Futures contracts of soybean extended gains on the CBOT due to a rise in imports from China. The US is the largest exporter of soybean in the world, while China is the largest importer. The shift in demand for soybean from Brazil to the US further supported prices. Brazilian traders are reluctant to sell soybean at the prevailing low prices. The most active November contract on the CBOT was at $9.4850 per bushel, up 0.3% from the previous close.
Soybean up on bargain buying, bullish CBOT cues.
Futures contracts of the edible oil basket, barring mustard, traded higher tracking gains in international markets. Soybean on National Commodity and Derivatives Exchange traded higher due to bargain buying after the prices fell over 6% in the past four trading sessions. Lower acreage of soybean further supported the prices on the domestic bourse.
Jaipur mustard seed slightly up on demand for meal.
Prices of mustard seed were up in Jaipur due to higher demand from crushers. Reports of a decline in mustard seed output in Canada, one of the largest producers of the oilseed, is also seen creating a positive sentiment. On the NCDEX, the most-active September futures contract of mustard seed traded up 0.5%.
Higher supply weighs on groundnut seed in Junagadh.
Prices of groundnut seed fell in Junagadh, Gujarat, due to higher arrivals and lacklustre demand from domestic oil millers and crushers. In Junagadh, the key market for the oilseed, it was sold at down 10 rupees from previous close. In Gondal, another key market, the commodity was quoted down 15 rupees. Arrivals of the oilseed in Junagadh were estimated at 3,000 bags (1 bag= 20 kg), up 1,000 bags from previous close.
Andhra groundnut farmers asked to control insects.
IMD Agrimet has advised farmers in Andhra Pradesh to control the menace of leaf eating caterpillars, red hairy caterpillars, stem borer, and leaf folder insects in the groundnut crop to get optimal yield. The present weather conditions are favourable for the insect attacks. The disease may lead to shrivelling and wilting of the plants and eventually hit the yield. These attacks are common when the weather turns humid after rains.
Govt may extend stockholding limit on sugar traders for 6 months.
The government may extend the stockholding limit on sugar traders for another six months in order to maintain adequate supplies in the market and to keep prices under control. Stockholding limit on traders have to be continued for another six months to prevent hoarding.
Warana Sugar head sees India 2017-18 output at 22 million tonne.
India sugar production in 2017-18 (Oct-Sep) is set to fall short of even the most conservative of government estimates, of 23.5 million tonne, Kolhapur-based Warana Sugar Ltd told in the Sugar Conclave-2017 being held in the city. Warana estimate for sugar output is more than 6% below the lower end of the food ministry projection of 23.5-24.0 million tonne and 12% lower than the Indian Sugar Mills Association estimate of 25.1 million tonne.
India sugar prices stable in most spot markets, down in Kolhapur.
Prices of sugar were largely unchanged in the key wholesale markets of Delhi, Muzaffarnagar and Mumbai due to lacklustre trade. Sugar prices, however, fell in the key wholesale market of Kolhapur, as implementation of a stock-holding limit on mills dampened the sentiment.
Deadline for tariff quota raw sugar export to US extended to Oct 31.
The government has extended the deadline for export of raw sugar to the US under the tariff rate quota by a month to Oct 31. The US allows duty-free import of 8,424 tonne raw sugar from India under the quota every year. Sugar exports from India through the normal channel attract a duty of 20%. There have been no raw sugar exports so far under the preferential tariff quota for 2016-17 (Oct-Sep).
Shree Renuka Sugars sees India heading for tight sugar supply ’17-18.
The Indian sugar industry is set to witness yet another year of tight supplies despite a 20% rise in output expected in 2017-18 (Oct-Sep), as ending stocks are seen tumbling to multi-year lows. Sugar stocks at the end of October falling to around 1.5 million tonne.
Coriander futures slide 3.30% on muted demand in India.
Coriander futures slide 3.30% on muted demand in India.
NCDEX kapas down nearly 1% on favourable monsoon.
NCDEX kapas down nearly 1% on favourable monsoon.
Iraq buys 60,000 tonnes rice from Pakistan, Uruguay.
Iraq buys 60,000 tonnes rice from Pakistan, Uruguay.
Bonus of Rs 300/qtl announced for paddy farmers in Chhattisgarh.
Bonus of Rs 300/qtl announced for paddy farmers in Chhattisgarh.
USDA retains Thailand rice output view despite floods.
USDA retains Thailand rice output view despite floods.
Iranian importers default on Indian rice deals.
Iranian importers default on Indian rice deals.
Rice prices drop in major exporters including India on weak demand.
Rice prices drop in major exporters including India on weak demand.
Appellate body to decide on Madhya Pradesh basmati tag claim.
Appellate body to decide on Madhya Pradesh basmati tag claim.
CBOT wheat climbs on end-month technical buying.
CBOT wheat climbs on end-month technical buying.
EU wheat prices rise on Chicago gains, poor Canadian crop.
EU wheat prices rise on Chicago gains, poor Canadian crop.