New cotton crop enters north India; weak outlook spurs early harvest.
NAFED procures 94 tonne sunflower seed in Odisha.
The National Agricultural Cooperative Marketing Federation of India has procured 94 tonne of sunflower seed under the price support scheme in Odisha. The procurement drive, which started in late July, is underway in Eram district and 152 farmers have sold their crop to the agency. NAFED started procuring the crop from growers as market prices fell below the minimum support price of 3,950 rupees per 100 kg, inclusive of a bonus of 100 rupees. The agency has wound up procurement of the oilseed in Haryana and Telangana.
NCDEX coriander hits 8-week high on festival demand.
NCDEX coriander hits 8-week high on festival demand.
NCDEX soybean down 1% on adequate monsoon rains.
Futures contracts of soybean fell over 1% due to adequate rains in the key growing areas of the commodity. The most-active October contract on NCDEX traded down 1.7% from previous close. Adequate rainfall on Sunday in the key growing areas of Madhya Pradesh, Maharashtra and Rajasthan is likely to benefit the soybean crop. Weakness in the soybean contract on CBOT also weighed on domestic futures.
Myanmar pulses industry in big danger.
After fixing the import limits by the Indian government, the largest pulses importer in India, Myanmar pulses Industry of $ 1 billion is in danger. According to sources, the Myanmar Agri Ministry has informed the Indian Embassy there on what the Indian government can do to protect the losses incurred by Myanmar farmers. Significantly, 80 percent of pulses production of Myanmar is exported to India. Sources reveal that in the first week of September, Prime Minister Shri Narendra Modi is visit Myanmar, there is a discussion in this regard. It is worth mentioning that a special team from Tanzania came to India a few days ago to discuss this topic.
NCDEX chana hits 3% upper limit on dal millers buys.
Futures contracts of chana on the NCDEX hit the 3% upper circuit on demand from the dal millers. The most active September contract was up 3.8% from previous close. Investors bought chana futures on the expectation of better demand in coming days ahead of festivals and worries of lower output of the pulse in Australia.
MMTC to auction 1,619 tonne urad via NCDEX e-Markets.
MMTC offer 1,619.3 tonne of urad imported from Myanmar of the 2016 crop year for auction through NCDEX e-Markets. The pulse is stocked in the godown of Central Warehousing Corp in Wadala, Maharashtra. The bids remain valid for a maximum period of two MMTC working days, from the date of e-auction.
India wheat down in spot markets on weak demand from millers.
India wheat down in spot markets on weak demand from millers.
Russian wheat prices fall under pressure from new crop.
Russian wheat prices fall under pressure from new crop.
EU sticks by downbeat wheat export hopes, despite harvest upgrade.
EU sticks by downbeat wheat export hopes, despite harvest upgrade.
Global pressure drives UK wheat prices down following increased expectations.
Global pressure drives UK wheat prices down following increased expectations.
Egypt’s wheat trade hangs in balance as Romanian cargo in review.
Egypt’s wheat trade hangs in balance as Romanian cargo in review.
Water crisis on Punjab not getting Basmati price.
Water crisis on Punjab not getting Basmati price.
Sugar prices gain, as Brazil tax move spurs talk of political favor.
Sugar prices extended their revival, returning above 14 cents a pound at one point, after Brazil unveiled a 20% tax on Brazil ethanol imports, in the latest of a series of moves by the top producing country of the sweetener deemed potentially positive for values. Raw sugar futures for October stood 2.1% higher at 13.95 cents pound in midday deals in New York, taking close to 8% the contract revival from a mid-month low. Earlier the contract touched 14.06 cents a pound.
Floods destroy 90,000 acres of paddy field in Myanmar.
Floods destroy 90,000 acres of paddy field in Myanmar.
US ethanol market criticizes Brazil decision to levy 20% import tariff.
US ethanol market participants and trade groups decried the Brazilian government decision to levy a 20% tariff on ethanol imports above 600 million liters. Brazil, the second largest ethanol producer in the world, began importing large volumes of ethanol in 2016 as high sugar prices made the sweetener more attractive to sugarcane mills than ethanol. Through June, the US exported over 1.045 billion liters of ethanol to Brazil. That could mean that any further exports to Brazil would be subject to the 20% tariff. But it does not appear that exports from earlier this year above the 600-million-liter level would be affected by the tariff.
Corn ticks up from more than 7-month low.
Corn ticks up from more than 7-month low.
India Soybean output may fall 17%.
Despite the government efforts to reduce India dependence on imported edible oil by increasing local oilseed production, soybean output is likely to decline by 17 per cent this kharif harvesting season. The decline is attributed to lower sowing area and reports of crop damage following a long dry spell in the peak planting season. Sowing of soybean crop is almost complete by mid-August, with little chance of further addition of kharif acreage. Apart from that, there was a long dry spell this monsoon season. Experts believe the standing crop got damaged due to deficiency of moisture in the peak germination period.
China offered to sell 1.2 MMT of corn in auction of state reserves on 25 august.
China offered to sell 1.2 MMT of corn in auction of state reserves on 25 august.
U.S. sells soybeans and meal.
The U.S. private exporters sold 132,000 tonnes of U.S. soybeans to China for delivery in the 2017/18 marketing year that begins Sept. 1, 2017. Private exporters sold 105,500 tonnes of U.S. soymeal to Thailand for delivery in the 2017/18 marketing year that begins Oct. 1, 2017.