Prices of mustard seed rose in key wholesale markets of country, as the onset of winters improved demand for mustard oil. Decline in supplies also supported prices. Export demand for mustard meal further lifted oilseed prices in domestic market.
Egypt 42.5 KMT of vegoil purchased in a tender
The Egyptian state buyer GASC purchased 32.5 KMT of sunflower oil and 10 KMT of soybean oil in a tender held on November 14, 2017. the sunflower oil was bought at a price of USD 790/MT from Aston (22.5 KMT) and ADM (10 KMT) and the soybean oil was bought at a price of EGP 14670 (USD 831.63/MT) from Watanya/Cargill (10 KMT). The delivery period is January 1-15, 2018.
Ukrainian farmers planted 860.5 Thousand hectare of winter rapeseed
Oilseed harvesting in Ukraine is drawing to an end. farmers have planted 860.5 Th ha of winter rape that is 12% above the projected 769.2 Th ha. So, winter rape was sown on 836 Th ha a year ago.
Ukraine new season brought a new record in sunoil exports
Sunoil exports hit an all-time high of 537 KMT in October 2017/18 that is 73% more than in the previous month (310 KMT) and up almost 24% from October 2016 (434 KMT). In addition, sunoil export shipments also set a new record in the first two months of MY 2017/18 (September-October): 847 KMT against 706 KMT a year ago (+20%).
Belarus became the top importer of Ukrainian soybean meal in September
Soybean meal exports from Ukraine increased to 13.2 KMT in September 2017/18 against 11.7 KMT in August 2017 and 5.7 KMT in September 2016. Growth of soybean crushing early in the season pushed them up to the second highest level after the record export volume of September 2015/16 (15.7 KMT). Belarus begins the new 2017/18 season with more active purchases of Ukrainian soybean meal: the country stepped them up to 4.5 KMT against 0.7 KMT a year ago. Now Belarus holds the leading position among importers – its market share equals 34%. In addition, EU countries maintain an upward import trend and absorb 28% of total soybean meal exports from Ukraine.
Malaysia CPO ends down on strong ringgit vs dollar
Futures contracts of crude palm oil on the Bursa Malaysia Derivatives ended 1% lower due to a strong 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 closed at 2,712 ringgits (42,373.88 rupees) per metric tonne, down 1% from the previous close. Gains in soyoil contracts on the CBOT, however, prevented a sharp fall in crude palm oil prices on the Malaysian bourse.
Jaipur mustard price was down
Prices of mustard seed fell in the benchmark market Jaipur, Rajasthan, due to subdued demand from stockists after prices hit a three-week high. A rise in arrivals also weighed on mustard seed prices. Supplies have increased as farmers have offloaded more produce in order to avail higher prices.
Soybean prices flat in Indore on low supply, demand
Soybean prices in Indore were unchanged as lower arrivals were offset by weak demand from oil millers. Farmers brought fewer stocks to the market as lower prices discouraged them to offload their inventory. The most active December futures contract of soybean on NCDEX ended 7 rupees lower.
NCDEX barley down taking cues from Jaipur market.
Futures contract of barley was down on the NCDEX, tracking a fall in prices in Jaipur, the benchmark market for the grain. The most active December contract was down 2 rupees.
Speculation of import weighs on Jaipur barley price.
Barley prices fell in Jaipur due to speculation on import of the grain from Argentina, following concerns over quality in the domestic market. Sluggish demand from malt industries also created pressure on barley prices.
NCDEX chana choppy as govt lifts export curbs but mum on import duty
Chana contracts on the National Commodity & Derivatives Exchange were volatile due to mixed cues following the government’s move to scrap all restrictions on exports and remain silent on import duty on chana and masur. After the government announced the measure, the December contract of chana on the NCDEX rose but later closed 1.8%.
Farm secy says chana acreage seen up 35-40% on year this rabi season
The area under the chana crop across the country in the ongoing rabi season is likely to rise 35-40% from 9.9 million ha the previous year. Chana acreage so far is more than double the year-ago level. Even if the pace of sowing slows down, area could be 35-40% higher this time. India’s chana output in 2016-17 was 31.7% higher on year at 9.3 million metric tonne. The country’s total pulses output in 2017-18 is expected to be around 22.0 million metric tonne, against 22.95 million metric tonne the previous year. Though there was a shortfall in production of pulses in the kharif season, the rabi crop is likely to compensate for it and the year’s output is likely to match the year-ago level.
Russian chickpea exports dropped in the beginning of MY 2017/18
Russia supplied 231.6 KMT of chickpeas to foreign markets in the 2016/17 season, or 7.5% more than in the previous marketing year (215.5 KMT was in MY 2015/16). Chickpea exports from Russia slowed down in the beginning of the current 2017/18 season. Russian exporters supplied 39.3 KMT of chickpeas to foreign markets in the first quarter of this marketing year, or 46% less than at the same time a year ago. Russian pulse production has been expanding rapidly since a few years ago. Russia’s 2017 output of pulses is up 27-30% year-on-year.
India Govt raises base import price of all edible oils.
The government today raised the base import price of all edible oils, with the steepest increase of $23 per tn in crude soyoil. The base import price for crude palm oil and refined, bleached and deodorised palm oil were raised by $8 per tn each.The government revises base import prices every fortnight, based on global prices and changes in foreign exchange rate. Prices were last revised on Oct 31. India is a net importer of edible oils. In 2015-16 (Nov-Oct), it imported a record 14.6 mln tn of edible oils.
Iraq says buys 90,000 MT of US rice in direct deal.
Iraq says buys 90,000 MT of US rice in direct deal.
India Soybean futures fall on high supplies in spot markets
Soybean futures ended almost 1% lower on the National Commodity Derivatives Exchange because of higher supplies in major wholesale markets in the country. Prices fell also as farmers are offloading stock in markets to raise funds for rabi crop sowing.
Bangladesh rice agreement is still valid.
Bangladesh rice agreement is still valid.
Malaysia CPO ends up on overnight CBOT soyoil cues.
Futures contracts of crude palm oil on the Bursa Malaysia Derivatives ended higher, tracking overnight gains in soyoil contracts on CBOT. The most-active February contract of crude palm oil on the Malaysian bourse closed at 2,739 ringgits (42,826.46 rupees) per tn, up 7 ringgits from the previous close.
India sugar prices down in key spot markets, outlook bearish.
India sugar prices down in key spot markets, outlook bearish.
MCX crude palm oil futures up on bargain buying
Futures contracts of crude palm oil rose on MCX due to bargain buying after prices hit a near one-week low of 559.7 rupees per 10 kg. The November contract of crude palm oil on MCX was at 562 rupees on the MCX, up 0.2% from previous close. Traders are expecting a hike in import duty on edible oils which also added to the positive market sentiment.