Indonesia caps rice prices in bid to keep food costs stable.
MMTC invites bids for sale of 7,090 tonne masoor, 2,010 tonne tur.
MMTC Ltd has floated a tender to sell 7,090 tonne imported masoor lying at the Mumbai Port Trust shed. MMTC has also floated tender to sell 2,010 tonne imported tur and 1,965 tonne imported urad. The urad and tur are lying at the Central Warehousing Corp, Vashi and Maharashtra State Warehousing Corp, Panvel. Bids must be submitted on Sep 12. The bids remain valid for acceptance till Sep 14.
NCDEX coriander contracts fall 2% as imports rise.
NCDEX coriander contracts fall 2% as imports rise.
Bikaner, Delhi chana down on lower buys by dal millers.
Chana prices were down in key markets of Delhi and Bikaner because of lower demand from dal millers. Futures contracts were also weak with most-active October contract down 1.7%.
NCDEX cotton oilcake up over 1% on short covering.
NCDEX cotton oilcake up over 1% on short covering.
ISMA says mills plan early crushing, to produce 800,000 tonne sugar October.
Sugar mills across the country are likely to produce over 800,000 tonne sugar in October. Usually, sugar mills produce about 300,000 tonne or less sugar in October. The Centre has asked millers across the country to begin cane crushing operations for the 2017-18 (Oct-Sep) season early in October, in a bid to tide over likely shortages during the festival season. ISMA has estimated mills in Uttar Pradesh produce about 293,000 tonne sugar and those in Maharashtra about 391,000 tonne of the sweetener in October. Sugar output in October is projected at 6,000 tonne for Tamil Nadu, at 91,000 tonne for Karnataka and at 22,000 tonne for Gujarat. Crushing at almost all sugar mills across the country would be in full swing by Nov 1. Therefore, we can expect to get another 16-17 lac tons (1.6-1.7 million tonne) sugar in the first 15 days of November.
Jr farm minister says maintaining 2016-17 pulses output a challenge.
Maintaining the record pulses output of 2016-17 (Jul-Jun) this year would be a challenge as some farmers have shifted to other crops looking for better realisations. Last year we harvested record pulses and reached close to self-sufficiency. This year it seems a challenge. Indian farmers harvested 22.95 million tonne of pulses in 2016-17, up from 16.35 million tonne previous year, according to the fourth advance estimates of farm ministry. National Bulk Handling Corp Pvt Ltd has estimated India’s kharif pulses output for 2017-18 at 8.5 million tonne, less than 9.4 million tonne harvested a year ago. India’s pulses output seen falling this year as the bumper crop last year weighed on prices, discouraging farmers from sowing pulses.
MCX cotton up on supply disruptions, global cues.
MCX cotton up on supply disruptions, global cues.
Record sugar output 9.7 million tonne in UP likely in 2017-18: ICRA
ICRA estimated the state’s sugar production to stand at 9.7 million tonnes (mt) in the upcoming season this year. Meanwhile, data compiled by the All India Sugar Trade Association pegged the state’s sugar output at 8.7 mt during 2016-17. This indicates mills in UP would produce 11.5 per cent more sugar in the coming season or nearly four times the state’s own consumption. Domestic production for the full season during 2018 is likely to increase by 18-20 per cent to 24-24.5 mt, driven principally by a recovery in cane availability in Maharashtra and North Karnataka, besides support from monsoons.
Subdued EU wheat market weighs slow farmer sales, big Russia crop.
Subdued EU wheat market weighs slow farmer sales, big Russia crop.
India coffee exports during Jan 1- Sep 4.
India coffee exports during Jan 1- Sep 4.
Government in festival mode, wants sugar prices to stay low.
When it comes to sugar, the government does not want to take any chances. The food minister tweeted that the government decide on sugar imports soon. That’s a signal for more supply and could be a negative sign for prices.
NCDEX maize down 1% on profit booking.
NCDEX maize down 1% on profit booking.
Stocks of Tamil Nadu sugar firms bite the dust as dry spell continues.
Stocks of sugar companies in Tamil Nadu are taking a beating on the exchanges — they are close to hitting 52-week lows in the backdrop of an all-time poor performance anticipated in the coming season. Stock prices sliding as the 2016-17 sugar season comes to a close this month. Following an extended dry spell in Tamil Nadu, production has been steadily dropping in recent years and the coming 2017-18 (October to September) season could mark a historic low with capacity utilisation in the vicinity of about 25 per cent, on installed capacity. From a sugar production of 23.79 lakh tonnes in 2011-12, Tamil Nadu’s output has dropped to 10.45 lakh tonnes in 2016-17 and is estimated to hit a low of about 5.7 lakh tonnes in the coming season. This is just about four months’ consumption for the State. Mills elsewhere in UP, Maharashtra and Karnataka are set to benefit from the unfolding scenario.
Nestle to use 100% Mexican maize.
Nestle to use 100% Mexican maize.
STC imports 25k tonne of sugar for festivals.
State-owned Salt Trading Corporation (STC) has imported 25,000 tonnes of sugar from India in a bid to regulate market prices and ensure smooth supply during the upcoming festive season. The shipment amounts to half of the 50,000 tonnes of sugar that STC plans to import by November. The remaining amount will be imported in 10 consignments of 2,500 tonnes each. STC started importing sugar in a bid to end the private sector’s monopoly and make it available at reasonable prices and maintain adequate stocks to forestall possible shortages as output has dropped in both India and Nepal this year.
Traders in deals to import 600,000 tn wheat amid talks of duty hike.
Traders in deals to import 600,000 tn wheat amid talks of duty hike.
Ukraine exported USD 2.8 billion worth of vegoils in 2017.
The country exported 3.792 MMT of vegoils to an amount of USD 2.834 billion in January-July 2017. In particular, exports of sunflower, safflower and cotton oils totaled 3.656 MMT to an amount of USD 2.728 Bl. The largest volumes went to India (USD 933.265 million worth, 34.2% of their exports in value terms), Spain (USD 282.14 million worth, 10.3%) and China (USD 228.187 million worth, 8.4%). Exports to other countries totaled USD 1.284 billion (47.1%). The share of these commodity items in overall exports reached 11.4% in value terms. Soybean oil exports totaled 108.653 KMT to an amount of USD 81.755 Ml. Exports of rape and mustard oils made up 7.952 KMT to an amount of USD 6.747 Ml.
India spot wheat prices rise in Delhi, fall in Indore.
India spot wheat prices rise in Delhi, fall in Indore.
Rabobank sees palm oil prices tad up as CBOT soy complex choppy.
Global palm oil prices are likely to find short-term support in Jul-Sep as global soybean complex prices remain volatile. The financial services company has revised slightly upwards its price forecast for crude palm oil contracts on the Malaysian bourse at 2,500 ringgits (37,510 rupees) per tonne and 2,400 ringgits on an average for Jul-Sep and Oct-Dec, respectively. Palm oil prices are cheaper compared to soyoil, therefore demand for the former would increase. Increasing production of the edible oil and relatively slow exports, which led to higher Malaysian palm oil stocks, are also seen bearish for prices. CBOT soybean prices are seen lower in the coming months on record output of 114.5 million tonne in 2016-17 and selling by fund managers.