OILSEEDS WASDE MARCH OUTLOOK
Ram Gopal Yadav (7 years ago)

U.S. soybean supply and use changes for 2017/18 include higher crush, lower exports, and increased ending stocks compared with last month’s report. Soybean crush is raised 10 million bushels to 1,960 million with increased soybean meal exports. Soybean exports are reduced 35 million bushels to 2,065 million with increased production and exports for Brazil. Soybean stocks are projected at 555 million bushels, up 25 million from last month. With increased crush, soybean oil production is raised. An increase in food use is more than offset by lower biodiesel use, leaving domestic disappearance lower this month. Lower biodiesel use reflects lower-than-expected soy oil-based biodiesel production through the first quarter of the marketing year. With increased production and lower use, soybean oil stocks are forecast higher. The season-average soybean price range forecast of $9.00 to $9.60 per bushel is unchanged at the midpoint. Soybean oil prices are forecast at 30 to 33 cents per pound, down 1 cent at the midpoint. Soybean meal prices are projected at $325 to $355 per short ton, up $20.00 at the midpoint. Higher soybean meal prices reflect the impact of sharply lower soybean production in Argentina. Global oilseed production for 2017/18 is projected at 574.5 million tons, down 4.1 million from last month. Argentina soybean production is forecast at 47.0 million tons, down 7.0 million from last month mainly due to lower projected yields resulting from dry conditions through much of the growing region in January and February. Brazil soybean production is raised 1.0 million tons to 113.0 million, reflecting the most recent report from the Brazilian government. Global rapeseed production is projected at 73.9 million tons, up 0.9 million with larger crops for China and Australia partly offset with a smaller crop projected for India. Other changes include higher sunflower seed production for China and Kazakhstan, lower sunflower seed production for Russia, and higher cottonseed production for Sudan. Global oilseed trade for 2017/18 is reduced 1.2 million tons mainly on lower soybean exports. Lower soybean exports forecast for Argentina, the United States, and Uruguay are only partly offset with a higher projection for Brazil. Global soybean crush is raised with higher crush projected for Brazil and the United States partly offset by lower crush in Argentina. Global soybean ending stocks are projected at 94.4 million tons, down 3.7 million from last month. Reduced soybean stocks in Argentina and Brazil are only partly offset by an increase for the United States.

NCDEX coriander ends up on firm demand for new crop.
Ram Gopal Yadav (7 years ago)

Futures contracts of coriander on the NCDEX ended higher because of firm domestic demand for the new crop. The most active April contract of coriander on NCDEX ended up 0.1% at 5,447 rupees per 100 kg. Prices also gained as pace of the arrivals is also low this year, compared to the corresponding period last year, due to lower production and delayed harvesting.

Rain, hailstorms seen in Madhya Pradesh in 24 hrs
Ram Gopal Yadav (7 years ago)

Madhya Pradesh may receive rain, thundershower, and hailstorm over the next 24 hours. Rain and thundershowers with chances of hailstorm are expected to occur over Anuppur, Betul, Chhatarpur, Chhindwara, Damoh, Dindori, Harda, Hoshangabad, Jabalpur, Katni, Mandla, Narsinghpur, Panna, Raisen, Rewa, Sagar, Satna, Sehore, Seoni, Shahdol, Sidhi, Singrauli, Tikamgarh and Umaria.

Farm minister says may not need to import pulses in coming yrs
Ram Gopal Yadav (7 years ago)

India may not have to import pulses in coming years as domestic production is rising sharply. Improved our local production of pulses in past couple of years to around 23 mln tn from 16 mln tn with the help of agricultural scientists. According to the second advance estimate of government, the country’s pulses production is seen rising to a fresh high of 23.95 mln tn in 2017-18, from a record 23.13 mln tn a year ago.

Argentina soy sales fall 10% on year
Ram Gopal Yadav (7 years ago)

The value of Argentina’s soy export sales in 2017 were down by 10.2% versus 2016, while wheat sales doubled between 2015 and 2017. Total 2017 export soy sales, comprising sales of meal, oil and beans, amounted to $15.54 billion, the lowest value recorded in the last four years. Soybean meal sales accounted for $9.05 million, of which nearly a third of that was sold to the EU. Soybean oil sales came in at $3.73 billion, with just under half going to India, while soybean sales were $2.73 billion, of which 88% was picked up by China.

India Oilmeals exports drop 47 per cent during February 2018
Ram Gopal Yadav (7 years ago)

Export of oilmeals during February 2018 has dropped by 47% in comparison to February 2017 to 161,969 tons. The overall export of oilmeals during April 2017 to February 2018 provisionally is reported at 2,677,536 tons compared to 1,714,984 tons during the same period of last year – up by 56%.

Govt OKs 11.5-bln-rupee fund for crop residue mgmt in north India
Ram Gopal Yadav (7 years ago)

The Union government enhanced the procurement quantity from 2,65,200 tonnes to 3,64,600 tonnes. The enhanced procurement quantity was 50% of the total estimated production under PSS during the Kharif season of 2017-18 in the State. The Union government had initially approved the procurement of 1,65,750 tonnes in December last year against the total expected yield of about 9,02,000 tonnes grown in 8.85 lakh hectares in the State.

Soybean dn in Indore on sluggish demand from millers
Ram Gopal Yadav (7 years ago)

Prices of soybean were down in Indore, Madhya Pradesh, as demand from millers remained sluggish. India’s soymeal exports in February declined 64.5% on year to 73,816 tn. Lower demand from crushers was weighing on soybean contracts. The most active April futures contract was down 1.1% at 3,808 rupees per 100 kg on the NCDEX.

Mustard prices rise in Jaipur on millers’ demand
Ram Gopal Yadav (7 years ago)

Prices of mustard seed rose in Jaipur, the benchmark market, due to improved demand from domestic oil millers and crushers. A fall in arrivals also supported the prices. Production of the oilseed in the country has been pegged lower in 2017-18 (Jul-Jun), which is creating bullish sentiment in the market.