The imposition of 30% import duty on chana by the government recently is likely to hit deals of around 150,000 tn of the commodity that has been largely contracted from Australia. About 40,000-50,000 tn Australian chana out of the 150,000 tn shipments in transit have been diverted to other destinations such as Dubai, Pakistan and Bangladesh. A sharp fall in domestic chana prices despite a levy of import duty has made these deals unfeasible now.
Uttar Pradesh Oct-Dec sugar output 3.3 mln tn, up 24% on year
Mills in Uttar Pradesh have produced 3.32 mln tn of sugar during Oct-Dec, 24% higher than 2.68 mln tn produced a year ago. 116 sugar mills out of 119 were crushing cane in the state. Mills in Uttar Pradesh–the country’s top cane-producing state–have crushed 32.78 mln tn of sugarcane during Oct-Dec, compared with 27.15 mln tn a year ago. The average sugar recovery from cane as of Dec 31 was at 10.14%, up from 9.87% a year ago.
Karnataka Oct-Dec sugar output at 1.62 mln tn, up 9.8% on year
Mills across Karnataka produced 1.62 mln tn sugar during Oct-Dec, up 9.8% from 1.47 mln tn produced a year ago. The mills in the state crushed 16.61 mln tn of sugarcane, higher than 14.73 mln tn crushed during the same period last year. The average sugar recovery from cane in Karnataka, one of the top sugar-producing states, was 9.7% during Oct-Dec, slightly up from 9.6% a year ago. The state has pegged sugar output for the ongoing season at 2.6 mln tn, up 23.8% on year. Mills in Karnataka produced 2.1 mln tn sugar in 2016-17.
Sugar prices unchanged in Maharashtra on thin trade.
Prices of sugar were stable in the key wholesale markets of Maharashtra amid lacklustre trade. Prices had risen yesterday (Monday). Right now, there is no demand and mills are also holding the same prices.
Coriander up in Kota on low arrivals, firm demand
Prices of coriander rose at the benchmark market of Kota in Rajasthan due to a fall in arrival and firm demand from spices makers. Upside in prices however, is likely to remain limited due to higher carryover stocks. The most active January contract of coriander on NCDEX traded at 5,560 rupees per 100 kg, up 0.8% from the previous close.
Malaysia CPO ends 1% higher on firm exports in Dec
Futures contracts of crude palm oil on the Bursa Malaysia Derivatives ended over 1% higher due to a month-on-month rise in the country’s palm oil exports in December. Cargo surveyor Intertek Agri Services estimated Malaysia’s palm oil exports for December at 1.42 mln tn, up 6.7% on month. The most active March contract of crude palm oil on the Malaysian bourse hit a two-week high of 2,548 ringgits (40,259.83 rupees) per tn earlier, while the March contract settled 1.2% higher at 2,532 ringgits.
Soybean up in Indore on lower supply, high demand
Soybean prices were up in Indore, the benchmark market due to lower supplies and higher demand from crushers. Soybean prices were up in Indore, the benchmark market due to lower supplies and higher demand from crushers. The most-active February contract of soybean was at 3,145 rupees per 100 kg, up 21 rupees from the previous close.
Chhattisgarh mustard farmers told to check aphids
IMD’s Agrimet has advised farmers in Chhattisgarh to control the spread of aphids in mustard crop. Due to previous cloudy weather condition in the state, the incidence of aphids in mustard crop is likely to increase. Farmers have been advised to keep a watch and spray pesticides if the infestation is above economic threshold level. The state has sown mustard across 138,000 ha as of Thursday, up 14% from a year ago.
Mustard seed tad up in Jaipur on recovery in demand
Prices of mustard seed rose slightly in Jaipur due to recovery in demand from domestic oil millers and crushers. Concerns of an 8-10% decline in the output of the oilseed in 2017-18 (Jul-Jun) is seen creating positive sentiments. The most active January futures were up 24 rupees at 3,962 rupees per 100 kg on the NCDEX.