Farm minister says may not need to import pulses in coming yrs
Ram Gopal Yadav (8 years ago)

India may not have to import pulses in coming years as domestic production is rising sharply. Improved our local production of pulses in past couple of years to around 23 mln tn from 16 mln tn with the help of agricultural scientists. According to the second advance estimate of government, the country’s pulses production is seen rising to a fresh high of 23.95 mln tn in 2017-18, from a record 23.13 mln tn a year ago.

Rain, hailstorms seen in Madhya Pradesh in 24 hrs
Ram Gopal Yadav (8 years ago)

Madhya Pradesh may receive rain, thundershower, and hailstorm over the next 24 hours. Rain and thundershowers with chances of hailstorm are expected to occur over Anuppur, Betul, Chhatarpur, Chhindwara, Damoh, Dindori, Harda, Hoshangabad, Jabalpur, Katni, Mandla, Narsinghpur, Panna, Raisen, Rewa, Sagar, Satna, Sehore, Seoni, Shahdol, Sidhi, Singrauli, Tikamgarh and Umaria.

NCDEX coriander ends up on firm demand for new crop.
Ram Gopal Yadav (8 years ago)

Futures contracts of coriander on the NCDEX ended higher because of firm domestic demand for the new crop. The most active April contract of coriander on NCDEX ended up 0.1% at 5,447 rupees per 100 kg. Prices also gained as pace of the arrivals is also low this year, compared to the corresponding period last year, due to lower production and delayed harvesting.

OILSEEDS WASDE MARCH OUTLOOK
Ram Gopal Yadav (8 years ago)

U.S. soybean supply and use changes for 2017/18 include higher crush, lower exports, and increased ending stocks compared with last month’s report. Soybean crush is raised 10 million bushels to 1,960 million with increased soybean meal exports. Soybean exports are reduced 35 million bushels to 2,065 million with increased production and exports for Brazil. Soybean stocks are projected at 555 million bushels, up 25 million from last month. With increased crush, soybean oil production is raised. An increase in food use is more than offset by lower biodiesel use, leaving domestic disappearance lower this month. Lower biodiesel use reflects lower-than-expected soy oil-based biodiesel production through the first quarter of the marketing year. With increased production and lower use, soybean oil stocks are forecast higher. The season-average soybean price range forecast of $9.00 to $9.60 per bushel is unchanged at the midpoint. Soybean oil prices are forecast at 30 to 33 cents per pound, down 1 cent at the midpoint. Soybean meal prices are projected at $325 to $355 per short ton, up $20.00 at the midpoint. Higher soybean meal prices reflect the impact of sharply lower soybean production in Argentina. Global oilseed production for 2017/18 is projected at 574.5 million tons, down 4.1 million from last month. Argentina soybean production is forecast at 47.0 million tons, down 7.0 million from last month mainly due to lower projected yields resulting from dry conditions through much of the growing region in January and February. Brazil soybean production is raised 1.0 million tons to 113.0 million, reflecting the most recent report from the Brazilian government. Global rapeseed production is projected at 73.9 million tons, up 0.9 million with larger crops for China and Australia partly offset with a smaller crop projected for India. Other changes include higher sunflower seed production for China and Kazakhstan, lower sunflower seed production for Russia, and higher cottonseed production for Sudan. Global oilseed trade for 2017/18 is reduced 1.2 million tons mainly on lower soybean exports. Lower soybean exports forecast for Argentina, the United States, and Uruguay are only partly offset with a higher projection for Brazil. Global soybean crush is raised with higher crush projected for Brazil and the United States partly offset by lower crush in Argentina. Global soybean ending stocks are projected at 94.4 million tons, down 3.7 million from last month. Reduced soybean stocks in Argentina and Brazil are only partly offset by an increase for the United States.

Delhi chana up on improved demand from dal millers
Ram Gopal Yadav (8 years ago)

Prices of chana rose in Delhi due to improved demand from dal millers and domestic stockists. In Bikaner, chana was quoted at 3,850 rupees per 100 kg, unchanged. The rise in prices was also because the central government has raised the import duty on chana for the third time so far in 2017-18 (Apr-Mar) to 60% from 40%. The most active March futures on the NCDEX were up 32 rupees.

Skymet warns of rains, hailstorms in Madhya Pradesh
Ram Gopal Yadav (8 years ago)

Madhya Pradesh may receive rains and thunder showers with “light hailstorm” over the next two days. Rains are likely over Bhopal, Dewas, Guna, Indore, Jabalpur, Jhabua, Katni, Mandsaur, Narsimhapur, Neemuch, Panna, Raisen, Rajgarh, Ratlam, Sagar, Sehore, Shahdol, Shajapur, Ujjain, Umaria and Vidisha districts of Indore in the next 48 hours. Madhya Pradesh is one of the largest wheat producing states in India and rains and hailstorm at this time may damage the mature crop.

Indonesia to retaliate against India’s high palm oil import duty
Ram Gopal Yadav (8 years ago)

Indonesia will impose higher import duties on several Indian products in retaliation to the latter’s high import duty on palm oil. Starting Mar 1, India raised import duties on crude palm oil and refined, bleached and deodorised palmolein to 44% and 54%, respectively, from 30% and 40% previously. Indonesia’s Coordinating Ministry for Economic Affairs, other related ministries and the palm oil industry have been discussing the possible response to India’s move.

Soybean down in Indore on sluggish demand, CBOT cues
Ram Gopal Yadav (8 years ago)

Soybean prices in Indore fell because demand was sluggish as prices have risen after the government raised import duty on palm oil and refined bleached deodorized palmolein. Weakness in soybean contracts on CBOT also weighed on domestic prices. The most-active April contract on NCDEX was down 35 rupees.