India edible Oil down; soybean ends 1.7% lower tracking CBOT cues.
Ram Gopal Yadav (9 years ago)

Futures contracts of all components in edible oil basket were trading down on domestic exchanges tracking weakness in global markets. Soybean futures on the National Commodity and Derivatives Exchange closed 1.7% down for the fourth consecutive session tailing losses in Chicago Board of Trade. Tepid buying at higher price level pulled prices lower. Refined soy oil futures on the NCDEX and crude palm oil on the MCX declined due to adequate stocks in wholesale markets. Expectations of a duty hike on imports of edible oils cushioned any sharp fall in prices.

Soy prices in Indore extends fall as arrivals rise.
Ram Gopal Yadav (9 years ago)

Prices of soybean in the key wholesale market of Indore extended fall due to a rise in arrivals. The fall in spot price of oilseed in the benchmark market also reflected on the futures contracts. The most active August soybean contract on NCDEX traded down 1.1% from the previous close.

US seeks to import more sugar from the Philippines.
Ram Gopal Yadav (9 years ago)

The United States is planning to import more sugar from the Philippines after several exporters were not able to fill up their United States quota allocation this year, a development seen beneficial to the Philippines especially because local production is expected to improve this season. Philippines got additional sugar quota allocation of 63,830 metric tons (MT) from the US.

Global food prices hit 31-month high in July: FAO.
Ram Gopal Yadav (9 years ago)

Global food prices rose for a third consecutive month in July to hit the highest in 31 months, with hot and dry weather in North America and some other parts contributing to the situation. Average global food prices increased by 2.3 per cent in July against June, primarily driven by a sharp increase in the prices of rice, wheat, sugar, milk and cheese. FAO’s Food Price Index averaged 179.1 points in July, up by 3.9 points or 2.3 per cent from June. The latest rise put the Index nearly 16.6 points (10.2 per cent) above last year’s level and at its highest since January 2015.

Tamil Nadu sugar mills seek raw sugar from states with surplus.
Ram Gopal Yadav (9 years ago)

Sugar mills in Tamil Nadu are keen on sourcing raw sugar from Uttar Pradesh and Maharashtra–the states that are expected to produce a surplus in 2017-18 (Oct-Sep) –in a bid to improve availability of the sweetener in the state. While the mills in surplus sugar-producing states are willing to produce and supply raw sugar to Tamil Nadu, high transportation costs would make it unviable. The mills have also urged the government to help cut their loss by restructuring their bank loans. Sugar production in Tamil Nadu in 2017-18 is likely to be even lower than the 2016-17 season because of successive years of meagre rainfall in the state, a drop-in cane acreage, and lower sugar recovery. Millers expect sugar output to fall to 600,000 tonne in 2017-18 from 1.05 million tonne in 2016-17.

India sugar down in north India as demand fades at high prices.
Ram Gopal Yadav (9 years ago)

Prices of sugar fell in the key wholesale markets of north India as bulk demand faded at higher price levels. Sugar prices had risen over the last two days due to an increase in demand ahead of Raksha Bandhan and Janmashtmi. Buyers have already stocked enough supplies for festive season. Now that prices are high, there is depressed demand. In the key wholesale markets of Maharashtra, however, prices of the sweetener were stable amid lacklustre trade. Market players have a bearish outlook on sugar prices in the near term. The Centre may also consider giving millers and refiners more time to export refined sugar under the advance license scheme in a bid to ensure adequate supply in the domestic market.