The U.S. private exporters sold 132,000 tonnes of U.S. soybeans to China for delivery in the 2017/18 marketing year that begins Sept. 1, 2017. Private exporters sold 105,500 tonnes of U.S. soymeal to Thailand for delivery in the 2017/18 marketing year that begins Oct. 1, 2017.
India Soybean output may fall 17%.
Despite the government efforts to reduce India dependence on imported edible oil by increasing local oilseed production, soybean output is likely to decline by 17 per cent this kharif harvesting season. The decline is attributed to lower sowing area and reports of crop damage following a long dry spell in the peak planting season. Sowing of soybean crop is almost complete by mid-August, with little chance of further addition of kharif acreage. Apart from that, there was a long dry spell this monsoon season. Experts believe the standing crop got damaged due to deficiency of moisture in the peak germination period.
US ethanol market criticizes Brazil decision to levy 20% import tariff.
US ethanol market participants and trade groups decried the Brazilian government decision to levy a 20% tariff on ethanol imports above 600 million liters. Brazil, the second largest ethanol producer in the world, began importing large volumes of ethanol in 2016 as high sugar prices made the sweetener more attractive to sugarcane mills than ethanol. Through June, the US exported over 1.045 billion liters of ethanol to Brazil. That could mean that any further exports to Brazil would be subject to the 20% tariff. But it does not appear that exports from earlier this year above the 600-million-liter level would be affected by the tariff.
Sugar prices gain, as Brazil tax move spurs talk of political favor.
Sugar prices extended their revival, returning above 14 cents a pound at one point, after Brazil unveiled a 20% tax on Brazil ethanol imports, in the latest of a series of moves by the top producing country of the sweetener deemed potentially positive for values. Raw sugar futures for October stood 2.1% higher at 13.95 cents pound in midday deals in New York, taking close to 8% the contract revival from a mid-month low. Earlier the contract touched 14.06 cents a pound.
China corn sold 176,816 MT of 2013 and 2014 corn at 24 aug auction.
China corn sold 176,816 MT of 2013 and 2014 corn at 24 aug auction.
IGC world corn production 2017-18 to 1.017 BMT vs 1.073 BMT in LY.
IGC world corn production 2017-18 to 1.017 BMT vs 1.073 BMT in LY.
IGC world rice production 2017-18 to 485 MMT vs 484 MMT in LY.
IGC world rice production 2017-18 to 485 MMT vs 484 MMT in LY.
Punjab cabinet raises paddy procurement.
Punjab cabinet raises paddy procurement.
Telangana farmers advised to spray insecticide on rice.
Telangana farmers advised to spray insecticide on rice.
Canada wheat production figure decrease 26.1 MMT vs USDA at 26.5 MMT.
Canada wheat production figure decrease 26.1 MMT vs USDA at 26.5 MMT.
IGC world wheat production 2017-18 to 742 MMT vs 754 MMT in LY.
IGC world wheat production 2017-18 to 742 MMT vs 754 MMT in LY.
Japan buys 133791 tonnes of food wheat via tender.
Japan buys 133791 tonnes of food wheat via tender.
Rabobank expects global wheat price to remain low.
Rabobank expects global wheat price to remain low.
Russian wheat shipment to reach Venezuela this week.
Russian wheat shipment to reach Venezuela this week.
India wheat softens on reduced offtake.
India wheat softens on reduced offtake.
Myanmar blames India for restricting pulses import quota.
Yangon has blamed New Delhi for restricting import of three major pulses from Myanmar, saying that the move has plunged Burmese pulses industry into chaos. In August, India announced a 200,000-ton import quota on pigeon peas and 300,000-ton quota on mung bean and green grams. The severe restriction by India limiting the amount of pea products from Myanmar has quickly and adversely affected the Burmese pulses market. The restriction would help support prices of lentils in India but would put pressure on producers in Myanmar who rely heavily on export to India. Myanmar has been exporting peas to India for nearly three decades, while India exported medicines, sugar and agricultural machinery to Myanmar. Yangon’s commodity depot has ceased operation due to India’s import quota restriction on pulses, prompting the pulse prices to plummet.
Kabuli gram, arhar rise on stockists’ buying.
Prices of kabuli gram and arhar rose by Rs 100 per quintal at the wholesale market on revival of buying by stockists amid pick-up in demand from retailers. Fresh buying by stockists backed by uptick in demand from retailers against restricted supplies from producing belts mainly led to the rise in kabuli gram and arhar prices.
Chana prices rose in spot and NCDEX 1.25 per cent.
Chana prices rose by 1.25 per cent to Rs 5,855 per quintal in futures trading as traders built up fresh positions amid uptick in demand in the spot market.The rise in chana prices in futures trade to fresh positions created by participants after pick up in demand in the spot market.
Malaysia to keep its palm oil export duty rate unchanged in September.
Malaysia, the world’s second palm oil producer after Indonesia (in physical terms), keep the export duty rate unchanged at 5.5% in September. The rate was reduced from 6.5% to 5.5% in August. In September, the calculated benchmark price of Malaysian palm oil will be MYR 2677.91 ($623.57)/MT.
U.S. decides to tax Argentinian biodiesel imports.
U.S. Commerce Department considered that Argentinian and Indonesia exports of biodiesel are subsidized. This would result in tariffs ranging from 50.29 percent to 64.17 percent in the case of Argentina and 41.06 percent and 68.28 percent regarding Indonesia. In 2016, Argentina exported nearly US$ 1.2 billion of biodiesel to the United States.