Futures contracts of crude palm oil on the Bursa Malaysia Derivatives ended 3% higher, tracking soyoil contracts on the CBOT. Prices of crude palm oil and soyoil typically move in tandem, as they are used as substitutes for each other. The most-active March contract of crude palm oil on the Malaysian bourse hit a one-month high of 2,612 ringgits (41,303.60 rupees) per tn earlier. The March contract settled at 2,607 ringgits per tn, up 3% from the previous close. Expectations of higher demand for soyoil and palm oil from China ahead of the Lunar New Year are also seen supporting the prices.
India Dec mustard crushing falls 10.5% on month as arrivals fade
Crushing of mustard by oil mills across the country fell 10.5% on month to 425,000 tn in December. After a three-month consecutive rise, crushing declined in December as arrivals in key markets fell. A crucial rabi oilseed crop, mustard is sown during Sep-Oct and harvested from late January. Supply of the new mustard crop began in February and gathered pace in March. Arrivals were in full swing until May, but began shrinking from June onwards, heralding the lean period. Since the beginning of crushing season in February, oil mills have crushed about 5.7 mln tn mustard seed against the total supply of 5.8 mln tn. Production of mustard in 2016-17 (Jul-Jun) was estimated at 6.7 mln tn, higher than 5.8 mln tn in the previous year, owing to improved yields and conducive weather.
Kenya loses 5 million bags of maize yearly to poor post-harvest handling.
Kenya loses 5 million bags of maize yearly to poor post-harvest handling.
Maize export ban still affecting farmers in Malawi.
Maize export ban still affecting farmers in Malawi.
Maize growers face market mess in Kalahandi district of Odisha.
Maize growers face market mess in Kalahandi district of Odisha.
Asia rice-markets slow into year-end; Bangladesh awaits India shipments.
Asia rice-markets slow into year-end; Bangladesh awaits India shipments.
Union government fixes Rs 1,600 as paddy MSP, farmers want more in Tamil nadu.
Union government fixes Rs 1,600 as paddy MSP, farmers want more in Tamil nadu.
India rice basmati weakens on sluggish demand.
India rice basmati weakens on sluggish demand.
Mandis open, paddy purchase yet to start in Odisha.
Mandis open, paddy purchase yet to start in Odisha.
India govt procures 35.04 MMT rice in 2017-18 season so far.
India govt procures 35.04 MMT rice in 2017-18 season so far.
India wheat softens on adequate stocks.
India wheat softens on adequate stocks.
MMTC invites bids for sale of 2,893 tn imported masur
MMTC Ltd has floated a tender to sell 2,893 tn of masur imported from Canada. Minimum offer should be for 250 tn of the pulse. Of the total quantity, 1,018 tn masur is at the Central Warehousing Corp Import & Export Godown in Kolkata and 1,875 tn in Howrah.
Tur prices down in Akola, unchanged in Kalaburagi
Prices of tur were down in Akola, the benchmark market for the pulse, because of expectations of rise in the supplies. Although arrivals are unchanged, the average daily arrivals have increased since the beginning of the week.
Chana prices tad up on demand from dal millers
Chana prices were slightly up in Delhi due to improved demand from dal millers. The most active January contract traded up by 19 rupees from the previous close.
Traders may default on 150,000 tn chana deals on import duty levy
The imposition of 30% import duty on chana by the government recently is likely to hit deals of around 150,000 tn of the commodity that has been largely contracted from Australia. About 40,000-50,000 tn Australian chana out of the 150,000 tn shipments in transit have been diverted to other destinations such as Dubai, Pakistan and Bangladesh. A sharp fall in domestic chana prices despite a levy of import duty has made these deals unfeasible now.
Uttar Pradesh Oct-Dec sugar output 3.3 mln tn, up 24% on year
Mills in Uttar Pradesh have produced 3.32 mln tn of sugar during Oct-Dec, 24% higher than 2.68 mln tn produced a year ago. 116 sugar mills out of 119 were crushing cane in the state. Mills in Uttar Pradesh–the country’s top cane-producing state–have crushed 32.78 mln tn of sugarcane during Oct-Dec, compared with 27.15 mln tn a year ago. The average sugar recovery from cane as of Dec 31 was at 10.14%, up from 9.87% a year ago.
Karnataka Oct-Dec sugar output at 1.62 mln tn, up 9.8% on year
Mills across Karnataka produced 1.62 mln tn sugar during Oct-Dec, up 9.8% from 1.47 mln tn produced a year ago. The mills in the state crushed 16.61 mln tn of sugarcane, higher than 14.73 mln tn crushed during the same period last year. The average sugar recovery from cane in Karnataka, one of the top sugar-producing states, was 9.7% during Oct-Dec, slightly up from 9.6% a year ago. The state has pegged sugar output for the ongoing season at 2.6 mln tn, up 23.8% on year. Mills in Karnataka produced 2.1 mln tn sugar in 2016-17.
Sugar prices unchanged in Maharashtra on thin trade.
Prices of sugar were stable in the key wholesale markets of Maharashtra amid lacklustre trade. Prices had risen yesterday (Monday). Right now, there is no demand and mills are also holding the same prices.
Coriander up in Kota on low arrivals, firm demand
Prices of coriander rose at the benchmark market of Kota in Rajasthan due to a fall in arrival and firm demand from spices makers. Upside in prices however, is likely to remain limited due to higher carryover stocks. The most active January contract of coriander on NCDEX traded at 5,560 rupees per 100 kg, up 0.8% from the previous close.
Malaysia CPO ends 1% higher on firm exports in Dec
Futures contracts of crude palm oil on the Bursa Malaysia Derivatives ended over 1% higher due to a month-on-month rise in the country’s palm oil exports in December. Cargo surveyor Intertek Agri Services estimated Malaysia’s palm oil exports for December at 1.42 mln tn, up 6.7% on month. The most active March contract of crude palm oil on the Malaysian bourse hit a two-week high of 2,548 ringgits (40,259.83 rupees) per tn earlier, while the March contract settled 1.2% higher at 2,532 ringgits.