2016-17 end soybean stock seen up at record 1.8 million tonne.
Ram Gopal Yadav (8 years ago)

India soybean stocks would be at a record high of 1.75 million tonne when the current marketing season ends on Sep 30 because of a bumper output. Stocks are seen rising more than four-fold from 2015-16 (Oct-Sep). All the 13 participants polled rise estimated higher year-on-year ending stocks. Estimates for the season-ending stocks for 2016-17 ranged between 1.0 million and 3.0 million tonne, while those for 2015-16 were in the range of 0.2-1.0 million tonne. Indian farmers harvested 11.49 million tonne of soybean in 2016-17, up from 6.93 million tonne harvested in the previous year. Carryover stocks (for 2017-18) of the oilseed is estimated higher because of a record crop last year and good beginning stocks.

Malaysia CPO up tracking soy oil; export data eyed.
Ram Gopal Yadav (8 years ago)

Futures contracts of crude palm oil on the Bursa Malaysia Derivatives rose tracking soyoil prices on CBOT. The most-active November contract traded at 2,884 ringgits (44,050rupees) per tonne, up 11 ringgits from previous close. Prices of crude palm oil and soy oil move in tandem as both are used in the production of bio-diesel. Expectations of lower production in coming weeks coupled with good export demand are also seen supporting prices.

Industry body sees 2017 Indonesia palm oil output up 3% at 36 million tonne.
Ram Gopal Yadav (8 years ago)

Indonesia is likely to produce 36 million tonne of palm oil this year, 3% higher than 35 million tonne last year, owing to better weather conditions. Weather is good this year as there is no El Nino, which led to dry weather conditions last year. Indonesia is the world’s largest producer of palm oil. During Jan-Jun, the country produced around 18 million tonne of the commodity. For Oct-Sep, palm oil production in Indonesia is seen flat. Increasing demand from key importing countries India and China is seen pushing Indonesia’s exports to 26 million tonne this year from 25 million tonne in 2016. During Jan-Jun, the country exported around 15 million tonne palm oil. India is the world’s largest importer of palm oil. In 2016, it had bought 5.7 million tonne of the commodity from Indonesia.

Farm panel member hints at further hike in edible oil import duty.
Ram Gopal Yadav (8 years ago)

The recent increase in the import duty on edible oils is insufficient and the government may soon raise the duty again to protect the interests of farmers. The government, on Aug 11, raised the import duty on crude palm oil to 15% from 7.5%, and that on crude soyoil to 17.5% from 12.5%. The import duty on refined palm oil was raised to 25% from 15%. The new structure increased the difference in duty between crude and refined palm oil to 10 percentage points from 7.5. Import duties were increased to stem the fall in local soybean prices that had dropped below the minimum support price, and were weighing on mustard prices as well. Despite the increase in import duties, soybean prices were still low, and there was a strong case for a further hike in import duty.

India Sugar weak demand pulls down prices in key spot markets.
Ram Gopal Yadav (8 years ago)

Sluggish demand from bulk buyers weighed on prices of sugar in the key wholesale markets of the country. Prices of medium-grade sugar fell 10 rupees per 100 kg each in Delhi and Muzaffarnagar, and were down 5 rupees each in Mumbai and Kolhapur. Trade is subdued as demand is extremely poor. Buyers are making need-based purchases only, probably in anticipation of a further fall in prices.

NAFED to auction moong, urad via NCDEX e-Markets.
Ram Gopal Yadav (8 years ago)

The National Agricultural Cooperative Marketing Federation of India has offered 9,942.19 tonne of moong and 1,434.71 tonne of urad for auction through NCDEX e-Markets. The pulses are stocked at warehouses in Madhya Pradesh, Rajasthan, Maharashtra and Telangana.

Govt gets applications to import 3-4 times the allowed sugar quota.
Ram Gopal Yadav (8 years ago)

The response to the government allowing more import of raw sugar has been robust, with millers having sought to import three to four times the allowed quota. Like last time, govt have received a lot of applications. The quantity applied for is almost three-to-four times the approved quantity of 300,000 tonne. Shree Renuka Sugars and EID Parry have applied for the maximum quantity.

Maharashtra may revive 40 defunct cooperative sugar mills.
Ram Gopal Yadav (8 years ago)

The Maharashtra government may look to revive at least 40 non-functional cooperative sugar mills in the state possibly by acquiring and leasing them out. Government has formed a committee under the chairmanship of State Sugar Commissioner Sambhaji Kadu-Patil to conduct a financial and technical evaluation of the assets of these shuttered sugar factories. The committee has been asked to submit its report before Sep 20. Maharashtra has 175 cooperative sugar factories, out of which 93 are functional, 33 has been already acquired under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and six have been sold by government.