USDA decreased its corn ending stock estimates for U.S by 1.322 MMT for 2017/18.
Brazil produces record amount of sugar in the 2nd half of July.
Brazil center-south region produced 3.41 million tonnes of sugar in the second half of July, the most for a 15-day period, as very dry weather allowed mills to work around the clock in the world largest cane belt. Mills allocated 50.33 percent of the cane to sugar production in the second half of July, versus 48.05 percent a year earlier.
USDA increased its world rice ending stock forecast by 0.398 MMT For 2017/18.
USDA increased its world rice ending stock forecast by 0.398 MMT For 2017/18.
Govt hikes import duty on crude, refined palm oil.
Crude palm oil to 15 per cent from 7.5 per cent. Refined to 25 per cent from 15 per cent. Soya and sunflower have been raised to 17.5 per cent from 12.5 per cent. The hike in import duty of crude and refined palm oil will help restrict cheaper imports from Malaysia and Indonesia and benefit farmers which are in distress due to fall in prices of oilseeds below minimum support price because of bumper production.
China projected 7.9 MT of cotton production in 2017-18.
China projected 7.9 MT of cotton production in 2017-18.
Edible oil to become costlier by 4-5% on import duty hike.
Edible oil and oilseeds are likely to become costlier by 4-5 per cent due to the government decision to raise import duty on crude and refined oil, with immediate effect.
Refined palmolein surges on rising demand.
Refined palmolein surged further at the Vashi oils and oilseeds wholesale market here on rising demand from retailers. While, castor seeds bold and castor oil commercial recovered slightly following mild offtake from shippers and soap industries. Groundnut oil and linseed oil maintained a stable trend due to lack of any large-scale buying.
Telangana farmers take to cotton in a big way insted redgram, chilli and turmeric Last year.
The increase in the extent of cotton cultivation this kharif in Telangana, up by over 26.5% compared to last year, has made the State government plan arrangements for the procurement of the fibre crop well in advance, keeping in mind the experience it had last year in the case of redgram, chilli and turmeric. The Agriculture Department has put the extent of cotton cultivation this season at 17.84 lakh hectares, more than half of the 34.42 lakh hectares covered by all crops so far, against 14.10 lakh hectares last year.
EU. Forecast for oilseed production was raised.
EU oilseed production in the 2017/18 season from 32.06 MMT to 33.03 MMT. The 2017/18 EU crop include 21.91 MMT of rapeseed (up 8% year-on-year), 8.5 MMT of sunseed (up 3%) and 2.62 MMT of soybeans (up 5.9%). The forecast for rape plantings increased from 6.60 Ml ha to 6.65 Ml ha (up 2% year-on-year), while that for soya plantings was raised from 0.95 Ml ha to 0.97 Ml ha (up 14.7% year-on-year). Sunflower planted acreage remains at last year level 4.13 Ml ha (up 1.1% from last season).
USDA Predicts Record Soybean Crop.
A record number of soybean acres planted this spring is projected to produce a record soybean harvest this fall despite challenging growing conditions across large sections of the Midwest. U.S. soybean production was pegged at 4.38 billion bushels, an increase of 2 percent from last year record setting output of 4.3 billion bushels. Harvested acres were projected at 88.7 million acres, up from 83.5 million in 2016. A record number of soybean acres planted this spring is projected to produce a record soybean harvest this fall despite challenging growing conditions across large sections of the Midwest. The large projected crop could shrink due to worsening drought conditions in key soybean growing regions, including Iowa and North and South Dakota. Iowa soybean harvest is projected at 557 million bushels on a per-acre average of 56 bushels. This is down from last year production of 572 million bushels and a 60.5 bushel-per-acre average. Crop conditions have deteriorated in many locations since the USDA completed its yield assessment.
Peas edge up on scattered demand.
Barring a rise in peas prices on mild demand from retailers, other pulses held steady at the wholesale pulses market in thin trade. Traders attributed the rise in peas prices to scattered demand from retailers.
Prices of pulses led by arhar and gram.
Spurted by up to Rs 300 per quintal at the wholesale market during the week amid pick-up in demand from retailers, driven by ongoing festive season against restricted arrivals from producing belts. Uptick in demand from retailers in view of festive season against tight stocks position in the market on fall in supplies from growing regions, mainly pushed up arhar, gram, urad and other pulses prices.
Sugar prices down in Delhi, steady in Mumbai.
Prices of sugar fell in the key wholesale markets of Delhi because of weak demand from bulk buyers. Millers have lowered prices of sugar to trigger demand. Sugar prices in Mumbai, however, were steady in a thin trade. Buyers are in a wait-and-watch mode. Everyone is waiting for government action. The government is likely to allow import of 300,000-500,000 tonne of sugar at zero duty to augment supply during the upcoming festival season.
Oilseeds WASDE August Outlook
U.S. oilseed production for 2017/18 is projected at 130.9 million tons, up 3.9 million from last month mainly due to higher soybean production. Soybean production is forecast at 4,381 million bushels, up 121 million on higher yields. Harvested area is forecast at 88.7 million acres, unchanged from July. The first survey-based soybean yield forecast of 49.4 bushels per acre is 1.4 bushels above last month but 2.7 below last year’s record. With higher production and lower beginning stocks, soybean supplies for 2017/18 are projected at 4,777 million bushels, up 2 percent from last month. U.S. soybean exports are raised 75 million bushels to 2,225 million on increased supplies and lower prices. Crush is reduced on lower global soybean meal import demand. Soybean ending stocks are projected at 475 million bushels, up 15 million from last month. The U.S. season-average soybean price for 2017/18 is forecast at $8.45 to $10.15 per bushel, down 10 cents at the midpoint. The soybean meal price forecast of $295 to $335 per short ton is down $5.00 at the midpoint. The soybean oil price is forecast at 31 to 35 cents per pound, up 1 cent on both ends of the range. U.S. changes for 2016/17 include higher exports, lower crush, and lower ending stocks. Soybean exports are raised 50 million bushels to 2,150 million on outstanding export sales and shipments through July. With lower crush only partly offsetting higher exports, ending stocks are projected at 370 million bushels, down 40 million from last month. Global oilseed production for 2017/18 is projected at 576.7 million tons, up 2.8 million, mainly on a 2.3-million-ton increase for soybean production. The higher U.S. forecast was partly offset with a 1.5-million-ton reduction for India based on the latest government planting data indicating lower harvested area. Soybean and canola production is projected down for Canada, where hot and dry weather conditions in the Canadian Prairies lowered yield prospects for both crops, and excessive rainfall in eastern Canada led to a lower soybean harvested area estimate. Other changes include increased sunflowerseed production for Russia, increased rapeseed production for the EU, and lower peanut production for India. Global soybean exports for 2017/18 are up 1.5 million tons as higher U.S. exports are partly offset by lower Argentina shipments. Beginning stocks for 2017/18 are raised based on lower crush and exports for Argentina for 2016/17. Coupled with higher production, 2017/18 soybean ending stocks are increased 4.3 million tons to 97.8 million.
WHEAT WASDE AUGUST OUTLOOK:
WHEAT WASDE AUGUST OUTLOOK:
ISMA says time ripe for Rangarajan in Uttar Pradesh cane price.
The time may be ripe to implement the Rangarajan formula for sugarcane pricing, read a central government letter to Uttar Pradesh in July, sking it to do away with the state-advised cane price. While the government and sugar industry seem to be on the same page in this regard, the move is unlikely to go down well with the state cane farmers. Farmers across the country, including those in Uttar Pradesh, have been demanding higher prices for their crops due to rising input costs. Although the Centre fixes cane price every year, some states like Uttar Pradesh, have been typically fixing a higher price for cane over the years to woo farmers, who comprise a chunk of the vote bank. The revenue-sharing formula recommended by the Rangarajan committee, set up during the United Progressive Alliance regime, entitles farmers to a price equivalent to 75% of the mills average realisation from sale of sugar and its by-products.
USDA says recent rains helped spring wheat crop.
USDA says recent rains helped spring wheat crop.
RICE WASDE AUGUST OUTLOOK:
RICE WASDE AUGUST OUTLOOK:
Nestle to reduce sugar and salt content in its products.
Nestle R&D Centre Singapore is committed to cutting down the sugar and salt content in its products by 2020. The food and beverage company is looking at reducing the sugar content by five per cent and salt by 10 per cent within the next three years.
NCDEX maize up 1% on low supply in spot markets.
NCDEX maize up 1% on low supply in spot markets.