Contracts of soyoil on CBOT declined because the output of palm oil in Indonesia was more than last year. The output of palm oil in Indonesia is expected to increase 12.3% on year at 36.5 million metric tonne in 2017. The most active December contract of soyoil on CBOT traded at 34.50 cents per pound, down 0.5% from the previous close.
Malaysia CPO ends down as Indonesia output seen up.
Futures contracts of crude palm oil on the Bursa Malaysia Derivatives ended lower due to expectations of higher output in Indonesia this year. Indonesia Palm Oil Association expects the country’s crude palm oil production to rise 12.3% to 36.5 million metric tonne this year. The most-active January contract of crude palm oil on the Malaysian bourse closed at 2,804 ringgits (42,796.84 rupees) per metric tonne, down 0.6% from the previous close.
Coriander, jeera rises on fall in supply.
Coriander and jeera prices were up at the wholesale kirana market in the national capital mostly supported by increased buying by retailers and stockists amid low stocks. Besdies, firming trend in futures market and restricted supplies in the domestic market also supported the uptrend.
NCDEX wheat down on uncertainty over import duty hike.
NCDEX wheat down on uncertainty over import duty hike.
Egypt to buy wheat from local farmers at global prices next season.
Egypt to buy wheat from local farmers at global prices next season.
Bangladesh wheat imports jump 30% in July-October.
Bangladesh wheat imports jump 30% in July-October.
Syria turns from wheat producer to wheat importer.
Syria turns from wheat producer to wheat importer.
Russian scientists grow super wheat resistant to cold, diseases.
Russian scientists grow super wheat resistant to cold, diseases.
Over 6.3 MMT paddy arrives in Haryana.
Over 6.3 MMT paddy arrives in Haryana.
Uncertainty about second crop of India paddy cultivation.
Uncertainty about second crop of India paddy cultivation.
India govt should fix MSP for basmati, say farmers.
India govt should fix MSP for basmati, say farmers.
CBOT wheat up on short covering post recent fall.
Futures contracts of wheat on the CBOT rose as investors covered their short positions after prices fell over 4% in the last six trading days. Prices of wheat had declined as planting in the key growing regions in the US is almost complete and the harvest is expected to add to the existing glut in the global market. December contract of wheat on the CBOT was at $4.2025 per bushel (1 bushel = 27.2 kg), up 0.5% from the previous close.
NCDEX coriander hits 1-week high tracking spot markets.
Futures contracts of coriander hit a one-week high on NCDEX, tracking gains in spot markets in Rajasthan. The front-month November contract was up 1.4%, while the most-active December contract of coriander traded 1.5% higher on NCDEX. Prices rose following a decline in arrivals in spot markets. Arrivals declined as farmers in the state remain busy preparing their land for rabi sowing.
US winter wheat crop condition worse than expected.
The winter wheat crop in the US is in a worse condition than expected. Around 52% of the wheat crop is in good or excellent condition, lower than expectation of 59% and also worse than 58% a year ago. wheat sowing in the US was 84% complete, slightly lower than 85% a year ago.
NAFED buys 14,219 metric tonne groundnut in shell
The National Agricultural Cooperative Marketing Federation of India has procured 14,219 metric tonne of groundnut-in-shell in Gujarat and Rajasthan under the price support scheme. NAFED started procuring the crop from growers as market prices fell below the minimum support price of 4,450 rupees per 100 kg, inclusive of a bonus of 200 rupees.
Soybean ends higher on bargain buying, CBOT cues
Futures contracts of all components of the edible oil basket rose significantly on domestic exchanges. Soybean on the National Commodity and Derivatives Exchange closed 2.5% higher, bolstered by strong buying at lower price levels by stockists and crushing plants.
Indonesia to retaliate against EU discriminative palm oil policy.
The Indonesian government has issued a fresh threat to European Union countries that it would stop importing milk powder, wine and Airbus aircraft if the bloc continues discriminating against palm oil in its market. European parliament started a trade war by passing a resolution earlier this year that accused oil palm plantations of causing deforestation. EU discriminatory policy on palm oil is actually a matter of competition in the global market between palm oil and vegetable oils produced in the EU. The Indonesian government does not subsidise palm oil, there is no dumping practice either.
Jaipur mustard seed up on likely import duty hike.
Mustard seed prices rose in Jaipur, Rajasthan, due to expectations of a hike in import duty on edible oils soon.Expectations of fall in mustard acreage this season due to low soil moisture also pushed prices higher.
Farm panel member sees sharp hike in CPO, refined oil import
The government may raise the import duty on edible oils and export incentives on soymeal to push domestic prices of soybean above minimum support price. It was suggested to raise import duty on refined edible oils to 45% and on crude palm oil to 35%. Also discussed to double the incentive on soymeal exports to 10% from 5%. Both the steps help push soybean prices above the minimum support price.
Malaysia CPO ends down noting losses on CBOT soyoil.
The futures contracts of crude palm oil on the Bursa Malaysia Derivatives ended lower, taking cues from soyoil contracts on the CBOT. A strong ringgit against the dollar further weighed on crude palm oil prices on the Malaysian bourse as firmness in the ringgit makes palm oil more expensive for buyers holding other currencies. January contract of crude palm oil on the Malaysian bourse closed at 2,820 ringgits (43,092.01 rupees) per metric tonne, down 0.6% from the previous close.