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%.
India coffee exports during Jan 1- Oct 9.
India coffee exports during Jan 1- Oct 9.
ICE sugar ends up 1% as mills shift to ethanol.
Futures contracts of sugar 11 ended higher as millers in Brazil are producing more ethanol compared to sugar. The most active March ICE sugar 11 contract ended 1.2% higher at 14.17 cents a pound
First shipment of rice ordered from India arrived in Sri Lanka on Oct 10.
First shipment of rice ordered from India arrived in Sri Lanka on Oct 10.
Brazilian cane crush, sugar output down in late September -Unica.
Mills in centre-south region crushed 40.3 million metric tonne of cane during the second fortnight in September, down 5.2% from the same period a year earlier. During the period, they produced 2.9 million metric tonne of sugar and made 2 billion liters of ethanol. Brazil is the world’s largest producer of the sweetener and its centre-south region produces 90% of the country’s sugar.
India wheat futures extend gain, add 1.01% on increased demand.
India wheat futures extend gain, add 1.01% on increased demand.
NCDEX mustard up on short covering, export demand.
Futures contracts of mustard seed on NCDEX rose due to short covering by traders as prices declined in the last two trading sessions. The most-active November contract was up 0.6% from previous close. Expectations of higher mustard meal exports during September is likely to support mustard seed prices.
Sowing wheat earlier can help increase yields in India.
Sowing wheat earlier can help increase yields in India.
Soybean down in Indore market on rise in supply.
Prices of soybean fell in the benchmark market of Indore, Madhya Pradesh, due to rise in supply. Weakness in spot prices also weighed on the futures. The most-active November soybean contract on NCDEX was down 0.1% from the previous close.
EU wheat prices fall as Egypt opts for Russian supplies.
EU wheat prices fall as Egypt opts for Russian supplies.
Groundnut rates unch in Gondhal, to fall post Diwali.
Prices of groundnut seed were unchanged in Gondal, Gujarat, as demand from crushers supported prices, while higher stocks with the government limited gains. New crop arrivals of groundnut seed are expected to increase post Diwali to around 50,000 bags (1bag=20kg) from current arrivals of 25,000-30,000 bags. Prices of groundnut seed are expected to fall by 40-50 rupees from the current rates due to higher arrivals.
Russia hopes to start wheat exports to India.
Russia hopes to start wheat exports to India.
Indonesia palm oil body says India’s import up 24% on month in August.
India palm oil imports from Indonesia rose 24% on month in August to 786,820 metric tonne though the country doubled import duty on the commodity earlier that month. Declining domestic vegetable oil stocks and a fall in soybean production in Canada and Australia at the same time due to unfavourable weather prompted this increased buying. The decline of soybean output in several key producing countries may trigger a drop in vegetable oils stock globally and likely drive up palm oil prices. Indonesia’s palm oil exports to India in Jan-Aug amounted to 5.21 million tn, 49.7% higher than 3.48 million metric tonne last year. In 2016, Indonesia exported 5.78 million metric tonne of palm oil to India.
U.S. wheat dips to 4 week low on sluggish export demand.
U.S. wheat dips to 4 week low on sluggish export demand.
Malaysia Sept palm oil inventory up 4% on month at 2.02 million metric tonne.
Malaysia’s crude palm oil inventory in September rose 3.98% on month to 2.02 million metric tonne, while exports increased 1.82% to 1.52 million tn. However, palm oil production declined 1.69% on month in September to 1.78 million tn. Crude palm oil stocks were at 1.07 million metric tonne at the end of September, up 0.96% on month. Processed palm oil stocks were also up, rising 7.58% on month to 952,550 tn. Malaysia is the world’s second-largest producer and exporter of palm oil. Biodiesel exports from Malaysia were at 8,393 metric tonne in September, down from 12,375 metric tonne sold overseas in August.
Japan offers to buy 106,045 MT of food wheat via tender.
Japan offers to buy 106,045 MT of food wheat via tender.
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.