Futures contracts of raw sugar on ICE rose as investors brought the commodity after prices hit an over 30-month low of 11.93 cents per pound. The benchmark May contract on ICE was up 1.9% at 12.13 cents per pound. Prices of raw sugar had fallen earlier due to concerns that exports from India may add to the global glut.
Uttar Pradesh sugar mills fret as molasses slumps to 1 rupee/100 kg
There seems to be no end to the troubles of the sugar industry in Uttar Pradesh. While the mills in the state are already struggling to pay cane farmers due to a dip in sugar prices, there’s a fresh crisis brewing. The prices of molasses in Uttar Pradesh have nosedived to a record low of 1 rupee per 100 kg due to higher production this year and restrictions in their free flow.
India Sugar Steady on higher demand at low prices but view bearish
Prices of sugar in key wholesale markets across the country were steady due to higher demand at low prices. Sugar prices have been on a downward spiral since the beginning of the season in October due to expectations of higher production. Mills have been lowering prices due to constant selling pressure but improved demand kept prices steady.
Telangana rabi maize procurement begins, govt buys 5,000 tn so far
Telangana government has started procuring rabi maize from farmers and has purchased nearly 5,000 tn of the grain so far. The government is procuring maize at the minimum support price of 1,425 rupees per 100 kg. The government is targeting procurement of nearly 500,000 tn maize in the state in the current season.
Wheat flat in Delhi as low demand matches supply
Wheat prices were largely unchanged in Delhi because absence of demand offset a fall in arrivals.
Soybean prices up in Indore on demand from millers
Soybean prices in Indore rose due to demand from oil millers. Gains in soybean contracts on the CBOT are also seen supporting domestic prices.
Jaipur mustard tad up on mills’ demand; supply down
Prices of mustard seed in Jaipur were slightly higher because of improved demand from mills. Demand is seen rising as the price gap between mustard oil and other refined oils, particularly palm oil, has narrowed. Mustard futures were marginally in the red due to a rise in stocks at exchange warehouse.
Groundnut price down in Gondal on sluggish demand
Prices of groundnut were down in Gondal because of sluggish demand from oil millers. A 31.8% decline in the exports of the groundnut seed during Apr-Feb is also seen creating bearish sentiments. Exports of groundnut in Apr-Feb was at 449,190 tn as compared to 658,168 tn in the corresponding period last year.