Russia leads global wheat market; US exports likely to struggle because of dollar.
CBOT wheat rises on weak dollar, export demand seen up.
CBOT wheat rises on weak dollar, export demand seen up.
Nearly 90,000 MT wheat to hit ports this month after import duty hike.
Nearly 90,000 MT wheat to hit ports this month after import duty hike.
India spot wheat flat; import duty hike yet to lift demand.
India spot wheat flat; import duty hike yet to lift demand.
Govt sells 1.8 MMT wheat to states in Oct under food security law.
Govt sells 1.8 MMT wheat to states in Oct under food security law.
Japan to remove effective tariff on wheat for pasta.
Japan to remove effective tariff on wheat for pasta.
Indonesia ups the ante on wheat imports from Australia.
Indonesia ups the ante on wheat imports from Australia.
MCX crude palm oil futures up on bargain buying
Futures contracts of crude palm oil rose on MCX due to bargain buying after prices hit a near one-week low of 559.7 rupees per 10 kg. The November contract of crude palm oil on MCX was at 562 rupees on the MCX, up 0.2% from previous close. Traders are expecting a hike in import duty on edible oils which also added to the positive market sentiment.
Malaysia CPO ends up on overnight CBOT soyoil cues.
Futures contracts of crude palm oil on the Bursa Malaysia Derivatives ended higher, tracking overnight gains in soyoil contracts on CBOT. The most-active February contract of crude palm oil on the Malaysian bourse closed at 2,739 ringgits (42,826.46 rupees) per tn, up 7 ringgits from the previous close.
India Soybean futures fall on high supplies in spot markets
Soybean futures ended almost 1% lower on the National Commodity Derivatives Exchange because of higher supplies in major wholesale markets in the country. Prices fell also as farmers are offloading stock in markets to raise funds for rabi crop sowing.
India Govt raises base import price of all edible oils.
The government today raised the base import price of all edible oils, with the steepest increase of $23 per tn in crude soyoil. The base import price for crude palm oil and refined, bleached and deodorised palm oil were raised by $8 per tn each.The government revises base import prices every fortnight, based on global prices and changes in foreign exchange rate. Prices were last revised on Oct 31. India is a net importer of edible oils. In 2015-16 (Nov-Oct), it imported a record 14.6 mln tn of edible oils.
India Cabinet allows export of pulses without any restriction.
The Cabinet Committee on Economic Affairs lifted all restrictions on export of pulses. The cabinet panel has also empowered a committee headed by the food secretary to review the import-export policy on pulses and consider measures such as quantitative restrictions (on imports) and changes in import duties depending on domestic production, demand and international markets.
Mumbai Oct pulses imports up 241% YoY on fears govt may impose duty.
Inbound shipments of pulses at Mumbai’s Nhava Sheva port increased over threefold on year in October as traders fear the government may soon impose more restrictions on imports. As much as 485,646 tn pulses arrived at the port in October, 241% more than 142,488 tn in the year ago period. On a month-on-month basis, the rise in imports is almost fourfold. The government early this month imposed 50% customs duty on yellow peas. Traders expect similar action may be taken for chana and masur too.
Chana prices down in Delhi, Bikaner on low demand
Chana prices were down in Delhi and Bikaner because of low demand from dal millers. Expectations of higher acreage under chana this season is seen weighing on prices. The most active December futures of chana on the NCDEX were down 1%.
Farm secy says chana acreage seen up 35-40% on year this rabi season.
The area under chana across the country in the ongoing rabi season is likely to be 35-40% higher than 9.9 mln ha the previous year. Chana acreage so far is more than double the year-ago level. Even if the pace of sowing slows down, area could be 35-40% higher this time. chana was planted across 4.7 mln ha, up 43.3% from a year ago.
Tur prices in Kalaburagi fall on rising arrivals
Prices of tur fell in Kalaburagi, a key market in Karnataka, due to a rise in arrivals coupled with lacklustre demand from domestic stockists and dal millers.
Jaipur barley down as quality concerns hit demand.
Barley prices fell in Jaipur because concerns about the quality of domestic stocks hit demand from malt manufacturing companies. Speculations of barley imports from Argentina and favourable weather in key growing areas also weighed on prices.
NCDEX barley up 1% on demand from poultry industry.
The December contract of barley was up 1%, owing to improved demand from poultry feed industry. The most active December contract was up 0.99%. A decline in stocks of barley at the exchange accredited warehouses also supported prices on the NCDEX. Stocks declined because traders are withdrawing them to avail higher prices in the spot market.
Mustard seed up in Jaipur on seasonal demand for oil.
Mustard seed prices were up in the benchmark market of Jaipur, Rajasthan as the onset of winter has led to an improved demand for mustard oil. A fall in arrivals also supported mustard seed prices. Export demand for mustard meal further lifted oilseed prices in domestic market.