Argentina’s imports of soybeans are expected to reach 4 million mt this crop year, double the previous volume.
Russian soybeans will trade on the Moscow Exchange
The Moscow Exchange started trading soybeans on May 23. It plans to trade the commodity in deliverable forward contracts and swap contracts, with at least a three-day delay in settlement of transactions. At the initial stage, exchange trades will be held on a delivery basis of LLC Bureyskoye Grain Plant, which is the first accredited basis all over the Far East. It is planned to expand the geography of trade in the future through involving accredited delivery bases in other regions.
NAFED may ask mills to crush 400,000 tn groundnut, offer oil in PDS
The National Agricultural Cooperative Marketing Federation of India is planning to divert 400,000 tn of groundnut seeds, procured under the price support scheme in Gujarat, to millers so that the resultant edible oil could be distributed under state-run welfare schemes. NAFED procured over record 800,000 tn of groundnut alone in Gujarat. Of which half would be diverted to crushers so that the oil could be provided to the beneficiaries of welfare schemes like public distribution system and mid-day meal. Rest groundnut seed would be sold in open market to the traders.
GAPKI says Indonesia’s palm oil exports down 4% YoY in Jan-Apr
Indonesia’s palm oil exports including biodiesel, oleofood and olechemicals, fell 4% on year to 10.24 mln tn in Jan-Apr as demand from major buying countries declined. In April, the country’s palm oil exports totalled 2.40 mln tn, 5% lower than 2.53 mln tn in the previous month. The drop in palm oil exports was due mainly to the decline in demand from major importing nations such as India, China, the EU and the US, even though demand increased from Bangladesh, West Asian countries and Pakistan. In April, crude palm oil prices averaged at $662.2 per tn, lower than $676.2 per tn in March.
Kota coriander down on cheap import, poor local demand
Coriander prices fell in Kota, Rajasthan due to continued imports at lower prices and subdued local demand. Coriander imports from Russia and Bulgaria are 6-9 rupees per kg cheaper than the local crop even after paying an import duty of 36.5%.
High arrivals weigh on mustard seed prices in Jaipur
Prices of mustard seed fell in Jaipur, Rajasthan, due to a rise in arrivals of the oilseed amid subdued demand from domestic oil millers and crushers. In Jaipur, the oilseed was sold down 20-25 rupees. Weak export demand for mustard meal also weighed on prices in the domestic market. On NCDEX, the most-active June contract was down 0.23%.