NAFED, NCDEX e-Markets to buy pulses, oilseeds from farmers online.

The National Agricultural Cooperative Marketing Federation of India Ltd and NCDEX e-Markets Ltd have signed an agreement to create an e-platform for the procurement of oilseeds and pulses directly from farmers. The e-procurement platform enables farmers to sell the commodity to NAFED and NCDEX e-Markets online. This also provide end-to-end solution for the commodities till its storage in the warehouse and its disposal. Hassle-free transactions can be carried out as the platform is linked with the Core Banking System of banks for direct bank transfers into farmers account. The exact amount payable to them calculated and the amount transferred directly to their Aadhaar-linked bank accounts. The platform used by all NAFED state units for procurement of pulses and oilseed.

Moong down in Jaipur on lower demand from millers.

Prices of moong in the benchmark market of Jaipur fell because of subdued demand from stockists and millers. Heavy rains and floods in Assam, West Bengal and Bihar have led to lower demand for the commodity from these respective states and this is seen weighing on prices.

Russian soybean oil output exceeded 0.5 MMT.

Soybean crushing in Russia is on the rise in the latter half of the 2016/17 season. Soybean oil production gained almost 2% in June against May and reached 63.3 KMT. soybean oil output reached 547.6 KMT in the period under review that is 3.6% more than at the same time in the past 2015/16 season (528.5 KMT). Soybean oil accounts for over 11% of total vegoil production.