Global body ups 2017-18 sugar surplus estimate to 4.6 million tonne vs 3 million
Ram Gopal Yadav (8 years ago)

International Sugar Organization has raised its estimate for global sugar surplus in 2017-18 (Oct-Sep) sharply to 4.6 million tonne from 3 million tonne projected in June. The world sugar balance is forecast to show a surplus after two seasons of deficit” as the projected global output of sugar is higher than the consumption. Global sugar body has estimated the world sugar output in 2017-18 at 179.30 million tonne, up nearly 7% on year, led by likely higher production in India, European Union, Thailand and China. Globally, sugar available for export is expected to rise by 1.91 million tonne to 62.15 million tonne led by rising production in exporting countries, while the import demand for the sweetener in 2017-18 is seen at 57.62 million tonne.

Sugar Down in Maharashtra on subdued demand from bulk buyers
Ram Gopal Yadav (8 years ago)

Prices of sugar fell in the key wholesale markets of Maharashtra due to sluggish demand from bulk buyers. Mills are quoting lower prices to trigger demand as crushing is expected to start earlier than usual in 2017-18 (Oct-Sep). Sugar mills in Maharashtra have, however, sought compensation of 500 rupees per tonne from the central government for the likely losses they would incur due to lower sugar recovery rate because of early crushing of sugarcane. However, Food Minister Ram Vilas Paswan on Aug 12 said that the government has no plans to allow further imports of sugar yet.

NCDEX soybean gains on lower acreage
Ram Gopal Yadav (8 years ago)

Futures contracts in the edible oil basket traded higher on domestic exchanges. Soybean futures on NCDEX ended up, bolstered by a decline in acreage under the crop in the country. Soybean fell on the US exchange due to forecast of beneficial rains in the US. Dry weather conditions earlier posed threat to the standing soybean crop in the country, and rains may boost yield. Soyoil prices rose due to the ongoing strike at ports in Argentina.

Mustard seed prices up in Jaipur on lower arrivals
Ram Gopal Yadav (8 years ago)

Prices of mustard seed rose in the benchmark market of Jaipur because of a fall in arrivals, as well good demand for the seed by millers. Arrivals across the country were at 120,000 bags (1 bag = 85 kg), down from 140,000 bags. Demand for the commodity from consumers was good.

Groundnut, mustard oils up on retailer demand.
Ram Gopal Yadav (8 years ago)

Prices of groundnut and mustard oils rose by up to Rs 100 per quintal at the wholesale oils and oilseeds market today largely on pick-up in demand from retailers. Castor oil, in the non-edible section, also traded higher on increased offtake by consuming industries. Besides uptick in demand from retailers, fall in arrivals from producing belts mainly led to the rise in groundnut and mustard oil prices.

CBOT soybean up on less rains in US, jump in export.
Ram Gopal Yadav (8 years ago)

Soybean futures contracts on the CBOT were up due to less-than-expected rainfall in some parts of Illinois and Iowa, the largest soybean producing states of the US Midwest region. Contracts gained also due to stronger-than-expected weekly US soybean exports data. The quantum of soybean crushed in the US in July was higher on month, which supported the prices of the oilseed on the CBOT. The most-active November CBOT soybean contract was up 0.2% from the previous close.

Mustard, cottonseed rise on uptick in demand.
Ram Gopal Yadav (8 years ago)

Prices of mustard and cottonseed oils rose by Rs 50 per quintal at the wholesale oils and oilseeds market today due to pick up in demand from Vanaspati millers. Castor oil, in the non-edible section, also strengthened on increased offtake by consuming industries. Rising demand from Vanaspati millers and retailers against restricted supplies from producing belts, mainly led to the rise in mustard and cottonseed oil prices.

Groundnut oil strengthens on rising demand.
Ram Gopal Yadav (8 years ago)

Groundnut oil strengthened at the Vashi oils and oilseeds wholesale market here on consistent demand from stockists and retailers. Refined palmolein also surged following sustained demand from retailers. Castorseeds bold and castor oil commercial also firmed up due to persistent demand from shippers and soap industries.

Gujarat farmers advised to plant oilseeds post floods.
Ram Gopal Yadav (8 years ago)

IMD Agrimet division has advised farmers in Gujarat to plant sunflower and sesame if the first crop failed due to the recent flood or water logging. Groundnut, soybean, castor, and guar are among the major crops grown in the state. Gujarat has received 26% above-normal rains in the southwest monsoon season so far.

India Pulses rise 20% post import curbs.
Ram Gopal Yadav (8 years ago)

The government import restriction on arhar, tur seems to have paid off with pulses prices rising by 20 per cent in the Mumbai wholesale markets. Traders, farmers and companies feel this is a positive trend ahead of the harvest of urad and moong pulses in Madhya Pradesh and Maharashtra, as prices have been ruling below the minimum support price fixed by the government. Weak and uneven rains in key pulses growing states were a concern for the trade which had led to the rise in prices. If the government allows export of pulses for the entire trade rather than only giving importers the benefit to export, prices can further increase. Further, if the government procures pulses which are soon going to be harvested at MSP rate, it supports the price. Also, the decision of the government to offload its 1.9 million tonnes of pulses buffer stock have an impact on the market.