Western Canadian winter wheat crop conditions no cause for alarm.
NCDEX barley down tailing benchmark spot market.
Futures contract of barley fell on the NCDEX tailing weakness in Jaipur. On NCDEX, the most active April contract was at 1,464 rupees per 100 kg, down 0.6%.
Barley prices down in Jaipur after 2-week high.
Prices of barley fell in Jaipur, Rajasthan, because of subdued demand from domestic stockists after prices hit a two-week high. In Jaipur, the benchmark market for barley, prices were at 1,450 rupees per 100 kg, down 30 rupees. Subdued demand from malt manufacturing companies following concern about the quality of domestic stocks also weighed on prices
Kenya urges Indian govt to buy at least 50,000 tn pulses.
The Kenyan government has asked India to buy at least 50,000 tn pulses as the country increased production after Prime Minister Narendra Modi last year promised huge purchases of the commodity from East Africa. In 2017-18, total pulses output in Kenya is estimated at 200,000 tn, up from about 100,000 tn produced last year.
Pulses body sees India FY19 pulses imports halving to 2.5-3.0 mln tn.
India’s pulses imports are likely to nearly halve to 2.5-3.0 mln tn in the financial year starting April due to ample stocks in the country and uncertainty over the government’s policy. In Apr-Dec, 5 mln tn of pulses had been imported. By the end of March, the figure should be 5.5-5.7 mln tn. Concerns that the government may take more steps to limit imports of pulses are also expected to keep imports lower. Traders would not look at tur imports either, as the government is sitting on large stocks.
Import duty levy on chana to hurt up to 80,000 tn of deals this year.
Roughly 20% of India’s total import deals of about 400,000 tn for desi chickpeas this year are under a cloud due to the imposition of import duty on chana. Deals for import of about 40,000 tn desi chickpeas are being renegotiated, after the duty. Another 40,000 tn of pulses, including Desi chickpeas and yellow peas, is being diverted to China, as import duties have made imports unviable. India imposed 30% import duty on chana in December and then raised it to 40% on Feb 6, to check the fall in local prices. The deals to import desi chickpeas, most of which are coming from Australia, were inked at over $700 a tn last year. With the import duty now in place, and the fall in local prices, traders have faced a loss of about $350 a tn.
Chana down in Delhi on low demand from dal millers.
Prices of chana fell in Delhi because of lower demand from dal millers amid steady supply. Prices in Bikaner, a key market, were up due to expectations of higher demand. The March contract on NCDEX was up 0.6% from the previous close.
Tur prices down in Akola; Kalaburagi market shut
Prices of tur were down in Akola, Maharashtra because of subdued demand from dal millers and slow progress in procurement in the state. Kalaburagi, another key market for the pulse, was closed because of Amavasya.
Soybean prices hit 7-mth high on prolonged Argentina drought
U.S. soybean futures climbed to their highest level in almost seven months on Thursday, propped up by fears that adverse weather conditions in Argentina. Argentina could harvest fewer than 50 million tonnes of soybeans in the 2017-18 crop year as a prolonged drought looks set to continue harming yields.The dryness in the heart of Argentina’s Pampas grains belt is likely to persist through the second half of February. The most-active soybean futures for March delivery on the Chicago Board of Trade were up 0.3 percent at $10.19-3/4 a bushel.