Philippine feed millers urged to cut wheat import.
USDA arm sees Brazil 2017-18 soybean crop down 6% at 107 million metric tonne.
Brazil’s soybean crop is seen at 107 million metric tonne in 2017-18 (Feb-Jan), down 6% on year. Brazil produced 114 million metric tonne of the oilseed in 2016-17. The fall in production is attributed to likely lower yields this time in the South American country. The USDA arm is currently using average yields for its forecast that are much lower than the record high yields of the previous season. Soybean acreage in Brazil is seen at 34.7 million ha in 2017-18, up from 34.0 million ha last year. Exports of the 2017-18 soybean crop are forecast at 64 million metric tonne, about 1.5% lower on year. Lower exportable supply due to smaller crop and higher domestic consumption of soymeal and soyoil is the key reason for a likely drop in overseas shipments from Brazil.
US wheat prices tick up on ample world supplies.
US wheat prices tick up on ample world supplies.
NCDEX chana hits 9-wk low on hope of higher sowing.
Futures contracts of chana fell to nine-week low because of expectations of higher acreage under the pulse in this rabi season. The most-active November contract fell 2.6%. Sowing of chana in Maharashtra, Rajasthan, and Madhya Pradesh is expected to rise sharply this year which may weigh on the sentiment.
Rains pose threat to maize crop in Nizamabad.
Rains pose threat to maize crop in Nizamabad.
Tur down in Akola on low demand.
Prices of tur at Akola in Maharashtra fell as demand from dal millers was subdued. Weakness in chana prices also dampened the sentiment.
CBOT corn down on better crop; harvesting gains pace.
CBOT corn down on better crop; harvesting gains pace.
Maharashtra mulls delisting pulses, oilseeds from APMC Act.
Enthused by the positive outcome of delisting fruits and vegetables from the ambit of Agricultural Produce Market Committee Act, 1963, Maharashtra has proposed allowing direct marketing of pulses and oilseeds as well. The state government has appointed a committee to study the pros and cons of delisting pulses and oilseeds and asked it to submit a report in three months. Delisting pulses and oilseeds from the APMC Act likely ensure remunerative prices for farmers. However, with the delisting, farmers are free to sell their produce to anyone in the country who offers competitive prices. Keeping pulses and oilseeds out of the ambit of APMC Act may help shore up domestic prices of these commodities that have slipped below the minimum support price in many places.
Brazil 2017-18 corn output seen 93 MMT, down 5% vs 97.7 in LY.
Brazil 2017-18 corn output seen 93 MMT, down 5% vs 97.7 in LY.
Food ministry may seek Cabinet OK to push ministries to buy buffer pulses.
Food and Consumers Affairs ministry is likely to seek Cabinet approval for the disposal of pulses from buffer stock to other ministries at prices higher than the market rate. A direct communication with other ministries has so far not yielded any result because even at subsidized rates, pulses from the buffer stock are expensive than the market price. If the Cabinet approves the proposal, the ministries and their public sector undertakings would have to buy pulses from the food ministry. The food ministry has written to different ministries asking them to purchase pulses from the buffer stock at subsidised rates but they have shown no interest.
NCDEX coriander up over 1% as inventories fall.
NCDEX coriander up over 1% as inventories fall.
Pulses import at Mumbai port up 6% on year to 125,603 metric tonne in September.
The import of pulses at Mumbai’s Nhava Sheva port in September increased 6.3% on year to 125,603 metric tonne. The imports of chana and urad surged this year to 79,667 metric tonne and 14,784 metric tonne, respectively. The chana imports in September were largely from Australia, one of the leading exporters of the pulse to India. Tur imports declined and that of urad and moong increased last month despite restrictions imposed by the government.
MCX cotton down on profit booking post 5-week high.
MCX cotton down on profit booking post 5-week high.
NAFED procures 3,392 metric tonne of kharif moong in 3 states.
The National Agricultural Cooperative Marketing Federation of India has procured 3,392 metric tonne of moong grown in the kharif season under the price support scheme in Telangana, Karnataka and Rajasthan. Over 3,000 farmers have been benefitted from the procurement drive that started mid September in Telangana, and later extended to Karnataka and Rajasthan.
Farmers sell pulses at a loss as wholesale prices dip below MSP.
Wholesale prices of just harvested kharif pulses have dropped below the government’s minimum support prices (MSP) despite a lower crop output, forcing farmers to sell their produce at a loss in states such as Rajasthan. The prices are lower despite a 7.5% drop in estimated production of kharif pulses in 2017-18 (year-on-year) as ample stocks are available from the previous (2016-17) crop season.
NCDEX coriander up nearly 2% as inventory falls.
NCDEX coriander up nearly 2% as inventory falls.
India rice basmati weakens on fall in demand.
India rice basmati weakens on fall in demand.
NCDEX cotton oilcake up tracking gains in spot mkt.
NCDEX cotton oilcake up tracking gains in spot mkt.
Cane crushing in Uttar Pradesh seen delayed on low sugar recovery.
Mills in Uttar Pradesh are likely to delay crushing operations for 2017-18 (Oct-Sep) season to the last week of October due to poor sugar recovery from cane. Immediate start of sugarcane crushing seems bleak. It is highly unlikely as the sugar recovery is very low currently. The average sugar recovery in west Uttar Pradesh is coming out to be only 7%. The average sugar recovery from cane in Uttar Pradesh was at 10.61% in 2016-17.
Punjab to retain MDF & RDF on Basmati as existing 2%.
Punjab to retain MDF & RDF on Basmati as existing 2%.