Futures contracts of crude palm oil on the Bursa Malaysia Derivatives traded up tracking gains in the soy oil contracts on the CBOT. Prices of soy oil and crude palm oil move in tandem as both are used in production of bio-fuels. A weak Malaysian ringgit against the dollar further supported gains in prices. A weak ringgit makes the commodity attractive for foreign buyers. Investors now await Malaysian crude palm oil export data for August for further cues.
NCDEX soybean at week low as yields seen higher.
Futures contracts of soybean fell to a one-week low on NCDEX because of increased prospects of recovery in the yields following favorable rainfall in major growing areas. The crop is previously under threat due to deficient rains in Madhya Pradesh and Maharashtra. Spot prices of soybean in the benchmark market of Indore, Madhya Pradesh, also fell.
Pest menace, weak rains, lower area to spur soy prices 10% Oct-Nov.
Defying the usual bearish trend during fresh arrival season, soybean prices may rise 10% in Oct-Nov, bolstered by pest attacks, weak rains, and projections of lower acreage. Anticipation of a smaller crop size this year due to fall in area and weather vagaries may primarily support prices. Soybean may rise by around 10% during Oct-Nov. India’s soybean output is likely to fall 5% to 9.6 million tonne in 2017-18 (Oct-Sep) as acreage is seen lower in key growing areas. We expect prices to rise by nearly 10-12% by October-end and November, as by that time, we’ll have a clearer picture of the damage to crop and fall in production.
Uttar Pradesh may keep 2017-18 cane price unchanged at 305 rupees/100 kg.
Uttar Pradesh government is likely to keep the administered price of cane for 2017-18 (Oct-Sep) unchanged at 305 rupees per 100 kg. It is most likely that the state-advised price for sugarcane will not be raised for 2017-18. Reduction in price is anyway not possible as it would clash with farmers’ demand for higher prices. In 2016-17, Uttar Pradesh had raised the administered price of cane by 25 rupees per 100 kg to 305 rupees after keeping it unchanged for three years. The state government is likely to continue with its sugarcane pricing policy for at least two more years, a senior official from the state cane department had said earlier this month.
India sugar down in spot as govt imposes stock limit on mills.
Prices of sugar fell in the key wholesale markets of the country as implementation of stock holding limit on mills dampened the sentiment for the commodity. Government has imposed stock holding limits on sugar mills for September and October. Sugar mills can hold up to 21% of the total sugar supply of 2016-17 (Oct-Sep) season as of end of September, and 8% of the supply as of end of October.
Govt imposes stock holding limits on sugar mills for Sep-Oct.
The government has imposed stock holding limits on sugar mills for the months September and October. Sugar mills can hold up to 21% of the total sugar supply of 2016-17 (Oct-Sep) season as of end of September, and 8% of the supply as of end of October. Paswan also said that there is no shortage of sugar for domestic consumption. Stock limit has been introduced to keep prices of sugar in check with a slew of festivals lined up for the next few months
NCDEX coriander hits 8-week high on festival demand.
NCDEX coriander hits 8-week high on festival demand.
New cotton crop enters north India; weak outlook spurs early harvest.
New cotton crop enters north India; weak outlook spurs early harvest.
All-India cotton arrivals down at 2,600 bales as on 25 august.
All-India cotton arrivals down at 2,600 bales as on 25 august.
Vietnam sees Jan-Aug coffee exports down 19.4 pct y/y-govt.
Vietnam sees Jan-Aug coffee exports down 19.4 pct y/y-govt.
India coffee exports during Jan 1- Aug 24.
India coffee exports during Jan 1- Aug 24.
Poor rains seen hitting paddy crop in most of south, central India.
Poor rains seen hitting paddy crop in most of south, central India.
Pakistani rice lowest offer in Iraq’s 30000 MT tender.
Pakistani rice lowest offer in Iraq’s 30000 MT tender.
Kenya extends duty-free purchase of Ukrainian fodder corn for one year
Kenya extends duty-free purchase of Ukrainian fodder corn for one year
CBOT corn declines to contract lows on technicals, big supplies.
CBOT corn declines to contract lows on technicals, big supplies.
EU sticks by downbeat wheat export hopes, despite harvest upgrade.
EU sticks by downbeat wheat export hopes, despite harvest upgrade.
Russian wheat prices fall under pressure from new crop.
Russian wheat prices fall under pressure from new crop.
India wheat down in spot markets on weak demand from millers.
India wheat down in spot markets on weak demand from millers.
MMTC to auction 1,619 tonne urad via NCDEX e-Markets.
MMTC offer 1,619.3 tonne of urad imported from Myanmar of the 2016 crop year for auction through NCDEX e-Markets. The pulse is stocked in the godown of Central Warehousing Corp in Wadala, Maharashtra. The bids remain valid for a maximum period of two MMTC working days, from the date of e-auction.
NCDEX chana hits 3% upper limit on dal millers buys.
Futures contracts of chana on the NCDEX hit the 3% upper circuit on demand from the dal millers. The most active September contract was up 3.8% from previous close. Investors bought chana futures on the expectation of better demand in coming days ahead of festivals and worries of lower output of the pulse in Australia.