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.
Argentine rains hit wheat prospects.
Argentine rains hit wheat prospects.
India sugar down in north India as demand fades at high prices.
Prices of sugar fell in the key wholesale markets of north India as bulk demand faded at higher price levels. Sugar prices had risen over the last two days due to an increase in demand ahead of Raksha Bandhan and Janmashtmi. Buyers have already stocked enough supplies for festive season. Now that prices are high, there is depressed demand. In the key wholesale markets of Maharashtra, however, prices of the sweetener were stable amid lacklustre trade. Market players have a bearish outlook on sugar prices in the near term. The Centre may also consider giving millers and refiners more time to export refined sugar under the advance license scheme in a bid to ensure adequate supply in the domestic market.
CBOT wheat down as US crop damage concerns ease.
CBOT wheat down as US crop damage concerns ease.
Tamil Nadu sugar mills seek raw sugar from states with surplus.
Sugar mills in Tamil Nadu are keen on sourcing raw sugar from Uttar Pradesh and Maharashtra–the states that are expected to produce a surplus in 2017-18 (Oct-Sep) –in a bid to improve availability of the sweetener in the state. While the mills in surplus sugar-producing states are willing to produce and supply raw sugar to Tamil Nadu, high transportation costs would make it unviable. The mills have also urged the government to help cut their loss by restructuring their bank loans. Sugar production in Tamil Nadu in 2017-18 is likely to be even lower than the 2016-17 season because of successive years of meagre rainfall in the state, a drop-in cane acreage, and lower sugar recovery. Millers expect sugar output to fall to 600,000 tonne in 2017-18 from 1.05 million tonne in 2016-17.
Jordan bought 50000 tonnes wheat in tender.
Jordan bought 50000 tonnes wheat in tender.
Global food prices hit 31-month high in July: FAO.
Global food prices rose for a third consecutive month in July to hit the highest in 31 months, with hot and dry weather in North America and some other parts contributing to the situation. Average global food prices increased by 2.3 per cent in July against June, primarily driven by a sharp increase in the prices of rice, wheat, sugar, milk and cheese. FAO’s Food Price Index averaged 179.1 points in July, up by 3.9 points or 2.3 per cent from June. The latest rise put the Index nearly 16.6 points (10.2 per cent) above last year’s level and at its highest since January 2015.
CBOT corn down nearly 1% on hope of rains in US.
CBOT corn down nearly 1% on hope of rains in US.
US seeks to import more sugar from the Philippines.
The United States is planning to import more sugar from the Philippines after several exporters were not able to fill up their United States quota allocation this year, a development seen beneficial to the Philippines especially because local production is expected to improve this season. Philippines got additional sugar quota allocation of 63,830 metric tons (MT) from the US.
NCDEX maize down 1% on weak demand from bulk buyers.
NCDEX maize down 1% on weak demand from bulk buyers.
Soy prices in Indore extends fall as arrivals rise.
Prices of soybean in the key wholesale market of Indore extended fall due to a rise in arrivals. The fall in spot price of oilseed in the benchmark market also reflected on the futures contracts. The most active August soybean contract on NCDEX traded down 1.1% from the previous close.