Chana up on high demand, positive trend in tur.
Ram Gopal Yadav (9 years ago)

Prices of chana rose in Delhi because of demand from dal millers ahead of various festivals, as well as a positive trend in tur in the last two-three days. Tur prices in key markets have been rising following the government decision to cap import of the commodity at 200,000 tonne a year. The most active September contract of chana on NCDEX was down 0.2%.

Govt may allow 300,000-500,000 tonne sugar import at 25% duty.
Ram Gopal Yadav (9 years ago)

The government is likely to allow import of 300,000-500,000 tonne sugar at a concessional import duty of 25% to augment supply during the upcoming festival season. The proposal to this effect (allowing import at 25% import duty) might be put up to the Cabinet for approval later this week. Government was planning to tweak the conditions of advance licence scheme giving more time to sugar mills and refineries to fulfil the obligation of re-exports.

India sugar tad up in Delhi on demand from northeast; flat in west.
Ram Gopal Yadav (9 years ago)

Prices of sugar remained largely flat across markets barring north India, where prices inched up due to improved demand from north-eastern states. Most of the demand is coming from north-eastern states as markets in the western region were largely shut due to Raksha Bandhan festival and Lunar eclipse, which is considered inauspicious among traders. Government warning of re-imposing stock limits if prices rise further seems to have kept traders cautious and away from aggressive trade.

Tamil Nadu seeks Centre help to source sugar from UP.
Ram Gopal Yadav (9 years ago)

Tamil Nadu sugar mills want 600,000 tonnes from mills in Uttar Pradesh for supply in the coming season but want central government help on the transport cost. Sugar output in Tamil Nadu has been declining for some years. With the deficient rain this season for the fourth year in a row, mills in Tamil Nadu are estimating only 550,000 or 650,000 tonnes of output for 2017-18, as against 2.4 million tonnes in 2011-12. In sugar season 2016-17, the state reported output at 1.05 MT, almost equivalent to its annual consumption. The UP mills agreed, but were uncomfortable with the transportation cost of Rs 3-3.5 a kg. Mills in Tamil Nadu cannot take this burden; it would inflate prices in the state. Therefore, seek involvement of Isma.

Soybean contracts up on NCDEX tracking CBOT.
Ram Gopal Yadav (9 years ago)

Futures contracts of soybean traded up on the NCDEX tracking the CBOT. The most-active August contract traded up 1.5% from the previous close. Contracts of soybean rose on the CBOT due to short covering by market participants after prices fell last week. Bargain buying by domestic oil millers and crushers after a recent fall in prices also supported contracts of soybean on the NCDEX.

Soybean acreage 9.9 million ha as of Thu, down 10% on year.
Ram Gopal Yadav (9 years ago)

Acreage under soybean across the country was at 9.9 million ha as of Thursday, down 10.4% from the year-ago period. Sowing under soybean fell this year following a decline in acreage in Madhya Pradesh, the largest soybean-producing state, due to poor rains in the last fortnight. In Madhya Pradesh, acreage of the crop was at 4.71 million ha, down from 5.36 million ha in the previous year. The area under soybean in the state is lower so far because farmers chose to sow other remunerative crops such as cotton, urad, and moong, as soybean fetched poor returns in 2016-17.

NCDEX mustard seed up on export demand for meal.
Ram Gopal Yadav (9 years ago)

Mustard seed contracts were up on the NCDEX owing to a pickup in demand for mustard meal from overseas buyers. On the NCDEX, the most-active September contract was trading up 0.81% from previous close. Seasonal demand for mustard oil during the rainy season also supported seed prices.

Groundnut acreage 3.5 million ha as of Thu, down 13% on year.
Ram Gopal Yadav (9 years ago)

Farmers in the country had sown kharif groundnut across 3.49 million ha as of Thursday, down 12.9% on year. In Gujarat, the largest producing state, groundnut acreage was 1.61 million ha, up 2.6% on year, following favorable rains in the state. However, a fall in area sown under groundnut seed in other key producing states of Andhra Pradesh and Karnataka, following deficit rains, pulled down overall acreage in the country.