Soybean futures fall on Brazilian rain.
Ram Gopal Yadav (9 years ago)

Soybean futures lower, giving back most of last week’s gains as fieldwork conditions improved in Brazil. Wetter weather eased concerns about planting delays in the major South American producer, sparking bets that Brazilian farmers were on track for another year of large oilseed production. Slow planting progress, a result of dry soil conditions, had helped soybean prices higher last week.

India’s edible oil output to hit all-time high of 7.7 mn tonnes in 2017-18.
Ram Gopal Yadav (9 years ago)

GGN International forecasts total edible oil production in the country at 7.66 million tonnes for the oil year (November–October) 2017-18, compared to 7.05 million tonnes in the previous year. With an increase in opening stock of a record 2.42 million tonnes, India’s edible oil availability from domestic sources is estimated at an all-time high of over 10 million tonnes. Indian edible oil importers have strategically built a massive inventory on decline in crude palm oil (CPO) prices in the past few months. With a total opening stock of 1.92 million tonnes, India’s total edible oil availability was reported at 8.97 million tonnes in the oil year 2016-17.

Malaysia CPO up tracking CBOT soy oil, high exports.
Ram Gopal Yadav (9 years ago)

After declining for two consecutive sessions, futures contracts of crude palm oil on Bursa Malaysia Derivative recovered tracking gains in soy oil contracts on the CBOT. Prices of crude palm oil and soy oil typically move in tandem, as both are used as substitutes for each other. Despite expectations of higher Malaysian palm oil output in September, a rise in exports to China and the Indian subcontinent is likely to cap inventories. Malaysia’s palm oil exports during Sep 1-25 rose over 16% on month to 1.1 mln tn.

NCDEX chana down on likely rise in sowing this year.
Ram Gopal Yadav (9 years ago)

Futures contracts of chana down on the NCDEX due to expectations that sowing of the pulse is likely to increase this year. Recent rains in the key growing areas of Madhya Pradesh, Rajasthan, Maharashtra, and Karnataka have raised hopes of higher sowing of the pulse this season due to adequate soil moisture and higher rates as compared to other commodities such as wheat and mustard. Arrivals of chana in Delhi pegged unchanged at 600 tn .

NAFED to auction 9,980 tn moong via NCDEX e-Markets.
Ram Gopal Yadav (9 years ago)

The National Agricultural Cooperative Marketing Federation of India has offered 9,979.95 tn of moong for auction through NCDEX e-Markets. The pulse is stocked at Central Warehousing Corp and other godowns in Andhra Pradesh and Rajasthan.

U.P. private sugar mills urge govt not to increase State Advisory Price.
Ram Gopal Yadav (9 years ago)

Apprehending hike in cane prices this season, private sugar mills have petitioned the state government urging it not to increase State Advisory Price (SAP) as ‘it would be detrimental for the industry and cane sector. In a letter despatched to Principal Secretary, Sugar and Cane Development, Uttar Pradesh Sugar Mills Association (UPSMA) secretary general Deepak Guptara said that the present SAP should not be increased in the overall interest of the farmers and the industry. As of now, the SAP stands at Rs 305 per quintal and sources claimed that Yogi Government wants to increase it between Rs 10 and 15 per quintal. The previous Samajwadi Party regime had increased cane price by Rs 25 per quintal last year. Sugar prices are subject to market variations and can go up and down as per demand. Overall increase in sugar prices is marginal as compared to SAP in previous years. There are times when sugar prices go down because of excess production of sugarcane but the SAP increases. This imbalance has hit the sugar industry hard. UPSMA official said that once SAP was increased, it cannot be reduced even when sugar prices fall. In such situation cane price arrears accumulate and sugar mills incur losses.