357.2 KMT of vegoils were made in Russia in September, or 13.8% more than in August, but 1.8% less than in September 2016. Overall vegoil production in Russia gained 11.2% in 2017. The country produced 3975.4 KMT of vegoils for the first nine months of the current year. This gain was accounted for primarily by expanding sunoil production in Russia. It totaled 3190.5 KMT in the period under review that is up 17.6% year-on-year (2713 KMT was produced in January-September 2016).
Ukraine Rapeseed meal exports down 21% in July to September 2017/18
Rapeseed meal exports from Ukraine totaled 21.3 KMT in September 2017 against 18.3 KMT in August 2017 and 23.3 KMT in September 2016. Overall, 42.8 KMT was supplied to foreign markets in July-September 2017/18, or 20.8% less than at the same time last year (54.1 KMT). The current season features active rapeseed exports (two and a half times more rapeseed was exported in the first three months of the season than a year ago). This affected rapeseed crushing and consequently reduced exportable stocks of rapeseed products, in particular rape meal. The traditional end markets shrink now, but the top importers remain unchanged: European countries and Israel 87% and 9% of total exports, respectively.
European Parliament environment committee voted to ban biofuels produced from palm oil
None of the palm oil producing governments have yet made any statement in the European media about the EU plan to ban biofuels from palm oil. Members of the European Parliament environment committee voted on 23 October to ban biofuels produced from palm oil, as part of the revision of the Renewable Energy Directive. Malaysia Minister of Plantation Industries and Commodities stated clearly the EU approach was unacceptable and could lead to trade retaliation. In Brussels, calling for a ban on palm oil may be seen as a quaint pet project of a few MEPs. In Malaysia, it is seen as an existential threat to families and livelihoods.
India Soybean up 1%, shakes off losses from last session
Futures contracts of items in the edible oil basket, barring mustard, rose on domestic exchanges due to firm demand in spot markets. Soybean closed nearly 1% higher on the National Commodity and Derivatives Exchange, shrugging off losses from previous session, owing to recovery in demand from crushing plants and a surge in exports of soymeal. Bargain buying after prices fell over 3% in the last two trading sessions pushed the prices higher. The decline in prices was due to a rise in arrivals in the spot markets. India’s soymeal exports during October were at 47,219 metric tonne, up 50% on year, data from Solvent Extractors.
Farmers in Andhra asked to take up groundnut sowing
IMD’s Agrimet has advised farmers in Andhra Pradesh to take up sowing of groundnut in the ongoing rabi season. The department has suggested seed varieties like Dharani, Narayanai, K6, K7 and K8 Bold, Kadiri Amaravathi, Bheema, TCGS-1157 for groundnut sowing in the state.
NAFED procures 44,194 metric tonne groundnuts in shell.
The National Agricultural Cooperative Marketing Federation of India has procured 44,194 metric tonne of groundnut in shell in Gujarat and Rajasthan under the price support scheme.
Malaysia CPO ends marginally up on bargain buying.
Futures contracts of crude palm oil on the Bursa Malaysia Derivatives ended slightly higher due to bargain buying, after prices hit a near two-week low of 2,772 ringgits (42,648.72 rupees) per metric tonne earlier. Crude palm oil contracts on the Malaysian bourse rose also taking cues from soyoil contracts on the CBOT. A strong ringgit against the dollar, however, capped the gains. The most active January contract of crude palm oil on the Malaysian bourse ended at 2,785 ringgits per metric tonne, up 0.1% from the previous close.
NCDEX soybean contracts up 1% on bargain buying.
Futures contracts of soybean rose nearly 1% on NCDEX on bargain buying as prices fell over 3% in the last two trading sessions. the most-active December soybean contract was up 0.7% from previous close. Prices had declined in the previous sessions due to rising arrivals in the spot markets.
NAFED buys 11,789 metric tonne soybean in 3 states
The National Agricultural Cooperative Marketing Federation of India has procured 11,789 metric tonne kharif soybean under the price support scheme from Rajasthan, Telangana, and Maharashtra.
Mustard seed prices up in Jaipur as demand improves.
Mustard seed prices rose in benchmark market of Jaipur, Rajasthan, as demand for the oilseed from crushers and oil millers improved amid a fall in arrivals. Delayed sowing in key growing areas due to adverse weather conditions also supported mustard seed prices. Mustard oil mills across the country crushed 450,000 metric tonne of the oilseed in October, up nearly 6% from the previous month.
Global basmati rice market projected to rise to US $17.7 Billion by 2022.
Global basmati rice market projected to rise to US $17.7 Billion by 2022.
USDA arm pegs India FY18 rice export at 11.5 MMT.
USDA arm pegs India FY18 rice export at 11.5 MMT.
Bihar fixes no target for paddy procurement; to buy all from.
Bihar fixes no target for paddy procurement; to buy all from.
More than 6.26 MMT of paddy arrives in Haryana mandis.
More than 6.26 MMT of paddy arrives in Haryana mandis.
Indonesia buys Australian wheat, Black Sea prices rise.
Indonesia buys Australian wheat, Black Sea prices rise.
CBOT wheat up nearly 1% on hopes of good demand.
CBOT wheat up nearly 1% on hopes of good demand.
FAO raises 2017-18 global wheat output estimate by 2.7 MMT.
FAO raises 2017-18 global wheat output estimate by 2.7 MMT.
Cargill head says new MSP may push wheat acreage higher this year.
Cargill head says new MSP may push wheat acreage higher this year.
USDA sees Pakistan ’17-18 soybean import at 2 million metric tonne.
USDA has projected Pakistan soybean imports at a record 2.0 million metric tonne in 2017-18 (Apr-Mar), compared with an estimated 1.6 million metric tonne last year. Lower import duty on soybean and higher duty on soymeal are resulting in higher imports of the oilseed in Pakistan. Improved demand from poultry industry and rising consumption of protein-rich food has been escalating imports of soybean, which is crushed to produce soymeal.
India Soybean ends 2.5% lower on high supply; CPO eases.
Futures contracts of all components of the edible oil basket declined on domestic exchanges. Extending losses from the previous session, soybean on the National Commodity and Derivatives Exchange closed 2.5% lower owing to rising supply of the fresh crop in key markets. Weakness in key contracts on the Chicago Board of Trade also weighed on sentiment on the domestic exchange. Refined soyoil on the NCDEX fell 0.6%, while crude palm oil on the MCX was down nearly 1% due to lukewarm demand and higher imports ahead of an anticipated import duty hike.