Indore soybean up on higher demand, lower arrivals.
India Edible Oil All up, soybean gains on Chicago cues.
India Edible Oil All up, soybean gains on Chicago cues.
India soybean arrivals up 100,000 bags vs Thursday.
India soybean arrivals up 100,000 bags vs Thursday.
Centre gives in-principle nod for rice procurement in Puducherry.
Centre gives in-principle nod for rice procurement in Puducherry.
FAO says India Jan-Sep avg export price of non-basmati rice up 5.8%.
FAO says India Jan-Sep avg export price of non-basmati rice up 5.8%.
USDA arm sees Thailand 2018-19 sugar output down 6% at 13.8 mln tn.
USDA arm sees Thailand 2018-19 sugar output down 6% at 13.8 mln tn.
Cabinet hikes wheat MSP by Rs 105 per quintal for 2018-19.
The Government Wednesday announced 6 per cent hike in support price of wheat at Rs 1,840 per quintal, a move that will give farmers an additional income of Rs 62,635 crore and help contain their simmering discontent over high input cost and low sales realisation. The decision comes within months of announcing higher price for Kharif crops, when the government fulfilled its promise of giving farmers 50 per cent more price than their cost of production. The Cabinet has approved a Rs 105 per quintal hike in wheat MSP to Rs 1,840 for 2018-19 season.
Oilmeals Export Falls 73% Over Year In September 2018.
According to a latest update from the Solvent Extractors’ Association of India (SEA) the export of oilmeals during September 2018, is provisionally reported at 81,511 tons compared to 298,182 tons in September 2017 i.e. down by 73%. However, the overall export during April to September 2018 is reported at 1,403,382 tons compared to 1,284,788 tons during the same period of last year i.e. up by 9%. The ongoing trade dispute between USA and China has created a lot of uncertainty and forcing China to look out to other origins for their requirements of soybean and oilmeals. This has compelled China to relook its ban imposed for importing of oilmeals from India since 2012. According to Ministry of Commerce/Export Inspection Council of India.
Indore soybean up on higher demand, lower arrivals.
Soybean prices in Indore rose due to lower arrivals of the crop in the market and improved demand for soymeal. In Indore, prices rose 50 rupees to 3,200 rupees per 100 kg. Indore is considered the benchmark market for the oilseed in India. Arrivals in Madhya Pradesh was seen at 200,000 bags (1 bag = 100 kg). Demand has risen due to the better quality of the crop, lifting prices in the domestic market.
India soybean gains on Chicago cues.
Futures contracts of all components in the edible oil basket rose on domestic exchanges. The October contract of soybean on the National Commodity & Derivatives Exchange settled 1.5% higher in line with strength in the bellwether contracts on the Chicago Board of Trade. Improved demand from the solvent plants also contributed to the bullish sentiment. In key Indore market, soybean prices rose by 50 rupees to 3,200 rupees per 100 kg. Refined soyoil on the NCDEX and crude palm oil on the MCX also traded 0.5% and 1.0% higher, respectively, due to a rise in purchases ahead of festivals.
Pakistan allows export of 1 mln tn sugar in 2018-19.
Pakistan allows export of 1 mln tn sugar in 2018-19.
Kota coriander unch as high supply offsets demand.
Kota coriander unch as high supply offsets demand.
Pricing panel moots 1,440 rupee/100 kg barley MSP ’18-19.
Pricing panel recommends 30 rupees/100 kg hike in barley MSP. The government wants to declare the minimum support prices for key rabi crops at the onset of the season due to upcoming Assembly polls in several states. It has to be declared before the code of conduct comes into place. The Commission for Agricultural Costs and Prices has recommended a hike of 105 rupees per 100 kg in minimum support price for key rabi food grain.
Jaipur barley up on demand from feed sector.
Prices of barley rose in Jaipur due to higher demand from the poultry feed sector and domestic stockists. In Jaipur, the benchmark market for the commodity, the coarse grain was sold at 1,600 rupees per 100 kg, up 10 rupees. Negligible supply in the market also supported prices. Only a couple of bags, each carrying 85 kg of barley, arrived in the market, due to low stocks with farmers.
Corn futures are fractionally higher.
They closed with most contracts 1 to 2 1/4 cents higher supported by gains in the wheat complex. Trade Ministry data shows Brazil’s September corn exports at 3.424 MMT, up 18.11% from August but down 42.12% from last year.
Maize prices largely unch on limited demand.
Spot price of maize in key Davanagere market in Karntaka was steady at 1,400-1,450 rupees per 100 kg. Demand from bulk buyers is limited because of less availability of good quality crop. Currently, maize prices are stuck in a range as buyers are waiting for fresh crop arrivals to begin, which could exert pressure on spot prices.
Maharashtra to buy paddy, maize, jowar.
Maharashtra’s State Co-operative Marketing Federation along with Adivasi Vikas Mahamandal will start procurement of maize, paddy, jowar, bajra and other coarse cereals on behalf of Food Corp of India. Procurement of paddy (in Maharashtra) will start from now, while that of maize, jowar and bajra will commence from Nov 1. The government will procure fair average quality common paddy variety at 1,750 rupees per 100 kg and grade “A” variety at 1,770 rupees per 100 kg. Procurement of maize will be at 1,700 rupees, bajra at 1,950 rupees and jowar hybrid variety at 2,430 rupees and Maldandi variety at 2,450 rupees per 100 kg. The registration and buying of the farmers’ produce will be done online through NCDEX e-Markets Ltd, formerly known as NCDEX Spot Exchange Ltd. Output of kharif rice in the country in 2018-19 (Jul-Jun) is estimated at 99.24 mln tn, up 1.8% on year, kharif maize output is forecast at 21.47 mln tn, up 6.1%, while that of kharif jowar is estimated at 1.88 mln tn, down from 2.10 mln tn in 2017-18.
Cabinet approves proposal to hike MSP on rabi crops.
The farm pricing panel has also recommended an increase of 220 rupees per 100 kg in the support price for chana to 4,620 rupees. Farmers of masur, another key rabi crop, may get a minimum support price of 4,475 rupees per 100 kg as against 4,250 rupees last year. The government wants to declare the minimum support prices for key rabi crops at the onset of the season due to upcoming Assembly polls in several states. It has to be declared before the code of conduct comes into place.
Chana rises in Delhi as govt extends peas import ban.
Despite higher arrivals, chana prices in Delhi rose as the government extended the import ban on peas for another three months until December and on improved demand from the dal millers. In Delhi, the pulse was sold at 4,425 rupees per 100 kg, up 75 rupees. Halt in the chana sales by NAFED is also seen creating positive sentiments.
Wheat futures are currently unchanged
Wheat futures are currently unchanged to 5 cents higher after posting 9 to 15 cent gains in most contracts, with MPLS the strongest in both cases. Russia’s ag safety watchdog apparently warned of a possible temporary suspension of 30 grain loading facilities for up to 90 days for phytosanitary issues. Importers had complained about poor quality in Russian shipments. NASS pegged the winter wheat planting at 43% complete, with the normal pace running 40%. The crop was 14% emerged, matching the average. Planting in the Southern Plains is ahead of the average, at 41% for KS and OK and 42% for TX. Taiwan purchased 110,000 MT of US wheat in their latest tender.