Soybean futures contracts rose over 1% on the CBOT on concerns of damage to the US soybean crop due to hurricane Harvey. After Harvey, investors are tracking developments on hurricane Irma which is expected to reach the Gulf of Mexico in a few days. Prices rose also on expectations of a fall in the country’s soybean yield due to dry weather over the US Midwest which is the key soybean-growing region. The most active November contract of soybean on the CBOT was at $9.7625 per bushel, up 0.5% from the previous close.
Iran rice import ban to stay until November 21.
Iran rice import ban to stay until November 21.
India soybean ends a tad lower; CPO up on Malaysian cues.
Futures contracts of edible oils traded mixed, with soybean and mustard falling and refined soyoil and crude palm oil rising on domestic exchanges. Soybean closed marginally lower on the National Commodity and Derivatives Exchange due to arrival of fresh crop in the key markets of Madhya Pradesh, the largest grower.
US rice mills want China to hurry up and seal the deal.
US rice mills want China to hurry up and seal the deal.
Palmolein oil up on retailers demand.
Palmolein oil prices firmed by Rs 50 per quintal at the wholesale oils and oilseeds market on pick up in demand from retailers. However, groudnut oil weakened on reduced offtake. Traders said pick up in demand from retailers mainly led to rise in palmolein oil prices.
Coriander futures slide 1.44% on subdued demand.
Coriander futures slide 1.44% on subdued demand.
China bought 8.45 million tonnes of soybeans in biggest August imports on record.
China, the world top soybean buyer, imported 8.45 million tonnes of the oilseed in August. A record for the month of August, as improving margins boosted demand from buyers. The August figures were up 10.2 percent from last year’s 7.67 million tonnes, but down 16.2 percent from 10.08 tonnes in July.
India 2017-18 cotton crop seen up 10% at 37 mln bales.
India 2017-18 cotton crop seen up 10% at 37 mln bales.
NCDEX chana up 1% on rise in demand from millers.
Futures contracts of chana rose 1% on the NCDEX because of a rise in demand from millers. The most active October contract traded at 6,207 rupees per 100 kg, up 1.2% from the previous close.
All-India cotton arrivals down at 4,200 bales on 6 Sep.
All-India cotton arrivals down at 4,200 bales on 6 Sep.
Nagpur Gram and tur prices declined on lack demand.
Gram and tur prices declined further in Nagpur Agriculture Produce and Marketing Committee (APMC) here on lack of demand from local millers amid increased arrival from producing belts. Fresh fall in gram on NCDEX, weak trend Madhya Pradesh pulses and high moisture content arrival also pulled down prices. Desi gram reported down in open market in absence of buyers amid good supply from producing regions. Tur varieties ruled steady in open market but demand was poor.
MCX cotton pares gains on global cues, higher crop
MCX cotton pares gains on global cues, higher crop
No agreement to lift India’s import restrictions on Myanmar’s pulses and beans.
During his visit to Myanmar, Indian Prime Minister Narendra Modi said it was important to work out long-term arrangements for the trading of pulses and beans between the two countries. However, there was no agreement to lift India’s import restrictions on Myanmar’s pulses and beans.
India coffee exports during Jan 1- Sep 6.
India coffee exports during Jan 1- Sep 6.
Maize down on NCDEX as warehouse stocks increase.
Maize down on NCDEX as warehouse stocks increase.
India Sugar prices down on higher output view, likely imports.
Prices of sugar were down in key wholesale markets across the country as the market factored in the import of sugar at a concessional duty in the next few days. Expectations of a record high production in Uttar Pradesh also weighed on the sentiment in north Indian markets. Sugar prices fell by 10-15 rupees per 100 kg in the spot markets of Delhi and Muzaffarnagar. Sluggish demand due to “pitrapaksha”, an inauspicious period in the Hindu calendar for new purchases, is also seen weighing on prices.
CBOT corn drops 1.7% on technical sales.
CBOT corn drops 1.7% on technical sales.
Govt allows import of 300,000 tonne raw sugar at 25% duty for 60 days.
The government has allowed import of 300,000 tonne raw sugar at a basic customs duty of 25% under the tariff rate quote for 60 days. The import of 300,000 tonne sugar has been allowed through the ports of Tuticorin and Chennai in Tamil Nadu, Karaikal in Puducherry, Mangalore in Karnataka, and Kakinada, Visakhapatnam and Gang avaram in Andhra Pradesh. Since the import has been allowed under the tariff rate quota, millers and refiners have to convert the imported raw sugar into refined or white sugar within 30 days from the date of bill of entry.
US farmers thinking more soybean acres as corn returns disappoint.
US farmers thinking more soybean acres as corn returns disappoint.
Source says 2017-18 sugar output in Bihar may rise 5% to 550,000 tonne.
Sugar output in Bihar is likely to increase to 550,000 tonne in the new season that starts October, marginally higher than this year’s 525,000 tonne. Floods in many parts of the state have hit output expectations for the upcoming season. Initially, the sugar output was expected at a record high of 625,000 tonne, as the cane acreage was very good, and farmers in most parts of the state had switched to high yielding cane varieties.