Pakistan continues to increase its purchasing of soybeans with imports expected to reach a record 1.6 million tonnes during 2016-17 and 2 million tonnes during 2017-18. Higher imports are a reflection of a tariff structure that favors soybeans over soymeal and growing demand from Pakistan poultry sector. imports of edible oils are proving to be slower than forecast as higher prices curb demand and increased imports and crushing of canola and soybeans offset some of the need for edible oil imports. Imports of both palm oil and soybean oil are now expected lower, but Pakistan remains one of the largest vegetable oil importers. Continued demand for protein meal from Pakistan’s poultry feed sector is expected to push soybean imports to a record. Importers continue to source small quantities of soybean meal when pricing is favorable and imports are expected to reach 360,000 tonnes during the current marketing year based on imports to date and estimated bookings.
Centre allow trans-shipment service for cotton at Tuticorin port.
Centre allow trans-shipment service for cotton at Tuticorin port.
India maize futures down on spot cues, poor demand.
India maize futures down on spot cues, poor demand.
Pace Commodity takes delivery of 8,650 tn of cotton oilcake on NCDEX.
Pace Commodity takes delivery of 8,650 tn of cotton oilcake on NCDEX.
Chana futures up on NCDEX on demand from dal millers.
Futures contracts of chana rose on the NCDEX owing to improved demand from dal millers and stockists. On the NCDEX, the most-active September contract of chana traded up 0.33% from previous close. The government is planning to lift a decade-long ban on export of pulses, which is also seen supporting prices.
Global body sees India 2017-18 cotton export 930,000 tn, up 2% on year.
Global body sees India 2017-18 cotton export 930,000 tn, up 2% on year.
Govt limits tur import at 200,000 tonne to support prices.
The government has capped import of tur at 200,000 tonne per annum in a bid to to limit the fall in local prices. The restrictions apply until 2018. The import restrictions though not apply to the government import commitments under bilateral trade agreements and other pacts. The move comes in the wake of local tur prices falling to fresh lows due to a large crop. Robust government procurement also did not support prices. There were concerns that domestic prices may fall even further, as Africa is set to harvest a bumper crop this year, and the landed cost of the new African tur crop would be much lower than the domestic price. The government had earlier this year imposed 10% import duty on tur to check the fall in prices. The import duty, however, was not of much help, as tur is imported primarily from Myanmar and African countries, which can circumvent India import taxes due to bilateral pacts.
Cotton acreage at 11.4 mln ha as of Thu, up 18.5% on year.
Cotton acreage at 11.4 mln ha as of Thu, up 18.5% on year.
MMTC invites bids for sale of 3,734 tonne urad, 242 tonne tur.
MMTC Ltd has floated a tender to sell 3,734 tonne urad and 242 tonne tur. The pulses available at Chennai Central Warehousing Corp and National Collateral Management Services warehouse. Bids must be submitted on Aug 16, and opened the same day. The bids remain valid for acceptance till Aug 23.
MCX cotton rises on firm cues from global markets.
MCX cotton rises on firm cues from global markets.
Tur jumps 15% as govt caps import, may hit 5,000 rupee/100 kg by Sep.
Tur farmers seem to be breathing a sigh of relief as prices of the pulse have recovered 30% in the past six-seven sessions–15% in just two days since the government capped imports over the weekend. Government had restricted imports of tur to 200,000 tonne per annum, following which prices of the pulse surged by 400-500 rupees per 100 kg to cross 4,300 rupees in major markets. While trading activity remained subdued due to Raksha Bandhan and lunar eclipse, prices of desi tur rose to four-month high of 4,400-4,500 rupees per 100 kg at major trading centres such as Nagpur, Latur, and Akola in Maharashtra.
India traders want import cap on moong, urad.
Lentils traders in India have demanded that New Delhi extend to moong and urad the import restrictions that now apply to tur, seeking to ensure sufficiently remunerative prices for the two varieties of pulses. Some traders believe that prices of urad and moong, already ruling much below the state-set levels, will further come under pressure if overseas supplies are allowed to continue. The Commerce Ministry issued a notification, making changes in the import policy of tur (pigeon pea) by putting restriction of 2 lakh tonne in imports during a financial year. The restrictions apply until 2018. Although the trade still awaits clarification on transit cargo in the high seas and bound for Indian shores, it is also of the opinion that the move would protect local farmers. India is likely to harvest a bumper crop of both urad and moong.
Nafed to dispose pulses through e-auction.
With a view to disposing of huge stocks of pulses from the last year kharif procurement, Nafed would launch an e-auction platform where traders could sell and buy other agricultural commodities as well. The dedicated portal – www.nafed.agribazaar.com would make things easy for traders to do their business, reports Financial Express. Nafed is preparing customized guidelines for procurement, disposal, and processing of contracts for all the agricultural commodities and food products to be sold through e-platform.
NCDEX wheat end lower on lack of cues in spot.
NCDEX wheat end lower on lack of cues in spot.
Jordan tenders again to buy 100000 tonnes wheat.
Jordan tenders again to buy 100000 tonnes wheat.
EU wheat prices fall on firm euro, rising crop forecasts.
EU wheat prices fall on firm euro, rising crop forecasts.
Govt may allow 300,000-500,000 tonne sugar import at 25% duty.
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.
Iraq buys 50000 tonnes wheat in tender from Australia.
Iraq buys 50000 tonnes wheat in tender from Australia.
India sugar tad up in Delhi on demand from northeast; flat in west.
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.
FCI rice stocks up on export barrier, OMSS failure.
FCI rice stocks up on export barrier, OMSS failure.