Futures contracts of soybean on the CBOT rose after the USDA said that the crop was in a better condition than a week ago. November contract of soybean on CBOT was at $9.64 per bushel, down 0.2% from the previous close.
Chhattisgarh CM distributes Rs. 73.49 crores paddy bonus.
Chhattisgarh CM distributes Rs. 73.49 crores paddy bonus.
India Sugar down in north as crushing season nears, Maharashtra unchanged.
Prices of sugar fell in the key wholesale markets of northern India as the crushing season inched closer. Poor demand from bulk buyers also weighed on prices. Expectations that new sugar soon start arriving in markets weighed on sentiment. The surge in demand ahead of Diwali has also eased now.
Central & South India Paddy farmers concerned over crop damage post rains.
Central & South India Paddy farmers concerned over crop damage post rains.
India Govt may increase ethanol price by 5% for 2017-18.
The government is likely to raise the price of ethanol by around 5% for supplies to oil-marketing companies for blending with petrol in the next marketing year through November 2018. The Cabinet Committee on Economic Affairs would soon take up a proposal to increase the ethanol price to around Rs 41 per liter for the 2017-18 marketing year from Rs 39 this year. The increase in the ethanol price would improve the ability of the sugar mills, the largest producers of the bio-fuel, to pay farmers on time for cane supplies.
Thailand rice export prices down on low demand.
Thailand rice export prices down on low demand.
India Soybean ends tad up on bargain buying; CPO eases.
Futures contracts of key components of the edible oil basket, barring soybean, traded lower on domestic exchanges due to tepid demand in spot markets. Prices had been on a decline over the last eight trading sessions due to expectations of higher new-crop arrivals. Refined soyoil contracts on NCDEX and crude palm oil on MCX fell due to sluggish purchases from bulk buyers as most have replenished their inventories ahead of Diwali
FCI will sell 1.02 MMT wheat through e-auction on Oct 12.
FCI will sell 1.02 MMT wheat through e-auction on Oct 12.
Mustard seed tad up in Jaipur on oil millers buys.
Prices of mustard seed rose in Jaipur because of a slight recovery in the demand from oil millers. Expectations of lower acreage under the oilseed this season due to warm temperatures in key growing areas are also seen supporting oilseed prices. However, futures of the oilseed on the NCDEX ended lower because of profit booking by the investors after prices hit two-week high.
1st time in India Punjab will grow black wheat.
1st time in India Punjab will grow black wheat.
Malaysia CPO tad up tracking gains in CBOT soybean.
Futures contracts of crude palm oil on Bursa Malaysia Derivatives were slightly up. The most active December crude palm oil contract on the Malaysian bourse was up 1 ringgit from the previous close. However, strength in the Malaysian currency against the dollar and a rise in palm oil inventories in September is seen restricting gains. A firm ringgit makes export of palm oil less attractive for Malaysian sellers. Weaker demand post the festival season is expected to further dampen price outlook.
State Bank of Pakistan extends subsidy on wheat export up to Oct 30.
State Bank of Pakistan extends subsidy on wheat export up to Oct 30.
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.
Philippine feed millers urged to cut wheat import.
Philippine feed millers urged to cut wheat import.
CBOT soyoil down 0.6% tracking Malaysia CPO.
The most active December futures contract on the CBOT traded at 33.07 cents per pound, down 0.6% from previous close. The US Environment Protection Agencies’ suggestion to curb the bio diesel usage in the country in 2018 is also seen weighing on prices. A 15% reduction in the usage of biodiesel in the US during 2018-19 is estimated, which reduce the demand for the soyoil thus weighing on the prices.
Russian wheat export prices rise on strong demand.
Russian wheat export prices rise on strong demand.
Farm pricing panel recommends 375 rupees/100 kg hike in chana MSP.
The Commission for Agricultural Costs and Prices has recommended increasing minimum support price of chana by 375 rupees per 100 kg for the new marketing year beginning April. The support price of chana was 3,800 rupees per 100 kg, plus a bonus of 200 rupees, this year. The Commission just recommends a support price and the bonus, if any, is decided by the Union Cabinet.
Egypt’s GASC purchase 0.17 MMT wheat for late Nov delivery from Russia.
Egypt’s GASC purchase 0.17 MMT wheat for late Nov delivery from Russia.
Chana prices down in Delhi, unchanged in Bikaner.
Prices of chana were down in Delhi on subdued demand from dal millers. Expectations of a rise in the sowing of chana this season amid lower demand is seen creating a bearish sentiment. The most active November contract chana on the NCDEX was up 0.6%.
Maize prices up in Nizamabad, Telangana due to the ongoing state procurement process.
Maize prices up in Nizamabad, Telangana due to the ongoing state procurement process.