Prices of maize in the benchmark Nizamabad market were steady, after declining in the last few days.Maize prices have fallen by 60-70 rupees over the last few days as arrivals started reaching the markets in other states such Madhya Pradesh and Maharashtra.
Coriander up on NCDEX tracking spot markets
Futures contracts of coriander on the NCDEX ended over 2% higher tracking gains in key spot markets of Rajasthan. Prices of the spice rose in the state because of lower arrivals and a likely decline in acreage this rabi season. Total arrivals of the spice in Rajasthan were pegged at 6,000 bags down around 2,000 bags from the previous day.
Most seen up on export demand; coriander down
Futures contracts of all spices, except coriander, are expected to trade higher on domestic exchanges next week due to a rise in export demand.Bucking the trend, contracts of coriander NCDEX are expected to decline because of huge inventories of around 8 mln bags from the last season. Regular imports of coriander from Russia, Ukraine, and Bulgaria, due to higher domestic prices, will also weigh on sentiment.
MSP hike lifts wheat prices in key spot mkts
Wheat prices rose in key wholesale markets today as the government has raised minimum support price of the grain for 2018-19 (Apr-Mar) marketing year.Following the hike in MSP, prices of mill quality wheat have risen by nearly 50 rupees in Delhi in the last two days.News of hike in MSP (minimum support price) has given a little support to wholesale prices of wheat.
ICE Canada delists some wheat futures, options
The Intercontinental Exchange Canada has de-listed milling wheat, durum wheat and barley futures and options contracts.All ICE Futures Canada rules and annexures pertaining to durum wheat,milling wheat and barley futures and options contracts are repealed effective immediately.
Pulses imports at Tuticorin port double on month to 40,820 metric tonne in September.
Import of pulses at Tuticorin port surged 100.8% on month to 40,820 metric tonne in September. Imports of peas and masur rose as sales of the new crop have started in Canada, and India is one of its key importers. International lentil (masur) markets continued to soften during the past week as supplies available from exporters and growers remain ahead of the short-term needs of buyers.
Drought-hit Chhattisgarh says sow oilseed, pulses, avoid rabi paddy.
Drought-hit Chhattisgarh has asked farmers to switch to oilseeds and pulses during the upcoming rabi season from water-intensive paddy. The state government has given out advisories asking farmers to sow wheat, maize, mustard, chana this rabi season, as these crops require lesser water compared with paddy. This time around, there not enough water available for paddy cultivation, as water level in Chhattisgarh’s two key reservoirs–Minimata Bangoi and Mahanadi–is running precariously low due to poor monsoon rains.
Chana up in Delhi as arrivals fall, demand improves.
Chana prices were up in Delhi due to a decline in arrivals coupled with improved demand for the commodity. On NCDEX, the most active November contract, however, was down.
Tur prices steady in Akola on supply-demand parity.
Prices of tur in Akola and Kalaburagi were steady as there was enough supply to meet demand.
NAFED procures 12,859 metric tonne urad, 33,976 metric tonne Moong at MSP.
The National Agricultural Cooperative Marketing Federation of India had procured 12,859 metric tonne of urad and 33,976 metric tonne of moong sown during the kharif season across the country, said an official with the federation. Procurement of pulses from growers in Rajasthan, Telangana, Karnataka, and Maharashtra was underway at the minimum support price under the price support scheme. Higher arrivals of the fresh urad crop and low demand from millers had pushed prices below the minimum support price in many markets.
Rabi crop total acreage rises to 3.9 million ha vs 3.1 million ha year ago.
India’s rabi sowing has started with the total area under key crops of the season rising to 3.86 million ha till last week from about 3.10 million ha around the same time last year. Sowing of rabi crops is higher this year because late rain over different parts of the country has boosted soil moisture level that supported planting. India had produced 137.2 million metric tonne foodgrain in the rabi season of 2016-17 (Jul-Jun). The total area under rabi pulses was around 1.1 million ha and that under oilseeds was 900,000 ha.
NAFED procures 2,317 metric tonne soybeans from farmers.
The National Agricultural Cooperative Marketing Federation of India has procured 2,317 metric tonne of soybean harvested in the kharif season under the price support scheme from farmers in Rajasthan, Telangana, and Maharashtra. NAFED begun procurement operations after market prices fell below the minimum support price of 3,050 rupees per 100 kg.
NCDEX soybean hits over 3-month low as arrivals rise.
Futures contracts of soybean on the NCDEX hit an over-three-month low of 2,816 rupees per 100 kg as arrivals rose in major spot markets.
Malaysia CPO ends up tracking gains in CBOT soyoil.
Futures contracts of crude palm oil ended higher on the Bursa Malaysia Derivatives, tracking gains in soyoil contracts on the CBOT. The contracts ended higher for the second straight day due to an on-month rise in Malaysia’s palm oil exports during Oct 1-25. A strong ringgit against the dollar, however, capped the gains. The most-active January contract of crude palm oil on the Malaysian bourse hit an over one-month high of 2,816 ringgits (43,108 rupees) per metric tonne.
India Extractors body seeks hike in import duty on edible oils.
Solvent Extractors’ Association of India (SEA) has once again requested the Centre to increase the import duty on edible oils. The demand for a hike in import duty comes in the backdrop of the Gujarat government’s groundnut procurement at ₹900 per 20 kg.
India Soybean ends tad higher; CPO up on Malaysian cues.
Futures contracts of the most components of the edible oil basket, barring mustard, traded higher on domestic exchanges due to firm demand in spot markets. After plunging to an over-three-month low, soybean on the National Commodity and Derivatives Exchange closed a tad up due to a pick-up in demand.
Raw sugar slips as Brazil currency resumes decline.
Raw sugar futures fell as speculative selling emerged against a backdrop of a weaker Brazilian currency, while a weaker British pound boosted London cocoa prices. March raw sugar was down 0.10 cent, or 0.7 percent, at 14.08 cents per lb, reversing earlier gains as the Brazilian real resumed its downtrend.
Sugarcane SAP hiked by Rs.10 from Rs 320 to Rs 330.
Chief Minister Manohar Lal Khattar announced a hike of Rs 10 per quintal, from Rs 320 to Rs 330, in the state advisory price (SAP) of sugarcane. This benefit farmers to the tune of Rs 86 crore.
Online portal for marketing sugar.
Marketing of sugar by the mills this season may see an important change with the National Federation of Cooperative Sugar Factories (NFCSF) and the Indian Sugar Mills Association (ISMA) jointly introducing an online platform. This platform allows millers to float their tenders online and buyers from across the country able to access the same.
Sugar prices to decline as UP, Maharashtra begin cane crushing.
Sugar prices are likely to decline by five per cent with the arrival of new-season output. Crushing of new-season cane is scheduled to begin this week, with dozens of mills in Uttar Pradesh starting the procuring from farmers. The first of this sugar is scheduled to hit the market by the end of this month. The carryover stock of cane for the new sugar year (it began on October 1) is about four million tonnes. The market expects a rise in sugar output of 24 per cent this year.