NAFED procures 59,700 tonne of 2016-17 chana from 4 states.
Ram Gopal Yadav (9 years ago)

The National Agricultural Cooperative Marketing Federation of India has bought over 59,700 tonne of chana from the 2016-17 (Jul-Jun) rabi crop as of Monday from farmers of Madhya Pradesh, Uttar Pradesh, Rajasthan, and Haryana under the price stabilisation fund. The agency has procured 14,213 tonne of the pulse from 25 centres set up in Madhya Pradesh, 1,144 tonne from two centres in Uttar Pradesh, and the rest from the Adampur centre in Haryana. The maximum amount of 20,560 tonne was procured in Rajasthan Bikaner district. Pace of procurement is slow in Uttar Pradesh and Haryana due to rains in the ongoing monsoon season.

NCDEX raises transaction fee for chana contracts effective Aug 16.
Ram Gopal Yadav (9 years ago)

The National Commodity and Derivatives Exchange Ltd increased the transaction fee on futures contracts of chana to 4 rupees per 100,000 rupees of turnover for an average daily turnover of up to 250 million rupees. The new transaction fee will be effective from Aug 16. Earlier, transaction fee for chana contracts were flat 2 rupees per 100,000 rupees.

CBOT soybean up on dry weather conditions in the US.
Ram Gopal Yadav (9 years ago)

Futures contracts of soybean were marginally up on CBOT due to dry weather conditions in some parts of Illinois and Iowa, the largest soybean producing states in the US Midwest. The good-to-excellent rating for the oilseed in the two states has declined in the last week. The most-active November contract on CBOT was at $9.7575 per bushel, up 0.3% from the previous close.

Indore soybean prices a tad up on low acreage
Ram Gopal Yadav (9 years ago)

Soybean prices rose marginally in the benchmark market of Indore in Madhya Pradesh due to slow progress of sowing in the state. Poor rainfall in the state so far in the southwest monsoon season has hit sowing operations and pulled down the area sown under soybean. Area under soybean has also declined as some farmers in the state have switched to cotton for better returns.

NCDEX Mustard seed futures add to gains; up Rs 5/a qtl.
Ram Gopal Yadav (9 years ago)

NCDEX Mustard seed prices edged further higher by Rs 5 in futures trading as speculators indulged in raising their bets on the back of strong sentiment at the spot markets. Widening of positions by players, tracking a firm trend at the spot markets on increased offtake by oil mills mainly kept mustard seed prices higher.

India in no hurry to grow GM food crops.
Ram Gopal Yadav (9 years ago)

The government is in no hurry to introduce genetically modified food crops in the country, three months after the sector regulator gave its nod to commercialization of GM mustard, because of widespread opposition from different quarters. The government has decided to examine all objections raised by scientists and farmers before taking a decision on genetically engineered (GE) mustard. Pursuant to recommendation of GE mustard by GEAC (Genetic Engineering Appraisal Committee), several representations and concerns have been raised by a wide range of stakeholders including scientists, policymakers, farmers and NGOs. The issues raised are manifold, like long-term health and environmental impact, herbicide tolerance, loss to honey bees and pollinators, outperformance of native varieties, no enhancement in yields, etc. All these issues are under examination.

India sugar prices stable in key spot markets; outlook bearish.
Ram Gopal Yadav (9 years ago)

Prices of sugar were largely unchanged in the key wholesale markets of the country due to lacklustre trade. Thin trade in the market can be attributed to the fear of government action to ensure enough supplies in the domestic market. The government is likely to allow import of 300,000-500,000 tonne sugar at zero duty to augment supply during the upcoming festival season.

Enough sugar for this year, assures ISMA.
Ram Gopal Yadav (9 years ago)

There are sufficient sugar stocks in India to take the country through the next sugar marketing year. This came amid reports that the government is contemplating another round of sugar imports to meet the anticipated high demand during the upcoming festival season. Sugar production fell below consumption in the 2016-17 marketing year. This had led to a surge in sugar prices, forcing the government to direct mills to maintain demand-supply balance and curtail the prices. The current prices are not higher than the previous year. The union government, which had increased the import duty on sugar to 50 per cent in July, is reportedly contemplating cutting it to 25 per cent and allowing import of sugar to augment supplies during the festival season.