ISMA seeks inclusion of sugar in FTAs with neighbouring countries.
Ram Gopal Yadav (9 years ago)

India Sugar Mills Association has, in a letter to the commerce ministry, sought inclusion of sugar in bilateral free-trade agreements with neighbouring countries as India would need to export the commodity from 2018-19 (Oct-Sep) onwards on expectations of higher output. The sugar body expects 2018-19 and 2019-20 to be surplus sugar years, as a result of which domestic prices of the sweetener may crash. Low sugar prices may also lead to the problem of higher cane arrears in the country. Commerce ministry had asked for our opinion on how to increase sugar exports as they are framing an agriculture exports policy. The sugar body has suggested the commerce ministry to include sugar in the bilateral free-trade agreement between India and Bangladesh. Bangladesh should also “be convinced to give preferential import duty for India sugar.

India govt OKs 10,000 tn sugar export in preferential quota to EU 2017-18.
Ram Gopal Yadav (9 years ago)

Government allowed export of 10,000 tn white sugar to the European Union under preferential quota for the new marketing year starting October. Under the quota, the export of sugar to the EU is allowed at zero duty. Sugar exports from India through the normal channel attract a duty of 20%. The government has pegged India’s sugar output in the new season starting October at 24.5-25.0 mln tn, higher than 20.17 mln tn produced a year ago.

Sugar futures higher following 1 MMT delivery.
Ram Gopal Yadav (9 years ago)

Sugar futures rise following a 1 MMT sugar delivery against the October contract. Raw sugar for March up 1.9% at 14.36 cents a pound on the ICE Futures U.S. exchange. Bulky deliveries such as this occur when the physical market is uninteresting enough to make the deliverer use the exchange as a last resource.

Maharashtra to finalise schedule for mung and urad procurement on Oct 03.
Ram Gopal Yadav (9 years ago)

The farm ministry officials of Maharashtra will finalise the schedule to procure moong, and urad. The Centre approved the state government’s decision to procure new crop moong and urad, prices of which fell below the MSP earlier this month. Moong and urad prices in the state are also 10% below their MSPs. The state marketing federation will implement the procurement on behalf of state government.

ISMA may transport molasses from UP to Tamil Nadu.
Ram Gopal Yadav (9 years ago)

Sugar industry body ISMA is considering transporting excess molasses in the mills of Uttar Pradesh to those in Tamil Nadu, where a drought-hit sugarcane crop is threatening to keep sugar mills and their ancillary units idle and deepen losses. Indian Sugar Mills Association (ISMA) is deliberating on the feasibility of transporting the excess molasses to millers in Tamil Nadu so that it can be processed to make ethanol and other by-products, thereby helping them cut losses.

USDA sees China 2017-18 Mustard crop down at 13 million tonne.
Ram Gopal Yadav (9 years ago)

China is expected to produce 13.1 million tonne of rapeseed in 2017-18 (Jun-May), down from 14.3 million tonne a year ago, primarily due to a decline in the acreage. China is expected to produce 13.1 million tonne of rapeseed in 2017-18 (Jun-May), down from 14.3 million tonne a year ago, primarily due to a decline in the acreage. Rising demand of the oilseed in domestic markets in China and anticipation of low production this year may boost the imports. China, a key importer of Indian rapeseed, banned the imports from the South Asian country in 2012 on quality concerns. Before the ban, China bought around 300,000 tonne of the mustard meal from India every year.

India Soybean settles 1% lower tracking weakness in CBOT.
Ram Gopal Yadav (9 years ago)

Futures contracts of most of the components of the edible oil basket, barring crude palm oil, fell on the domestic exchanges tailing losses in international markets. Prices on the international exchange fell due to likely rise in yields of soybean in the US. Increased arrivals of the new crop in the domestic market amid favourable weather also pushed prices down. Taking cues from soybean, refined soyoil on the NCDEX fell because of subdued purchases in the wholesale markets amid huge availability following higher imports.