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.
India bans wheat import from wheat blast-hit Bangladesh, S America.
India bans wheat import from wheat blast-hit Bangladesh, S America.
NCDEX soybean up as overall acreage down so far.
Futures contracts of soybean rose on NCDEX as acreage under the oilseed fell across the country as of Thursday. Farmers have planted nearly 10.52 million ha of soybean till last week, as against 11.33 million ha sown during the same period a year ago. Prices rose also because of improved demand from oil miller due to positive crush margins. Demand for soyoil, a derivative of soybean, is rising in domestic markets due to higher consumption of the edible oil in the ongoing festival season. The most-active October contract of soybean on NCDEX was up 0.7% from the previous close.
Strong rouble limits fall in Russian wheat prices.
Strong rouble limits fall in Russian wheat prices.
Jaipur mustard seed at 3-week high as demand rises.
Prices of mustard seed in Jaipur hit a three-week high up 25 rupees from previous close, due to strong demand from oil millers and crushers. The rise in arrivals is insufficient to meet the increase in demand, thereby lifting prices. Demand for mustard meal from overseas buyers is also supporting prices of the oilseed in the domestic market.
Exchange holds forecast for Argentine wheat crop, despite rains.
Exchange holds forecast for Argentine wheat crop, despite rains.
Sugar prices down in Delhi, Kolhapur on poor demand.
Prices of sugar fell in the key wholesale markets of Delhi and Kolhapur due to sluggish demand from bulk buyers. While demand is already poor, there is selling pressure on mills due to imposition of stock limit. So, they are quoting lower prices.
USDA arm sees India 2017-18 soybean output down 13% on year.
The US Department of Agriculture has cut its estimate for India’s output of soybean in 2017-18 to 10 million tonne, down 13% from its earlier projection of 11.5 million tonne in July. The USDA arm has revised total oilseed production in the country down to 35.9 million tonne, 7% below the 38.6 million tonne projected earlier. The USDA branch sees imports of edible oil in the country rising by 10% on year to 16.6 million tonne. The import basket is expected to include 10 million tonne of palm oil, 4.2 million tonne of soybean oil, 2 million tonne of sunflower seed oil and remaining other oils.
Russian wheat exports up 11.3% on year at 5 MMT.
Russian wheat exports up 11.3% on year at 5 MMT.
Rabobank sees raw sugar prices up in long term on lower availability.
Global prices of raw sugar are likely to remain high in the long-term due to low availability of the sweetener. Raw sugar futures on the Intercontinental Exchange are now trading below the ethanol parity, directly reducing the availability of sugar. A fall in prices of sugar incentivises millers to shift to ethanol production. Mills in key cane-producing countries like Brazil have a choice between producing sugar or ethanol. The combined effect of sugar trading below the ethanol parity and increased probability of rainfall (in Brazil) would likely cause the sugar mix to swerve in favor of ethanol.
Root intensification fetches Madhya Pradesh mustard farmers more yield.
Farmers in Madhya Pradesh have adopted a new set of practices for mustard cultivation that can increase the yield of the oilseed over threefold. The state had adopted root intensification technique for mustard in ten districts on a pilot basis in the last rabi season, and average yields rose to 3.5 tonne a ha from around 1.0 tonne per ha that farmers usually got from traditional farming methods. The practice has been taken up formally only in Madhya Pradesh so far, but farmers in Rajasthan, Bihar and Odisha, too, are gradually switching to the system of root intensification in mustard. The method is labor-intensive, but the overall cost of mustard production using system of root intensification is lower, as it requires lesser quantity of seeds and chemical fertilizers. Higher yield in mustard, and consequently higher output of mustard oil, could help lower India’s edible oil imports.
Rabobank says weather volatility poses risk to Brazil coffee crops.
Rabobank says weather volatility poses risk to Brazil coffee crops.
NCDEX sugar up over 1% on likely higher demand.
Futures contracts of sugar traded higher on the NCDEX because of likely rise in demand ahead of the festival season. Reports that mills might not advance the cane crushing this season (Oct-Sep) despite Centre’s request has also supported the sentiment. The most-active October contract traded up 1.4% from the previous close.
Karnataka stops sale of paddy seeds in some districts.
Karnataka stops sale of paddy seeds in some districts.
India coffee exports during Jan 1- Sep 1.
India coffee exports during Jan 1- Sep 1.
India can mull tapping Pakistan sugar surplus to ease supply crunch.
Import of Pakistan surplus sugar can help alleviate the prevailing supply crunch if the government allows more overseas purchases of the commodity. Even as the demand is set to rise due to upcoming festivals, India, especially the southern states that have seen sugar production dwindle due to drought conditions, has been hit by a supply crunch. Pakistan is likely to have a surplus of at least 300,000 tonne, which can be easily brought quickly into southern ports. Under the current circumstances, there is availability of 0.5 million tonne surplus sugar in Pakistan, which can come to south India.
Drought-hit Karnataka forcing farmers to switch from paddy to ragi.
Drought-hit Karnataka forcing farmers to switch from paddy to ragi.
National Bulk Handling sees 2017-18 cotton crop down 4% on Gujarat floods
National Bulk Handling sees 2017-18 cotton crop down 4% on Gujarat floods
Mills body slams sugar stockholding limits on millers, traders.
The National Federation of Cooperative Sugar Factories Ltd has slammed the government efforts to rein in retail prices by imposing stockholding limits. Sugar industry is the only industry where stock limits are imposed on producers. These controls hurt the health and all-round development of the industry. There was no uniform policy on cane price as, unlike other states, the fair and remunerative price in Gujarat is paid in three installments, while Uttar Pradesh has its own mechanism of state advised price.