Futures contracts of soybean were up on the CBOT as investors covered their short positions after the contracts hit a near two-week low of $9.7275 per bushel. The contracts fell after the USDA, in its weekly crop progress and conditions report said as of Oct 22, 70% of the US soybean crop across select states was harvested, compared with 49% a week ago. The most-active November contract of soybean on the CBOT was at $9.83 per bushel, up 0.8% from the previous close.
Australia 2017-18 wheat crop output expected 20.1 MMT vs 35.5 MMT in LY.
Australia 2017-18 wheat crop output expected 20.1 MMT vs 35.5 MMT in LY.
Government defers commercial release of genetically modified mustard.
Facing stiff opposition from various quarters, India has deferred the commercial release of locally developed genetically modified mustard.
Millers double non basmati purchase in Punjab from LY.
Millers double non basmati purchase in Punjab from LY.
India NCDEX mustard hits 7-month high as govt hikes MSP.
The November contract of mustard on the National Commodity and Derivatives Exchange touched a nearly seven-month high due to a rise in minimum support price. Futures contracts of mustard have largely been on a rise in the past couple of weeks and are likely to trade higher. In the long term too, prices of the oilseed are seen rising, supported by firm demand for mustard oil with the advent of winters.
Vietnam ministry promises to reduce business barriers for rice exporters.
Vietnam ministry promises to reduce business barriers for rice exporters.
Indonesia unlikely to impose export duty on palm oil in November.
The Indonesian government is unlikely to impose an export duty on crude palm oil in November as the price of the vegetable oil in the global market remains low. The average price of crude palm oil over the last one month was relatively low at below the export duty threshold of $750 per metric tonne.
China helps Nepali farmers improve rice production, tackle food deficit
China helps Nepali farmers improve rice production, tackle food deficit
Tur down in Akola on subdued demand from dal millers.
Prices of tur in Akola were down because of subdued demand from dal millers. Increased tur sales by procurement agencies is also seen weighing on the prices.
Maize prices down in Nizamabad as arrivals rise.
Maize prices down in Nizamabad as arrivals rise.
Chana prices up in Delhi as Centre raises FY19 MSP.
Chana prices were up in Delhi and Bikaner on positive sentiment after the central government increased the minimum support price for the pulse for 2018-19 (Apr-Mar). Prices also rose as demand improved and arrivals of chana in the Delhi market declined.
Maize crop in over 2 lakh hectares affected in Karnataka by diseases.
Maize crop in over 2 lakh hectares affected in Karnataka by diseases.
Govt allows import of moong, urad if payments made before Aug 21.
The government has allowed imports of moong dal and urad dal beyond the 300,000-metric tonne-a-year cap, if importers had made advance payments before Aug 21, the date when the restriction was announced. The norms have been eased as cumulative imports of the two pulses had already touched around 300,000 metric tonne when the government announced the cap and traders, who had made advance payments but not received shipments, were caught unaware. The import of urad dal and moong dal was capped to check the fall in domestic prices amid high supplies.
CBOT corn dips on profit taking.
CBOT corn dips on profit taking.
India Low pulse exports create market anxiety.
Sluggish pulse sales to India have some analysts forecasting bourgeoning carryout while others believe there is no cause for alarm. Bulk pea sales are 35 percent below last year’s pace, while bulk lentil shipments are 42 percent behind. Sales are slow due to a myriad of issues in India and fierce competition from the Black Sea region. India is coming off a year where it produced 23 million tonnes of pulses, 20 percent higher than the previous record. It also imported staggering 6.6 million tonnes. India’s pulse warehouses are brimming with supplies.
Coriander prices rise in Kota as acreage seen down.
Coriander prices rise in Kota as acreage seen down.
India rice basmati moves up on stockists buying.
India rice basmati moves up on stockists buying.
MCX cotton declines nearly 1% on profit booking.
MCX cotton declines nearly 1% on profit booking.
Govt extends stock limits on sugar for 6 months till Apr 28
The government has extended the stockholding limit on sugar traders for six more months till Apr 28 to keep prices in check. The stock and turnover limits on sugar were to lapse on Oct 28. In August, the government had also imposed stock holding limits on sugar mills for September and October to ensure mills liquidate excess stock and prices remain in check in a year of tight supplies. India’s sugar output fell to a seven-year low of 20.3 million metric tonne in the year ended September.
US wheat futures firm on technical buying, short-covering.
US wheat futures firm on technical buying, short-covering.