Rabobank ups palm oil price view by 8% at 2,600 ringgits/tonne Oct-Dec.
Ram Gopal Yadav (9 years ago)

Global palm oil prices are likely to find short-term support at 2,600 ringgits per tonne, up 8% from August estimates, by Oct-Dec on the Malaysian bourse. Palm oil price forecast is revised higher due to price run up in third quarter. However, the financial services company estimates a bearish view for 2018. The rise in the inventory in Malaysia and Indonesia in the coming months is likely to keep prices weak. Inventory of palm oil in Malaysia in August rose by 8.9% on month to 1.94 million tonne, the highest levels since March 2016. Lower imports from India and China in the coming months are also likely to keep sentiment bearish. However, the view for soybean and its derivatives is unchanged for Oct-Dec. The bank estimates average soyoil contracts on the Cbot to trade at 33.5 cents per pound and soybean contracts to trade at $9.50 per bushel during Oct-Dec.

Indonesia govt maintains crude palm oil export duty at zero for Oct.
Ram Gopal Yadav (9 years ago)

The Indonesian trade ministry has kept the export duty on crude palm oil at zero for October. In September, too, the Indonesian government had not levied any export duty. The reference price for crude palm oil for October was $740.09 per tonne, up from $697.26 per tonne for September but below the export duty threshold of $750 per tonne.

Late monsoon showers caused some damage to the pulses.
Ram Gopal Yadav (9 years ago)

Maharashtra farmers are forced to sell their crops below Minimum Support Price (MSP) mainly due to the late monsoon showers which caused some damage to the pulses since the government has not yet started the purchase at MSP. Maharashtra government has requested the center for the procurement of Moong and Urad under MSP as soon as possible the center delays to take a decision the state have to find a way to control the situation. The state has asked the farmers to utilize the state Commodity Mortgage Scheme, where farmers can store their produce and they provided with a warehouse receipt at an interest and can sell their produce when the price gets better.

Mills see Karnataka sugar output up at 2.4 million tonne in year to Sep 2018.
Ram Gopal Yadav (9 years ago)

Karnataka, where sugar output fell to an eight-year low of 2.05 million tonne this marketing year, have to wait long to return to its normal production level of about 5 million tonne. While production of sugar is seen rising in the southern state in 2017-18 (Oct-Sep), the rise would be marginal. Sugar output in the state during 2017-18 is seen rising to around 2.4 million tonne helped by “good” monsoon rains this year following two successive years of drought.

Govt source says no plan to cap imports of Chana, Masoor as of now.
Ram Gopal Yadav (9 years ago)

The government, which recently imposed quantitative limits on imports of tur, moong and urad, has no plans as of now to restrict imports of chana and masur. Prices of chana and masur are increasing in the domestic markets, and restrictions on imports may push up the prices further.

Indonesia, India discuss palm oil import duty.
Ram Gopal Yadav (9 years ago)

Indonesia and India discussed issues pertaining to the palm oil and pharmaceutical industries during the second Biennial Trade Ministers. Indonesia took up India’s decision to hike import duty on crude palm oil to 15% from 7.5%, and on palm olein to 25% from 15%.

Akola tur prices tad up on hope of demand revival.
Ram Gopal Yadav (9 years ago)

Prices of tur in the benchmark market of Akola, Maharashtra, rose a tad because of expectations of a revival in demand. Expectations of near record output in Karnataka are seen weighing on tur prices. The first advance estimates, production of tur in 2017-18 is estimated at 3.99 million tonne, down from 4.78 million tonne the previous year.