The government has turned down the request of millers in Tamil Nadu for financial assistance in the form of reimbursement of transportation costs to help them secure raw sugar from other states. Sugar mills in Tamil Nadu are keen on sourcing raw sugar from Uttar Pradesh and Maharashtra, which are expected to produce a surplus in 2017-18 (Oct-Sep), to improve availability of the sweetener in the state. The move would also aid capacity utilization of mills in the state, and reduce their losses. The mills had also urged the government to help cut their loss by restructuring their bank loans.
Sugar prices down in Mumbai, rise in Delhi.
Prices of sugar fell in the key wholesale markets of Mumbai due to sluggish demand from bulk buyers. In Delhi, however, prices of sugar rose as demand improved amid low supplies. Traders expect demand to increase ahead of the upcoming festival season and are not lowering prices.
Food Secretary says no plans to allow duty-free sugar imports as of now.
The government has no plans to allow duty-free import of sugar as of now, Food Secretary Preeti Sudan said. Sugar production in the country fell to a seven-year low of 20.4 million tonne in 2016-17 (Oct-Sep). In April, the government had allowed duty-free import of 500,000 tonne of raw sugar until Jun 30 to shore up domestic supplies and keep prices in check. Earlier this month, Food Minister Ram Vilas Paswan had said that domestic sugar supply remains comfortable.
Rajkot Oilseed Complex.
Edible oil prices were steady to firm in the early trades. Groundnut oil prices were steady due to restricted buying and selling. Cottonseed oil firmed up due to retail demand. Palm olien improved due to thin supply.
Taiwan’s MFIG tenders to buy up to 130000 MT of corn.
Taiwan’s MFIG tenders to buy up to 130000 MT of corn.
Vietnam rice export target set at 5.2 million tonnes in 2017.
Vietnam rice export target set at 5.2 million tonnes in 2017.
Rice basmati goes up on increased offtake.
Rice basmati goes up on increased offtake.
India coffee exports during Jan 1- Aug 18.
India coffee exports during Jan 1- Aug 18.
Govt sharply cuts 2016-17 Karnataka cotton yields
Govt sharply cuts 2016-17 Karnataka cotton yields
NCDEX maize contracts down 1% on profit booking
NCDEX maize contracts down 1% on profit booking
NCDEX coriander contracts up 1% due to firm demand
NCDEX coriander contracts up 1% due to firm demand
Saudi Arabia’s SAGO buys 490,000 MT wheat in tender.
Saudi Arabia’s SAGO buys 490,000 MT wheat in tender.
Wheat down in Delhi on low demand; Indore mkt shut
Wheat down in Delhi on low demand; Indore mkt shut
Government caps import of urad, moong at 300,000 tonne per year
Government has capped the import of urad and moong at 300,000 tonne per year, decision comes after traders urged the government to impose restrictions on import of the grains to ensure better prices for the domestic crop. Sowing of moong, however, has slowed down due to poor rains in the major growing states of Karnataka and Maharashtra. On Aug 5, the government had notified an import limit of 200,000 tonne per year for tur. It had also imposed an import duty of 10% on tur in March, which raised hopes of similar duties on import of urad and moong.
Moong, urad may soar 6-8% Wed on govt import curbs
Prices of urad and moong are likely to soar 6-8% in key markets after the government decided to cap the import of the commodities at 300,000 tonne a year. The government’s decision to cap import on pulses was taken after traders sought restrictions on import to ensure better prices for the domestic crop.
Farmers in the country have sown tur across 4.08 million ha as down 18.2% on year
The significant decline in acreage in two of the largest tur-growing states–Maharashtra and Karnataka–has pulled down the country’s total area under the crop. Tur acreage in Maharashtra was down 15.2% on year at 1.26 million ha as and in Karnataka, the acreage declined 28.8% to 817,000 ha.
Tur prices unavailable as spot markets shut
Prices of tur were unavailable as key markets, including Akola in Maharashtra and Gulbarga in Karnataka, were shut for Amavasya.
Delhi chana up on rise in demand ahead of festivals
Chana up due to demand from dal millers ahead of festivals, amid limited supplies. Though the arrivals are unchanged in Delhi, they are inadequate to meet the current demand. Arrivals of chana in Delhi were pegged at 525 tonne, unchanged from Saturday, while in Bikaner, it was 700 bags (1 bag =100 kg) up from 500 bags.
NCDEX to add Akola, Jaipur, Ashok Nagar as chana delivery centres
The NCDEX Ltd add Akola, Jaipur and Ashok Nagar as additional delivery centres for chana futures expiring from December. New additional delivery centres were major producing and processing centres and would assist market participants at these locations to trade efficiently on the exchange. Exchange has also advised to take note of increase in position limit as notified on Aug 14 as per the SEBI.
US Soybean Conditions Improve Slightly.
Recent rainfall in South Dakota is giving crops a major boost this week. The Crop Progress report issued by USDA-NASS shows soybean crops in the state had eight-point gains. Crop is now rated 42% good to excellent. But, gains discovered in South Dakota were lost in Illinois. Illinois soybean crop also declined. This week, 60% is good to excellent, down three points. Overall, the national soybean rating gained a point to 60% good-excellent.