Prices of soybean in the key wholesale market of Indore rose as the government raised import duty on crude soy oil to 17.5% from 12.5%. A higher duty may discourage imports. Firm demand for soymeal and soy oil is seen pushing prices higher. Arrivals in Indore were steady.
Egypt has contracted to buy 850,000 T of sugar this year.
Egypt has contracts to buy 850,000 tonnes of sugar so far, this year, covering the nation needs through January. Egypt typically consumes about 3 million tonnes of sugar a year but produces a little more than 2 million tonnes. The gap is filled by government and private imports, usually purchased between July and October. Egypt state buyer ESIIC is set to hold a purchase tender for 50,000 tonnes of raw sugar for November arrival.
Centre-South Brazil Jul 16-31 sugar output 3.4 million tonne, up 9.5% on year.
Mills in Brazil Centre-South region produced 3.41 million tonne sugar in the second fortonneight of July, up 9.5% from 3.12 million tonne in the year ago period. Centre-South Brazil accounts for over 90% of the country’s total sugar output and mills in the region crushed 50.74 million tonne cane during Jul 16-31, up 2.6% on year. Between Apr 1 and Jul 31, mills have crushed 297.33 million tonne cane, down 4.7% on year. During the same period, they produced 17.57 million tonne sugar, up 3.5% on year. The Centre-South region also produced 11.57 billion ltr of ethanol during the period, compared with 12.88 billion ltr a year ago. Of the total cane crushed, around 48.4% was used for sugar production, while 51.6% was used to make ethanol.
India Sugar prices stable in key spot markets; volumes on NCDEX low.
Prices of sugar were largely unchanged in the key wholesale markets of the country due to lacklustre trade. Thin trade in the market can be attributed to the fear of government action to ensure enough supplies in the domestic market.
China projected 7.9 MT of cotton production in 2017-18.
China projected 7.9 MT of cotton production in 2017-18.
USDA increased its world rice ending stock forecast by 0.398 MMT For 2017/18.
USDA increased its world rice ending stock forecast by 0.398 MMT For 2017/18.
USDA decreased its corn ending stock estimates for U.S by 1.322 MMT for 2017/18.
USDA decreased its corn ending stock estimates for U.S by 1.322 MMT for 2017/18.
CGE of Sri Lanka seeks corn import permit for feed millers.
CGE of Sri Lanka seeks corn import permit for feed millers.
Ukraine starts to export wheat flour to South America.
Ukraine starts to export wheat flour to South America.
CBOT wheat drops 1.2% to two-month low on supply pressure.
CBOT wheat drops 1.2% to two-month low on supply pressure.
Bulgaria exports 433,650 T of wheat from its bumper 2017 crop.
Bulgaria exports 433,650 T of wheat from its bumper 2017 crop.
India wheat OMSS auction update.
India wheat OMSS auction update.
India govt says no plans to raise wheat import duty.
India govt says no plans to raise wheat import duty.
Prices of pulses led by arhar and gram.
Spurted by up to Rs 300 per quintal at the wholesale market during the week amid pick-up in demand from retailers, driven by ongoing festive season against restricted arrivals from producing belts. Uptick in demand from retailers in view of festive season against tight stocks position in the market on fall in supplies from growing regions, mainly pushed up arhar, gram, urad and other pulses prices.
Peas edge up on scattered demand.
Barring a rise in peas prices on mild demand from retailers, other pulses held steady at the wholesale pulses market in thin trade. Traders attributed the rise in peas prices to scattered demand from retailers.
USDA Predicts Record Soybean Crop.
A record number of soybean acres planted this spring is projected to produce a record soybean harvest this fall despite challenging growing conditions across large sections of the Midwest. U.S. soybean production was pegged at 4.38 billion bushels, an increase of 2 percent from last year record setting output of 4.3 billion bushels. Harvested acres were projected at 88.7 million acres, up from 83.5 million in 2016. A record number of soybean acres planted this spring is projected to produce a record soybean harvest this fall despite challenging growing conditions across large sections of the Midwest. The large projected crop could shrink due to worsening drought conditions in key soybean growing regions, including Iowa and North and South Dakota. Iowa soybean harvest is projected at 557 million bushels on a per-acre average of 56 bushels. This is down from last year production of 572 million bushels and a 60.5 bushel-per-acre average. Crop conditions have deteriorated in many locations since the USDA completed its yield assessment.
EU. Forecast for oilseed production was raised.
EU oilseed production in the 2017/18 season from 32.06 MMT to 33.03 MMT. The 2017/18 EU crop include 21.91 MMT of rapeseed (up 8% year-on-year), 8.5 MMT of sunseed (up 3%) and 2.62 MMT of soybeans (up 5.9%). The forecast for rape plantings increased from 6.60 Ml ha to 6.65 Ml ha (up 2% year-on-year), while that for soya plantings was raised from 0.95 Ml ha to 0.97 Ml ha (up 14.7% year-on-year). Sunflower planted acreage remains at last year level 4.13 Ml ha (up 1.1% from last season).
Telangana farmers take to cotton in a big way insted redgram, chilli and turmeric Last year.
The increase in the extent of cotton cultivation this kharif in Telangana, up by over 26.5% compared to last year, has made the State government plan arrangements for the procurement of the fibre crop well in advance, keeping in mind the experience it had last year in the case of redgram, chilli and turmeric. The Agriculture Department has put the extent of cotton cultivation this season at 17.84 lakh hectares, more than half of the 34.42 lakh hectares covered by all crops so far, against 14.10 lakh hectares last year.
Refined palmolein surges on rising demand.
Refined palmolein surged further at the Vashi oils and oilseeds wholesale market here on rising demand from retailers. While, castor seeds bold and castor oil commercial recovered slightly following mild offtake from shippers and soap industries. Groundnut oil and linseed oil maintained a stable trend due to lack of any large-scale buying.
Edible oil to become costlier by 4-5% on import duty hike.
Edible oil and oilseeds are likely to become costlier by 4-5 per cent due to the government decision to raise import duty on crude and refined oil, with immediate effect.