Egypt’s state buyer GASC has issued a tender to purchase 10 KMT of sunflower oil and 30 KMT of soybean oil. The soybean oil is to be delivered between 1-15 June, 2018, the sunflower oil – between 15-30 June, 2018.
NCDEX mustard down on limited buying from crushers
Mustard futures on the NCDEX fell due to limited demand from crushers. The May mustard contract was down 0.8%. For 2017-18, India’s mustard seed output is estimated at 7.54 mln tn, compared with 7.92 mln tn in the preceding year.
Soybean prices down in Indore on weak demand
Prices of soybean fell in Indore, Madhya Pradesh, due to subdued demand from crushers. Arrivals in Madhya Pradesh and Maharashtra remained unchanged. The most active May soybean contracts on the NCDEX was down 0.77%.
Malaysia CPO dn tracking overnight fall in CBOT soy
Futures contracts of crude palm oil on the Bursa Malaysia Derivatives were slightly down tracking overnight weakness in soyoil contracts on CBOT. The most-active June futures were down 7 ringgits to 2,424 ringgits (40,800 rupees) per tn.
Romanian rapeseed exports to hit a high in MY 2017/18
Romania exported 1.2 MMT of rapeseed in July-February 2017/18 through ports that is 12.7% more than the total shipped abroad last record season. The upward trend is observed despite this season’s keen competition from Ukraine. The top importer – Belgium – purchased 470 KMT of rapeseed in July-February 2017/18 against 525.7 KMT at the same time last season, importing this commodity from Ukraine at a record pace.
Global nonGM soybean demand to rise, driven by EU: Rabobank
Demand for ‘specialised’ beans, such as organic, certified or plain non-GM beans, are expected to rise as consumers want to verify the sustainability of food production and to be able to track its origin. The biggest increase in demand is coming out of the EU which will, in the long-term, rely heavily on imports of non-GM beans, especially if less rapeseed meal could be sourced due to increased demand for biofuels. About 350 million mt of soybeans are traded annually, but just 14% are not genetically modified (GM), as major producing countries in the America’s use up to 95% of genetically modified seed.
Madhya Pradesh aims to buy 2.1 mln tn chana, 7.5 mln wheat at MSP
Madhya Pradesh aims to procure 2.1 mln tn chana and 7.5 mln tn wheat at minimum support price. Most states are procuring chana to jack up prices, which have remained below the support price of 4,400 rupees per 100 kg amid bumper output in the last few months. The target for wheat procurement has been increased from the earlier estimate of 6.7 mln tn due to a similar revision in output of the grain.
NCDEX chana down as warehouse stocks rise
Futures contracts of chana fell on NCDEX due to higher stocks in NCDEX-accredited warehouses. Traders were also cautious after licenses of eight traders were cancelled for buying chana below minimum support price. The most-active May contract was down 1.54%.
Source says 85,000 tn Argentina barley arrived at Mundra port on Sat
About 85,000 tn of barley from Argentina arrived at the Mundra Port in Gujarat. The commodity has been contracted at $215 a tn, on cost-and-freight basis. Of the 85,000 tn barley, about 40,000 tn has been bought by Gurugram-based The Malt Co (India) Pvt Ltd, 20,000 tn by Haryana-based Barmalt Malting India Ltd, and the rest by SABMiller India. This is the second shipment of the grain and a total of 145,000 tn has been imported from Argentina since January. Traders estimate that barley output in 2017-18 (Jul-Jun) is likely to be at 1.0-1.1 mln tn, compared with 1.6 mln tn in 2016-17
CBOT wheat down 1% as USDA ups global output estimate.
CBOT wheat down 1% as USDA ups global output estimate.
Local demand drives EU wheat consumption despite poor exports.
Local demand drives EU wheat consumption despite poor exports.
India maize futures surge 1.27% on upbeat sentiments.
India maize futures surge 1.27% on upbeat sentiments.
Experts warn of food crisis as armyworm attacks Kenya maize farms.
Experts warn of food crisis as armyworm attacks Kenya maize farms.
Tamil Nadu sugar output seen up a tad, but still at historic low.
Tamil Nadu sugar output seen up a tad, but still at historic low.
Centre-south Brazil 2017-18 sugar output 36.06 mln tn, up 1.2% on yr.
Centre-south Brazil 2017-18 sugar output 36.06 mln tn, up 1.2% on yr.
Fall in arrival lifts soybean prices in Indore
Soybean prices rose in Indore, Madhya Pradesh due to a fall in arrivals and improved demand from oil millers. The most active May soybean contracts on the NCDEX was up 0.7%.
South Korea rice output forecast to decline.
South Korea rice output forecast to decline.
Malaysia CPO ends flat; CBOT soy down, ringgit weak
Crude palm oil futures on Bursa Malaysia Derivatives settled largely flat as losses due to weakness in soyoil contracts on CBOT were offset by gains from a weak ringgit against the dollar. Prices of crude palm oil and soyoil typically move in tandem as the commodities are used as substitutes. Weakness in the Malaysian currency makes the commodity cheaper for buyers holding other currencies. The most active June contract of crude palm oil on the Malaysian bourse closed at 2,431 ringgits (40,936.63 rupees) per tn, down 0.1% from the previous close.
NCDEX chana stocks up ahead of staggered delivery
Stocks of chana, barley and coriander rose at the exchange warehouses ahead of staggered delivery period in the April contract.
Chana up in Delhi on improved demand from stockists
Prices of chana were up in Delhi due to improved demand from domestic stockists and dal millers after a recent fall in prices. Procurement of pulse by the government and a fall in arrivals also supported prices of the commodity.