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
Bulgaria keeps reducing barley acreage
Similar to other Black Sea countries, spring planting in Bulgaria lags far behind last year due to its delayed start. So, as of March 29, 2018, corn for grain had been sown on 0.5 Th ha versus 14.3 Th ha by the same date in 2017. Spring barley was planted on an area of 0.3 Th ha (2.3 Th ha in 2017). Feed pea plantings already reach 4.3 Th ha (20.0 Th ha) with those of oats totaling 1.1 Th ha (5.4 Th ha).
Egypt issued a tender to purchase vegoils
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.
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.
Tur prices down in Akola as millers’ demand subdued
Prices of tur fell in Akola, the benchmark market, due to subdued demand from dal millers.
OILSEEDS WASDE APRIL OUTLOOK:
U.S. soybean supply and use changes for 2017/18 include increased crush, lower seed and residual use, and lower ending stocks. Soybean crush is projected at a record 1,970 million bushels, up 10 million reflecting higher soybean meal prices which are supporting crush margins. Seed use is reduced in line with the plantings indicated in the March 29 Prospective Plantings report. With exports unchanged, soybean ending stocks are projected at 550 million bushels, down 5 million. Soybean oil changes include increased production, exports, and ending stocks. Soybean oil used for biodiesel is reduced this month reflecting lower-than-expected use through the first four months of the marketing year. The season-average soybean price is forecast at $9.10 to $9.50, unchanged at the midpoint. The soybean oil price is projected at 30.5 to 32.5 cents per pound, also unchanged at the midpoint. Soybean meal prices are projected at $340 to $360 per short ton, up $10.00 at the midpoint. The 2017/18 global oilseed supply and demand forecasts include lower production, exports, crush, and ending stocks compared to last month. Global oilseed production is lowered 5.7 million tons to 568.8 million, with a 6.1-million-ton reduction for soybean production and slightly higher projections for rapeseed, sunflower seed, copra, and palm kernel. Lower soybean production for Argentina, India, and Uruguay is partly offset by higher production for Brazil. Soybean production for Brazil is forecast at record 115.0 million tons, up 2.0 million on higher projected yields for Mato Grosso, Mato Grosso do Sul, and Parana due to beneficial rainfall during the growing season. For Argentina, production is lowered 7.0 million tons to 40.0 million on reduced harvested area and yield, reflecting dry conditions during January through March. With reduced production, soybean crush for Argentina is lowered 1.8 million tons to 41.2 million, resulting in lower soybean meal and oil supplies traded globally. Other oilseed production changes include reduced sunflower and peanut production for Argentina, higher sunflower seed production for the European Union, and increased rapeseed production for Belarus. Global oilseed trade for 2017/18 is projected at 174.1 million tons, down 0.6 million on lower soybean, peanut, and rapeseed shipments. Soybean exports are reduced 0.2 million tons as higher exports for Brazil, Russia, and Ukraine are offset by lower exports for Argentina and Uruguay. Peanut and rapeseed exports are lowered for Senegal and the European Union, respectively. Global soybean ending stocks are lowered 3.6 million tons to 90.8 million with reductions mainly for Argentina, Brazil, and the EU.
Rain forecast worries wheat farmers in Punjab and Haryana.
Rain forecast worries wheat farmers in Punjab and Haryana.
Source says govt April 1 wheat stock at 13.23 MMT, up 64% YoY.
Source says govt April 1 wheat stock at 13.23 MMT, up 64% YoY.
Delhi wheat prices tad up; market seen stable om 11 April.
Delhi wheat prices tad up; market seen stable om 11 April.
With higher output, lower prices and likely import curbs, wheat may go the pulses way.
With higher output, lower prices and likely import curbs, wheat may go the pulses way.
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.