Malaysia raises Nov palm oil export duty to 6.5% vs 6.0% Oct.
Ram Gopal Yadav (9 years ago)

Malaysia, the world’s second-largest palm oil producer after Indonesia, has hiked its export duty on palm oil for November. For November, the tax on the export of palm oil be 6.5%, compared with 6.0% in October. When prices of palm oil exceed 2,250 ringgits (34,671.15 rupees) a metric tonne, exports of the commodity by Malaysia incur a multi-tier tax rate of 4.5-8.5%. The most-active December contract on the Malaysian bourse ended at 2,710 ringgits a metric tonne, up 0.5% from the previous close.

Chana down in Delhi, Bikaner on likely higher sowing.
Ram Gopal Yadav (9 years ago)

Prices of chana fell in Delhi and Bikaner due to anticipation of higher sowing of the pulse in this season. Higher imports of chana in September at Mumbai’s Nhava Sheva port are also seen weighing on prices. Chana imports at the Mumbai port in September were estimated at 79,667 metric tonne, compared with 20,832 metric tonne a year ago. Chana November futures on NCDEX were down 1%, tracking the downside in spot market.

Govt mulls 15-18 rupees per kg subsidy on pulses sold to 3 states.
Ram Gopal Yadav (9 years ago)

The government is likely to give a subsidy of 15-18 rupees per kg on pulses to be sold from its buffer stock to Gujarat, Karnataka and Tamil Nadu. The Committee of Secretaries in a meeting have decided on the subsidy of 15-18 rupees. The states had recommended a wide range of subsidy starting from 12 rupees and Karnataka had requested the highest quantum of 18 rupees. The government is likely to offload 700,000 metric tonne pulses from its buffer stock in the coming days. Of this, 350,000 metric tonne be sold to state governments and the rest is expected to be sold through open market sales scheme. Out of the 1.8 million metric tonne buffer stock of pulses, government sell 350,000 metric tonne to these three (Gujarat, Karnataka, Tamil Nadu) states and (another) around 350,000 metric tonne through open market sales scheme.

Clear all dues of sugarcane farmers, Rayat Kranti Sanghatana (Kolhapur).
Ram Gopal Yadav (9 years ago)

Rayat Kranti Sanghatana (Kolhapur), the newly formed organization of farmers belonging to minister of state for agriculture Sadabhau Khot has demanded that sugar factories should pay all pending dues of last year’s sugarcane crushing season. The organization has threatened to launch an agitation and has stated that farmers not allow the factories to start this year’s crushing season if they fail to clear the dues. After declaring the rate of sugarcane per metric tonne, the sugar factories pay farmers their dues in three installments. The first installment which is more than 80% of the total amount after the crushing season, while the other two installments are delayed. Warned the factories to ensure that they pay all the remaining dues before starting this year crushing. Not allow the factories to start crushing this year if they do not make the payment.

Sugar down in north India, Kolhapur; Mumbai unchanged.
Ram Gopal Yadav (9 years ago)

Prices of sugar fell in the key wholesale markets of north India and in Kolhapur due to weak demand from bulk buyers and selling by mills. Traders are eager to sell sugar ahead of Diwali as prices are expected to fall after the festival. The medium-term outlook for sugar is seen bearish as crushing start soon. Traders eager to sell sugar ahead of Diwali as prices expected to fall after festival.