Tur up in Kalaburagi on mills demand; flat in Akola.
Ram Gopal Yadav (9 years ago)

Prices of tur in Kalaburagi were up because of a rise in demand from millers. Acreage of tur across the country is down 19% on year at 4.2 million ha. This is also seen supporting the upside in tur prices. The country harvested 9.33 million tonne Chana in the last crop year ended June, up sharply from 7.06 million in the previous year. Traders, however, believe that the government’s data on chana production was inflated, and the crop may have been much smaller, as stocks are low.

Sugar price up in Mumbai on high demand, down in Delhi.
Ram Gopal Yadav (9 years ago)

Prices of sugar rose in the key wholesale markets of Mumbai due to an increase in demand as Maharashtra markets opened after a three-day holiday. Prices of the sweetener, however, fell in the key wholesale markets of Delhi as demand was hit due to police blockades set up in Punjab and Haryana to quell unrest ahead of the announcement of the sentence against self-styled godman Gurmeet Ram Rahim.

India NCDEX mustard up 1% on export demand for meal.
Ram Gopal Yadav (9 years ago)

Futures contracts of mustard on the National Commodity and Derivatives Exchange rose nearly 1% due to a rise in demand for mustard meal from overseas buyers. The most active October contract of mustard ended up 0.9% from the previous close. Improved demand from domestic oil millers and crushers also supported mustard seed prices.

ICAR aims to raise oilseed output by 40% to 45mn ton by 2022.
Ram Gopal Yadav (9 years ago)

ICAR aims to increase oilseeds production by 40 per cent in the next five years to 45 million tonnes by bringing more area under cultivation and raising crop yield. The increase in oilseeds output would help the country in cutting down import of vegetable oils to less than 50 per cent from the current 70 per cent. India produced 32.1 million tonnes of oilseeds in the 2016–17 crop year (July–June) from 26.21 million hectares at a productivity of 1,225 kg per hectare. The country imported about 14.5 million tonnes of vegetable oils in 2016–17. The institute has identified 17.5 million hectares of fallow land in various states and out of that it wants at least 3.5 million hectares to be brought under oilseeds crop. The ICAR institute has pegged the total vegetable oil requirement at 33.20 million tonnes by 2022 and estimated that 17.03 million tonnes would be available from domestic market and over 16 million tonnes would be imported.

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.

India Sugar down in spot markets due to selling pressure on mills.
Ram Gopal Yadav (9 years ago)

Prices of sugar fell in the key wholesale markets of the country due to increased selling pressure on mills. Prices of the commodity have declined due to increased selling pressure on mills as the government has imposed stockholding limits on them. The government has imposed stockholding limits on sugar mills for September and October to keep prices in check ahead of major festivals.

Govt reallocates quota for import of 92,660 tonne raw sugar at 25% duty.
Ram Gopal Yadav (9 years ago)

The Directorate General of Foreign Trade has reallocated quota for the import of 92,660 tonne raw sugar at 25% duty. Subsequent to the allocation of quota for import of sugar on Sep 13, nine applicants had surrendered their allocated quota. Some sugar mills surrendered their quota as the quantity allocated to them was very low and imports would have be unviable. The Directorate General of Foreign Trade had received a total of 35 applications for import of raw sugar, much higher than anticipated.