India NCDEX mustard up 1% on export demand for meal.
Ram Gopal Yadav (8 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 (8 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 (8 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 (8 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 (8 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 (8 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.

Rajasthan aims 3.8 million tonne mustard crop in 2017-18, down 4%.
Ram Gopal Yadav (8 years ago)

The country’s top mustard producing state, Rajasthan, has set a target of 3.77 million tonne output of the oilseed in 2017-18 (Jul-Jun), 4.3% lower from the output a year ago. Expecting a lower mustard output this year despite some marginal rise in the acreage primarily because of inadequate water for irrigation in key reservoirs in the state. The state faced a dry spell during most part of Jul-Aug, but rainfall has improved this month. However, water level in key reservoirs in the state continues to remain low.

India Soybean ends down 1%; CPO gains on global cues.
Ram Gopal Yadav (8 years ago)

Futures contracts of all edible oils, excluding soybean, rose on domestic exchanges, due to improved demand in physical markets. Extending losses from the previous session, soybean futures on the National Commodity and Derivatives Exchange ended around 1% lower due to increasing arrivals in key markets. Increased pace of harvests in the US, the world’s largest soybean grower, also dented sentiments.

Indonesia, India discuss palm oil import duty.
Ram Gopal Yadav (8 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%.