India Soybean extends losses on tepid buying in spot markets
Ram Gopal Yadav (8 years ago)

Futures contracts of all constituents of the edible oil basket declined on domestic exchanges. Soybean futures extended losses from the previous session on the National Commodity and Derivatives Exchange due to subdued purchases by crushing plants. The commodity was sold in key Indore market, down 20 rupees. Strength in the bellwether soybean contract on Chicago Board of Trade, however, cushioned any sharp fall in prices on the domestic bourse.

Ruchi Soya to scale up soybean crushing operations on export incentive hike
Ram Gopal Yadav (8 years ago)

Ruchi Soya Ltd plans to scale up its soybean crushing business and improve its capacity utilisation after the government hiked export incentive on soymeal. India’s soymeal exports in 2017-18 (Oct-Sep) would rise to around 2 mln tn from the previous estimate of 1.5 mln tn due to the export incentives. The company’s crushing operations at key plants in Manglia near Indore in Madhya Pradesh, Nagpur and Washim in Maharashtra, and Kota in Rajasthan, have risen by 30-40% as compared to the first half of the current year. The total capacity of 10 units of the company is 3.72 mln tn. In the last two years, only 15% of the capacity was utilised. With an increase in crushing operations, the capacity utilisation is also expected to rise 30-35% in the current year. Shares of the company were down 2.2% at 19.80 rupees on the National Stock Exchange.

Rajasthan mustard farmers asked to use pesticides
Ram Gopal Yadav (8 years ago)

The Agrimet division of the India Meteorological Department has advised mustard farmers in Rajasthan to spray pesticides to control the spread of aphids. The pest destroys the growth the plant and hits yield. Rajasthan is the top mustard producing state in the country. The state’s mustard acreage was at 2 mln ha as of Nov 30, down 26% from a year ago.

Malaysia CPO ends lower on strong ringgit vs dollar
Ram Gopal Yadav (8 years ago)

Futures contracts of crude palm oil ended lower on the Bursa Malaysia Derivatives due to strength in ringgit against the dollar. Firmness in the Malaysian currency makes palm oil more expensive for buyers holding other currencies. The most-active February contract of crude palm oil on the Malaysian bourse hit an over five-month low of 2,455 ringgits (38,799.88 rupees) per tonne earlier. The contract closed at 2,457 ringgits per tonne, down 0.9% from the previous close.

Coriander prices up in Rajasthan as arrivals halve
Ram Gopal Yadav (8 years ago)

Prices of coriander rose in major spot markets of Rajasthan as arrivals halved to 4,200 bags (1 bag = 40 kg). Prices also gained due to a likely drop in acreage this rabi season as farmers shifted to others crops following unattractive prices last year.