Food and Consumer Affairs minister Ram Vilas Paswan has said that the country has sufficient sugar supply and there was no need to import it.The government was keeping a watch on pulses price and would increase import duty if required.
CGE of Sri Lanka seeks corn import permit for feed millers.
CGE of Sri Lanka seeks corn import permit for feed millers.
Pakistan banks asked to start sugar export process.
The State Bank of Pakistan (SBP) has asked authorised dealers (banks) to start processing applications for sugar exports. The SBP issued a circular that the process begins as per the instruction given by the Ministry of Commerce on July 2 for the export of 300,000 tonnes of sugar. Sugar mills are not satisfied with the limit of 300,000 tonnes set by the Economic Coordination Committee of the cabinet. They claim there is a glut-like situation in the domestic market. They demand that the limit on the export volume of sugar should be enhanced. Sugar prices recently increased in the domestic market as some parts of the country suffered shortages of the commodity. The SBP advised the authorised dealers to forward the requests of sugar mills to the director of the central bank Foreign Exchange Operations Department (FEOD) for approval.
USDA decreased its corn ending stock estimates for U.S by 1.322 MMT for 2017/18.
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).
Malaysia Jul palm oil output up 20.7% on month at 1.83 million tonne.
Malaysia crude palm oil production in July was up 20.7% on month to 1.83 million tonne, and palm oil exports increased 1.3% to 1.40 million tonne. Stocks of palm oil in Malaysia were at 1.78 million tonne at the end of July, up 16.8% on month. Crude palm oil stocks were at 936,438 tonne at the end of July, up 17.3% on month. Processed palm oil stocks, also rose 16.3% on month to 847,705 tonne. Biodiesel exports were at 50,580 tonne in July, up from 9,440 tonne sold overseas in June.
ICE cotton falls over 4% Thu on record US yield view.
ICE cotton falls over 4% Thu on record US yield view.
CBOT soybean futures gain on erratic weather in US.
Futures contracts of soybean traded higher on CBOT following weather vagaries in the US. The most active November contract on CBOT was at $9.7575 per bushel, up 0.3% from the previous close.
India coffee exports during Jan 1- Aug 9.
India coffee exports during Jan 1- Aug 9.
Sugar WASDE August Outlook
U.S. beet sugar production for the 2017/18 August-July crop year is increased by 89,500 short tons, raw value (STRV) to 5.131 million based on area and sugarbeet yield forecasts made by NASS in Crop Production report. Early-season production occurring in August and September is projected to constitute 10.7 percent of the total. Revised fiscal 2016/17 production of 4.998 million STRV incorporates the updated early season production. The projection for fiscal 2017/18 is 5.068 million STRV, up 80,000 from last month. Although NASS forecasts reduced area harvested for both Florida and Louisiana sugarcane, forecast yields in both states are up strongly over last year. Florida cane sugar production for 2017/18 is increased by 126,000 STRV to 2.126 million and Louisiana is increased by 26,000 STRV to 1.626 million. USDA increased the 2016/17 raw sugar tariff-rate quota (TRQ) by 269,724 STRV and extended the time under which the sugar can enter by an additional month to October 31, in the 2017/18 fiscal year. The Office of the U.S. Trade Representative allocated this amount and reallocated existing, but yet unshipped, raw sugar TRQ among supplying countries. It is estimated that an additional 148,470 STRV of TRQ raw sugar will enter in 2016/17 and 161,499 STRV in 2017/18. Sugar imported from Mexico is projected to increase by 103,932 STRV in 2016/17 after the Commerce Department increased the 2016/17 Export Limit but is reduced by nearly that same amount in 2017/18 due to lower beginning stocks in Mexico. Re-export imports of 25,000 STRV previously estimated to enter in 2016/17 are now projected to enter in 2017/18. High-tier tariff imports for 2016/17 are reduced to 10,000 STRV, based on the pace to date. Mexico 2016/17 sugar imports and deliveries for consumption are up fractionally based on the pace to date. Deliveries in 2017/18 are increased marginally to keep sweetener consumption per capita the same as in 2016/17. Exports to the United States in 2016/17 are increased by 88,949 MT to match the Export Limit increase made by the Commerce Department. These adjustments for 2016/17 imply a reduction in ending stocks of 86,577 MT. Exports to the United States for 2017/18 are residually projected at 1.466 million MT, an amount 94,091 lower than projected last month.
USDA Ups Soybean Yields, Lowers Price Forecast.
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.
Brazil July coffee export at 1.5 mln bags, down 8% YoY.
Brazil July coffee export at 1.5 mln bags, down 8% YoY.
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.