India soybean eases; import duty talk lifts soyoil, CPO.
Ram Gopal Yadav (8 years ago)

Futures contracts of the edible oil basket traded mixed, as soybean and mustard closed lower while soyoil and crude palm oil were up on domestic exchanges. Soybean futures on the National Commodity and Derivatives Exchange closed 1.3% lower due to fall in demand at higher price levels as the commodity rose to a three-month high late last week. The government is considering increasing import duty on soyoil and palm oils to restrict the fall in domestic prices. Gains on Bursa Malaysia Derivatives also propped up prices on the Indian bourses. The most-active October crude palm oil contract on the Malaysian bourse ended up 0.75% at 2,675 ringgits (40,088 rupees) per tonne.

USDA opens market to allow speciality sugar under tariff rate quota.
Ram Gopal Yadav (8 years ago)

The Foreign Agriculture Service of the US Department of Agriculture has allowed export of 160,000 tonne speciality sugar to the US for 2017-18 (Oct-Sep) under the non-country specific tariff rate quota. This would allow export of speciality sugar from traders of all member countries of the World Trade Organisation. As there is stiff competition among suppliers, the quota of speciality sugar fills immediately. Therefore, Indian suppliers are advised to identify a US company with presence in the US who is supposed to apply to USDA for tariff free quota.

India may give more time to export sugar under advance license scheme.
Ram Gopal Yadav (8 years ago)

The government may consider giving millers and refiners more time to export refined sugar under the advance license scheme in a bid to ensure adequate supplies in the domestic market if prices continue to rise in the run-up to Diwali. The government may raise time period from six months to 18 months or two years, depending on when the country has a sugar surplus. For the time being, the move would ensure enough supplies in the market. The advance licence scheme allows import of duty-free raw sugar, but on condition that the refined sugar produced from the imported sweetener will be exported within six months.

Food ministry sees 2017-18 sugar output at 23.5-24.0 million tonne.
Ram Gopal Yadav (8 years ago)

The food ministry expects sugar output in 2017-18 (Oct-Sep) at 23.5-24.0 million tonne, much below 25.1 million tonne projected by the Indian Sugar Mills Association. ISMA output projection of 25.1 million tonne is up 23.6% from the estimated 20.3 million tonne produced in 2016-17. Sugar output in Uttar Pradesh may rise to about 9.2-9.3 million tonne in 2017-18, up from 8.8 million tonne produced this year, while in Maharashtra, sugar production may rise to 7.3 million tonne, up from 4.2 million tonne produced in 2016-17.

India sugar prices down in key spot markets on low bulk demand.
Ram Gopal Yadav (8 years ago)

Prices of sugar fell in the key wholesale markets of the country due to sluggish demand from bulk buyers. Prices are sluggish as there is a fear in the market that the government may allow more imports. The government is looking at the possibility of allowing duty-free imports barely weeks after it increased the import duty on sugar to 50% from 40%, as prices have started rising.