Futures contracts of all components of the edible oil basket rose significantly on domestic exchanges. Soybean on the National Commodity and Derivatives Exchange closed 2.5% higher, bolstered by strong buying at lower price levels by stockists and crushing plants.
NAFED buys 14,219 metric tonne groundnut in shell
The National Agricultural Cooperative Marketing Federation of India has procured 14,219 metric tonne of groundnut-in-shell in Gujarat and Rajasthan under the price support scheme. NAFED started procuring the crop from growers as market prices fell below the minimum support price of 4,450 rupees per 100 kg, inclusive of a bonus of 200 rupees.
NCDEX coriander hits 1-week high tracking spot markets.
Futures contracts of coriander hit a one-week high on NCDEX, tracking gains in spot markets in Rajasthan. The front-month November contract was up 1.4%, while the most-active December contract of coriander traded 1.5% higher on NCDEX. Prices rose following a decline in arrivals in spot markets. Arrivals declined as farmers in the state remain busy preparing their land for rabi sowing.
India coffee exports during Jan 1- Oct 31.
India coffee exports during Jan 1- Oct 31.
All-India cotton arrivals up at 135,000 bale.
All-India cotton arrivals up at 135,000 bale.
Iran issues tender to buy 30,000 MT rice from India.
Iran issues tender to buy 30,000 MT rice from India.
Punjab procures nearly 14 MMT paddy in one month.
Punjab procures nearly 14 MMT paddy in one month.
Paddy procurement in Sambalpur from Nov 15.
Paddy procurement in Sambalpur from Nov 15.
India rice basmati strengthen on increased offtake.
India rice basmati strengthen on increased offtake.
EU wheat drifts down as recent gains spur export concerns.
EU wheat drifts down as recent gains spur export concerns.
Wheat disease spreads alarm; Bengal bans sowing in 2 border districts.
Wheat disease spreads alarm; Bengal bans sowing in 2 border districts.
India wheat strengthen on increased offtake.
India wheat strengthen on increased offtake.
India first consignment of wheat assistance to Afghanistan.
India first consignment of wheat assistance to Afghanistan.
Most down; coriander up on short covering, low sowing
Futures contracts of spices except jeera and coriander on domestic exchanges ended lower. Coriander futures ended higher because investors covered their short positions after prices hit a three-week low earlier. A likely decline in the area under the spice this rabi season also supported coriander prices.
Soybean harvest in Ukraine is 85% complete.
The harvesting of oilseeds in Ukraine is entering its final phase. As of October 31, sunseed was harvested from 5614 Th ha (95% of the projected 5939 Th ha) with a crop of 11007 KMT and a yield of 1.96 MT/ha (down 10.5% year-on-year). Soybeans were harvested from 1701 Th ha (up 6.8% year-on-year) out of the projected 1991 Th ha. The crop amounted to 3216 KMT with a yield of 1.89 MT/ha (down 13.7% year-on-year).
Russia reduced palm oil purchases by 14% in the 2016/17 season
Palm oil imports to Russia totaled 79.2 KMT in September 2017, or almost 24.3% more than in the previous month (63.7 KMT). However, the purchases are down 11.7% from the same time last year (89.7 KMT).
NAFED buys 6,056 metric tonne soybean from farmers
The National Agricultural Cooperative Marketing Federation of India has procured 6,056 metric tonne of soybean, harvested in the kharif season under the price support scheme, from farmers in Rajasthan, Telangana, and Maharashtra.
Soybean prices up in Indore despite higher arrivals
Prices of soybean in Indore rose due to a slight increase in buying by crushers. Reports of procurement by the Maharashtra government also lifted the sentiment. Reports that Maharashtra has urged the Centre to levy import duty on soybean and soymeal, and to further increase the duty on edible oil imports, are also seen bolstering the sentiment. The most-active December contract of soybean ended 1.6% higher on the NCDEX.
Mustard seed up in Jaipur on renewed domestic demand
Mustard seed prices were up in Jaipur, Rajasthan, owing to renewed demand from domestic stockists after prices hit a one-week low. A fall in arrivals also supported prices. Sowing has commenced in Rajasthan and Haryana and is likely to improve in the coming days. This capped the gains in mustard seed prices.
Kazakhstan 2017-18 wheat output forecast low 10% (13.5 MMT vs 14.99 MMT).
Kazakhstan 2017-18 wheat output forecast low 10% (13.5 MMT vs 14.99 MMT).