India Soybean closes 1% lower on CBOT cues; CPO gains.
Ram Gopal Yadav (9 years ago)

Futures contracts of edible oils on the domestic exchanges traded mixed. Soybean and mustard futures traded lower while soyoil and crude palm oil traded higher. Increased fresh arrivals of soybean in key growing regions further weighed on the sentiments. Extending weakness from the previous session, mustard futures on the NCDEX settled around 1% lower due to subdued buying from oil millers. Higher carryover stock from 2016-17 season also pulled down the prices.

NCDEX mustard down nearly 1% as stocks seen high.
Ram Gopal Yadav (9 years ago)

The October contract of mustard seed on the NCDEX ended nearly 1% lower today because of expectations of higher stocks of the oilseed this season. The October contract ended at 3,744 rupees per 100 kg, down 0.9% from previous close. Inventories of mustard seed in February next year are estimated higher because of lower crushing due to sluggish exports in the oilseed year. In February this year, closing stocks of mustard seed from the old crop were estimated at 250,000 tonne.

Thailand white sugar cash premiums surge to 6-year high on supply tightness.
Ram Gopal Yadav (9 years ago)

The cash premium for Thailand’s refined sugar surged to a six-year high this week as near-term supply tightness sent buyers in the Asia Pacific region scrambling for cargoes. The rise started in mid-July when more cargoes were shipped to Taiwan with a subsequent increase in flows to China as Taiwan replaced Myanmar as the destination for illegal sugar shipments. A total of 295,067 mt of Thai white sugar were shipped to Taiwan in the three months to August. This compared with 141,738 mt during the same period to Myanmar. But as demand from Taiwan became consistent, it was the near-term supply tightness that further supported the cash premium.

India Dwarikesh Sugar eyes 15% rise in production.
Ram Gopal Yadav (9 years ago)

Dwarikesh Sugar Industries expects a 15 per cent increase in production leading to higher revenues during the forthcoming crushing season. If the weather holds, the plants located in Bijnor and Bareilly (UP) would better the recovery rates. If not, at least sustain similar rates. The firm total and net revenues increased by 70 per cent from ₹306.1 crore and ₹289.7 crore in the first quarter of fiscal 2017 to ₹522 crores and ₹493.6 crore, respectively, in the first quarter of fiscal 2018.

India Sugar Selling pressure on mills drags down spot prices.
Ram Gopal Yadav (9 years ago)

The prices of sugar fell in the key wholesale markets of the country amid increased selling pressure on mills. Millers are quoting lower prices as there is no demand at current price levels despite it being the festival season. Mills also have to adhere to stock limits. Demand for the sweetener has been low since the beginning of the month. There is only hand-to-mouth demand as crushing season is nearing and there is fear of government action in case prices rise.

Sugar mills in Maharashtra to start cane crushing ops from Nov 1.
Ram Gopal Yadav (9 years ago)

Sugar mills in Maharashtra have decided to start cane crushing operations for the 2017-18 (Oct-Sep) season from Nov 1, putting to rest speculation about an early start to crushing operations. Among other decisions, the state pursue restructuring of 61 billion rupees worth of outstanding loans of 90 cooperative sugar mills with the Centre. The ban on export of sugarcane may have been taken in the wake of sharp fall in output in the neighboring north Karnataka. Also, Maharashtra wants to raise the longevity of crushing season with an intention to raise the output. The state government expects to crush over 65 million tonne of sugarcane to produce 7.3 million tonne sugar in the year starting Oct 1. This year, sugar output was at 4.2 million tonne.