Rabobank cuts Jul-Sep corn price estimate as output seen higher.
Moong down in Jaipur as supplies increase.
Prices of moong in the benchmark market of Jaipur were down, as supplies in local markets increased. Although arrivals in Kalaburgi are unchanged from previous close, they were higher from a week ago, and this was seen creating bearish sentiment. A sharp fall in prices of pulses was prevented because of concern about a smaller lower crop in Rajasthan and Karnataka.
E.U. doubles import duty for corn.
E.U. doubles import duty for corn.
Indonesia extending duty-free palm oil exports till October.
The country will keep its zero-export duty on crude palm oil at least till the end of September 2017. So, Indonesia has been charging no duty on this product’s exports for five consecutive months now.
Bajra acreage at 7.1 mln ha as of 31 aug, up 4.5% on year.
Bajra acreage at 7.1 mln ha as of 31 aug, up 4.5% on year.
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.
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.
CBOT soybean up due to rise in demand from China.
Futures contracts of soybean extended gains on the CBOT due to a rise in imports from China. The US is the largest exporter of soybean in the world, while China is the largest importer. The shift in demand for soybean from Brazil to the US further supported prices. Brazilian traders are reluctant to sell soybean at the prevailing low prices. The most active November contract on the CBOT was at $9.4850 per bushel, up 0.3% from the previous close.
CBOT wheat up nearly 1% as Canada crop seen down.
CBOT wheat up nearly 1% as Canada crop seen down.
Indore soybean down on anticipation of higher yield.
Soybean prices in Madhya Pradesh benchmark market of Indore fell on anticipation of higher yields of the upcoming kharif crop. Good rains in Madhya Pradesh during the past few days, which help in better yields. Traders are not buying right now, as they expect prices to fall further in coming days.
Canadian hard red wheat bids drop with US harvest pressure.
Canadian hard red wheat bids drop with US harvest pressure.