CBOT wheat drops amid record Black Sea supplies.
India’s soybean output may fall 22% on planting area cut, dry weather.
India’s soybean production during the 2017/2018 crop year may drop 22 percent from a year ago after a reduction in the planting area and because of a prolonged dry spell in key growing regions. India is likely to produce 9 million tonnes of soybeans during the 2017/18 crop year starting from Oct. 1, down from 11.5 million tonnes in the current year. Farmers have cultivated soybeans on 10.5 million hectares this year, down 8.4 percent from a year ago. This year, a prolonged dry spell in July and August curtailed the crop in the states of Madhya Pradesh and Maharashtra, which account for nearly 85 percent of the country’s total soybean production.
Australia cuts 2017-18 wheat forecast to 8-year low.
Australia cuts 2017-18 wheat forecast to 8-year low.
Egypt issued a tender to purchase vegoils.
Egypt’s state buyer GASC has issued a tender to purchase 10 KMT of sunflower oil and 30 KMT of soybean oil. The sunflower oil is to be delivered between October 25-November 10, 2017 and the soybean oil between November 5-20, 2017. In addition, it is planned to purchase 10 KMT of soybean oil for Egyptian pounds. The deadline for tender bids is September 12, 2017.
India coriander futures end 4% lower on weak demand.
India coriander futures end 4% lower on weak demand.
Brazil 2017/18 soy planting seen delayed due to climate factors.
Weather forecasts suggest soybean planting in key regions of Brazil may be delayed due to scarce rains following the end of the fallowing period in states like Paraná, Mato Grosso and Mato Grosso do Sul. The absence of rains over the next 10 days in these three regions, where about 51 percent of Brazil’s soybeans are grown, will push back planting this year in relation to last.
Malaysia palm oil stocks August 2017 up 8.79% to 1.94 million tonne from 1.78 million tonne in July.
Malaysian palm oil stockpiles climbed again in August, but did not breach the two million tonne mark due to stronger than expected exports of the commodity. Inventories of the tropical oil rose 8.79% from July to 1.94 million tonnes, the highest level since February 2016.
European vegetable oils were firm.
European vegetable oils were firm, supported by a strong rise in Malaysia, but activity remained thin with some buyers seeing the recent rise as overdone. Malaysian palm oil futures jumped to their highest level since March, driven by a fall in production and higher exports that kept inventory numbers lower than expected.
Sebi considering lifting a decade-old ban on futures trading of tur and urad.
With fears of inflationary pressure in pulses having been abated due to a bumper harvest in 2016-17 and the government inventory brimming with around two million tonne of pulses stocks, the regulator is weighing the possibility of lifting the ban. The review of the ban has started but a final decision on allowing such futures could be taken after factoring in production estimates as areas under pulses are down by almost 4% from a year earlier. Prices of tur started plunging late last year as farmers, encouraged by record prices in 2015-16, stepped up sowing of the key pulse variety, leading to an all-time-high production level of 4.78 million tonne in 2016-17. This was 87% higher than the production in the previous year and far exceeded the target of 3.62 million tonne for 2016-17.
Centre allows import of additional 44,000 tonnes of tur dal.
Following the imposition of annual import ceiling on pigeon peas (tur dal) fixed at two lakh tonne last month in response to the glut in the domestic market, the Centre has allowed an additional 40,000-44,000 tonne of the pulse to be imported. This has been done to accommodate the orders already paid for by traders prior to the restriction. It was brought to the notice of the Directorate General of Foreign Trade that some traders had already given advance to foreign suppliers before the import ceiling was imposed. Since they can’t get their money back they are being allowed to import the contracted amount. When the government imposed the import restriction of an annual 2 lakh tonne on tur dal, the import limit had almost been reached. So the additional amount that is coming to the market is just restricted to the 44,000 tonne of pigeon peas that was contracted before the restriction was imposed.
Canada Manitoba bean crops nearing maturity.
Canada exported 101,300 tonnes of peas during the week ended September 3. Dry bean crops in Manitoba are at, or nearing, maturity in most cases. Early harvest operations are underway in the Pembina Valley, with yields of 1,800 to 2,500 pounds per acre reported for pinto beans and 2,000 pounds per acre for cranberry beans.
India maize rabi futures plunge on weak spot demand.
India maize rabi futures plunge on weak spot demand.
Kazakhstan 98% of sunmeal exports go to neighboring countries.
Sunmeal exports from Kazakhstan totaled 1.1 KMT in July 2017 against 1.7 KMT in the previous month and 0.5 KMT in July 2016. In general, 2016/17 exportable stocks remained at last season’s level. The difference is that the shipments are more evenly distributed over the year. So, 23.6 KMT was exported for the eleven months of the current season against 23.4 KMT a year ago. The end market for Kazakh sunmeal is very narrow. Traditionally, its key importers include Uzbekistan (72% of total exports) and Tajikistan (26%). Iran accounts for 2% of exports, and it makes purchases irregularly.
MP govt and APEDA in Basmati rice geographical indication registry row.
MP govt and APEDA in Basmati rice geographical indication registry row.
Chana tad up in Delhi on demand from dal millers.
Prices of chana rose slightly in Delhi because of demand from dal millers ahead of festivals. Gains were limited due to a rise in arrivals. Futures contracts of chana on the NCDEX were also up tracking gains in the spot market.
Coriander prices fall on subdued demand in Delhi.
Coriander prices fall on subdued demand in Delhi.
Delhi tur dal and Chana prices rise due to demand increases.
Prices of gram and tur rose by up to Rs 200 per quintal at the wholesale market on pick-up in demand from retailers. Uptick in demand from retailers against restricted supplies from producing belts amid some enquiries from dal mills mainly helped gram and tur prices to trade higher.
Rajasthan Govt to purchase moong, peanuts under PSS.
State government has decided that the purchase of moong and peanuts under the scheme of Price Support Scheme (PSS) this time. Purchase done through National Agriculture Cooperative Marketing Federation of India (NAFED). Under this scheme, there is a possibility that mandi tax removed by the state government. This tax is paid by the farmers to the state government and last year because of this tax, there were problems in purchase of peanuts in the state.
Tamil Nadu ahead of navarathri, prices of pulses go up.
Rising prices of pulses ahead of Navarathri celebrations have hit the household budget of residents. Surprisingly, in a contrast to the usual scenario, prices of vegetables have decreased to about 20 per cent when compared to the previous month. The prices of Bengal gram, black gram and lentil gram have increased in the month of September, due to the rise in the demand. However, prices of the green gram and moong dhal remain the same.
Sugar down in Mumbai, Delhi as govt allows import.
Prices of sugar continued to fall in key wholesale markets of India after the government allowed imports of sugar. The government allowed import of 300,000 tonne raw sugar at a basic customs duty of 25% under the tariff-rate quota for 60 days. Sugar imports currently attract a duty of 50%.