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.

ICE sugar at 1-mo low on good harvest in Brazil.
Ram Gopal Yadav (9 years ago)

Futures contracts of sugar 11 fell to a one-month low of 13.11 cents a pound on the ICE due to a higher-than-expected rise in the output of sugar in the Centre-South region of Brazil. The October contract of sugar 11 ended at 13.21 cents a pound, down 3.9%, while the most active March futures closed 3.1% lower at 13.91 cents a pound.

Centre-South Brazil Sep 1-15 sugar output 3.1 million tonne, up 29.2% YoY.
Ram Gopal Yadav (9 years ago)

Mills in Brazil’s Centre-South region produced 3.13 million tonne of sugar in the first fortnight of September, up 29.2% from 2.42 million tonne produced a year ago. Centre-South Brazil accounts for over 90% of the country’s total sugar output. Mills in the region crushed 45.44 million tonne of cane during Sep 1-15, up 20% on year. During Apr 1-Sep 15, mills crushed 427 million tonne of cane, down 1.6% on year. During the same period, mills produced 26.39 million tonne sugar, up 5.9% on year. Of the total cane crushed, around 48.4% was used for sugar production, while 51.6% was used to make ethanol. Mills in the region are likely to produce 35.2 million tonne of sugar this season, marginally lower than 35.6 million tonne produced in 2016-17 (Apr-Mar).

Fall in arrivals lifts Jaipur mustard seed prices.
Ram Gopal Yadav (9 years ago)

Prices of mustard seed rose in Jaipur due to a fall in arrivals coupled with a pickup in demand from domestic oil millers and crushers. Higher carryover stock from 2016-17 season and start of harvesting of kharif oilseeds, however, capped gains in prices.

Rajasthan aims 3.8 million tonne mustard crop in 2017-18, down 4%.
Ram Gopal Yadav (9 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 (9 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 (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.

NAFED procures 45 tonne of kharif moong in Telangana.
Ram Gopal Yadav (9 years ago)

The National Agricultural Cooperative Marketing Federation of India has so far procured 45 tonne of moong grown in the kharif season under the price support scheme in Telangana. The procurement drive that started in the middle of September was underway in Mahabubnagar, Warangal, Khammam, Zaheerabad, Ranga Reddy and Suryapet districts. NAFED started procuring moong as market prices fell below the minimum support price of 5,450 rupees per 100 kg, inclusive of a bonus.