aug 21, the date when the restriction was announced. The norms have been eased as cumulative imports of the two pulses had already touched around 300,000 metric tonne when the government announced the cap and traders, who had made advance payments but not received shipments, were caught unaware. The import of urad dal and moong dal was capped to check the fall in domestic prices amid high supplies.
Chana prices up in Delhi as Centre raises FY19 MSP.
Chana prices were up in Delhi and Bikaner on positive sentiment after the central government increased the minimum support price for the pulse for 2018-19 (Apr-Mar). Prices also rose as demand improved and arrivals of chana in the Delhi market declined.
Tur down in Akola on subdued demand from dal millers.
Prices of tur in Akola were down because of subdued demand from dal millers. Increased tur sales by procurement agencies is also seen weighing on the prices.
Indonesia unlikely to impose export duty on palm oil in November.
The Indonesian government is unlikely to impose an export duty on crude palm oil in November as the price of the vegetable oil in the global market remains low. The average price of crude palm oil over the last one month was relatively low at below the export duty threshold of $750 per metric tonne.
India NCDEX mustard hits 7-month high as govt hikes MSP.
The November contract of mustard on the National Commodity and Derivatives Exchange touched a nearly seven-month high due to a rise in minimum support price. Futures contracts of mustard have largely been on a rise in the past couple of weeks and are likely to trade higher. In the long term too, prices of the oilseed are seen rising, supported by firm demand for mustard oil with the advent of winters.
Government defers commercial release of genetically modified mustard.
Facing stiff opposition from various quarters, India has deferred the commercial release of locally developed genetically modified mustard.
CBOT soybean up on short covering after 2-week low.
Futures contracts of soybean were up on the CBOT as investors covered their short positions after the contracts hit a near two-week low of $9.7275 per bushel. The contracts fell after the USDA, in its weekly crop progress and conditions report said as of Oct 22, 70% of the US soybean crop across select states was harvested, compared with 49% a week ago. The most-active November contract of soybean on the CBOT was at $9.83 per bushel, up 0.8% from the previous close.
NCDEX soybean at 2-week low on increased arrivals.
Futures contracts of soybean on NCDEX hit a two-week low of 2,846 rupees per 100 kg due to increased new crop arrivals in key wholesale markets
Gujarat government to begin groundnut procurement.
The Gujarat government is set to begin groundnut procurement operations, buying the oilseed at 900 rupees per 20 kg from farmers in the state.
Brazil boosts ethanol output, cuts cane used for sugar
Brazilian mills increased the amount of cane used for ethanol production in the first half of October, and reduced sugar output, taking advantage of better pricing for the biofuel as sugar prices remain weak. Mills in the center-south region, increased the amount of cane they used to produce ethanol to 56 percent in the first half of this month from 53 percent late in September and compared with 50 percent early in October last year. Sugar production of 1.97 million tonnes in the first half of October was 12.2 percent lower than in the same period a year earlier, while ethanol output of 1.57 billion liters was 11.6 percent up.
UP sugar mills delay cane crushing as molasses stocks pile up
Sugar mills in up have delayed cane crushing as they are sitting on large stock of molasses. At the beginning of the month, mills were carrying around 10 million litre molasses stock with them posing a problem of storage as the new crushing season result in more addition to the existing inventory.
Farmers in quandary as sugar factory decides to down shutters
Delta Sugars Limited (DSL) is all set to down the shutters from the coming cane crushing season that begins in early December, leaving above 2,000 farmers and 350 workers to their fate. The factory management has announced last week that it had decided to shut the factory, owing to above ₹120 crores of loss in the present fiscal.
India Sugar down in Maharashtra on increased selling pressure
Prices of sugar fell in the key wholesale markets of Maharashtra due to increased selling pressure on mills. Cane crushing season is about to begin, so, mills have to pay farmers for the sugarcane they buy so, have selling pressure right now.
Govt extends stock limits on sugar for 6 months till Apr 28
The government has extended the stockholding limit on sugar traders for six more months till Apr 28 to keep prices in check. The stock and turnover limits on sugar were to lapse on Oct 28. In August, the government had also imposed stock holding limits on sugar mills for September and October to ensure mills liquidate excess stock and prices remain in check in a year of tight supplies. India’s sugar output fell to a seven-year low of 20.3 million metric tonne in the year ended September.