The Centre has approved Gujarat government’s proposal for procurement of 350,000 metric tonne groundnut in 2017-18 (Jul-Jun). The government-mandated minimum support price of the oilseed is 4,450 rupees per 100 kg, inclusive of Centre’s bonus of 100 rupees per 100 kg. The move comes as prices of the pulses have fallen below the minimum support price in key markets of the state.
Maharashtra cotton procurement unlikely till mid-Nov on arrival lag .
Maharashtra cotton procurement unlikely till mid-Nov on arrival lag .
India edible oil All down except mustard; soy 1% lower tailing CBOT
Futures contracts of all edible oils, barring mustard, traded lower on domestic exchanges, in line with international markets. Futures contracts of soybean fell around 1% on the NCDEX, tracking weakness in key contracts on the CBOT.
USDA arm sees Argentina 2017-18 soybean crop tad down at 57 million metric tonne
Argentina soybean crop is seen at 57 million metric tonne in 2017-18 (Apr-Mar), down 1.4% on year. Argentina produced 57.8 million metric tonne of the oilseed in 2016-17. The fall in production is attributed to excess rains during Aug-Sep that not only affected winter crop, but is also expected to delay the sowing of soybean now.
MMTC to auction 4,492 metric tonne masoor via NCDEX e-markets
MMTC offer 4,491.50 metric tonne of masoor imported from Canada, 2,665 metric tonne of tur imported from Malawi and Mozambique and 2,633.50 metric tonne of urad imported from Myanmar, for auction through NCDEX e-markets. Pulses, to be auctioned, are stocked at Central Warehousing Corp and other godowns in Tamil Nadu, Gujarat, and Maharashtra.
Farmers’ body to auction moong via NCDEX e-markets
Small Farmers’ Agribusiness Consortium offer 495.77 metric tonne of moong for auction through NCDEX e-Markets. The pulse is stocked at Central Warehousing Corp and other godowns in Rajasthan, Madhya Pradesh and Telangana.
Farm agency raises forecast for ’17-18 average chana price in Canada
Agriculture and Agri-Food Canada has raised its forecast for prices of chana in the country to an average $1,100-$1,130 a metric tonne in 2017-18 (Aug-Jul) from its September estimate of $1,000-$1,030 due to strong global demand. Canada’s farm agency has revised upwards its price forecast despite reports of likely higher sowing of the pulse in India. The agency has forecast production of chana in Canada at 81,000 metric tonne in 2017-18, unchanged from its previous estimate but a tad lower than last year’s output of 82,000 metric tonne. Supply of chana, or chickpeas, is expected to decline by 26% on year to 96,000 metric tonne due to lower carry-in stocks and imports. The agency, however, has lowered its average price estimate for lentils to $650-$680 per metric tonne from its September estimate of $720-$750.
Punjab (in Pakistan) govt sets wheat cultivation target at 16.4 million acre.
Punjab (in Pakistan) govt sets wheat cultivation target at 16.4 million acre.
Winter wheat planting in Kazakhstan hampered by precipitation.
Winter wheat planting in Kazakhstan hampered by precipitation.
Algeria bought 660,000 MT wheat in tender.
Algeria bought 660,000 MT wheat in tender.
Up govt. to set up new sugar mills, modernise older ones.
New sugar mills soon be set up and the present ones revamped and modernised to help the sugarcane farmers in the state.
NCDEX coriander hits 1-month high on bargain buying.
NCDEX coriander hits 1-month high on bargain buying.
Dwarikesh sugar expects 12-15% increase in crushing & production numbers.
With the festive season upon us and as the new crushing season begins later this month, the sugar stocks are in focus. Dwarikesh Sugar Commenced this quarter with opening stock of 9.78 lakh quintals of sugar and have already sold nearly 8.5 lakh quintals. The sales have been brisk and the average price of sugar for the quarter has been around Rs 36.50- 36.75 per kg. For the new sugar season expect a 12-15 percent increase in crushing numbers and a similar increase in production. For the last year the company produced 33 lakh quintals of sugar. ISMA has estimated output is at 25 million tonnes for the year.
All-India cotton arrivals down at 51,500 bales on 13 Oct.
All-India cotton arrivals down at 51,500 bales on 13 Oct.
Sugar mills hoping for recovery in ethanol blending with petrol this year.
After slowing down to a mere 2.5 per cent last year, sugar mills are hoping for a recovery in ethanol blending with petrol this year, due to a significant increase in cane output and thereby proportionate improvement in the availability of extra-neutral of alcohol (ENA). ENA is a derivative of sugar manufacturing and a pre-form of ethanol.
India coffee exports during Jan 1- Oct 13 .
India coffee exports during Jan 1- Oct 13 .
SEA sees Gujarat 2017-18 kharif groundnut crop at record 3.15 metric tonne.
Output of the oilseed in the state for kharif season is estimated to be higher because of adequate and timely rainfall with no reports of crop disease. Output of groundnut in the state in 2016-17 kharif was also at a high of 2.94 metric tonne. Output of groundnut in the state in 2016-17 kharif was also at a high of 2.94 metric tonne. Meanwhile, carryover stocks of the oilseed as of September end are estimated at around 160,000 metric tonne. The association also sees lower export of groundnut seed and oil in Oct-Sep because of disparity in the international market.
South Korea’s NOFI tenders for barley.
South Korea’s NOFI tenders for barley.
Soybean down on CBOT after hitting 3-mo-high.
Futures contracts of soybean on CBOT were down in electronic trade after hitting three-month high of $10.0325 a bushel. The fall in prices of the oilseed were due to strength in the dollar against the euro. The most-active November contract of soybean on CBOT was at $9.9475 per bushel, down 0.6%.
Romania top EU exporter of barley to third countries at start of 2017/18.
Romania top EU exporter of barley to third countries at start of 2017/18.