NAFED to launch platform for online auction of pulses.
Ram Gopal Yadav (8 years ago)

National Agricultural Marketing Federation of India launch an online platform later this month to dispose the huge stocks of pulses piled up from last year kharif season. The pulses were procured by the government for creation of buffer stocks. Registered traders can purchase and sell various agricultural commodities including pulses by bidding for the prices through an open auction system. Department of Consumer Affairs set the base price for the auction of pulses procured for buffer stocks through the portal, and the government not charge any transaction fees on it. For all other commodities, traders have to take part in an open auction and transaction charges levied on them.

Urad prices unchanged in Jalgaon on subdued trade.
Ram Gopal Yadav (8 years ago)

Prices of urad were unchanged in Jalgaon, Maharashtra, because of subdued trade. Likely better output in the kharif season, however, did not have any impact on the prices. Sowing of the grain in the ongoing kharif season across the country was at 3.44 million ha, compared with 2.54 million ha a year ago.

Delhi Moth, arhar rise on stockists buying.
Ram Gopal Yadav (8 years ago)

Prices of moth and arhar rose by up to Rs 150 per quintal at the wholesale pulses market on revival of buying by stockists following uptick in demand from retailers. Fresh stockists buying on the back of pick up in demand from retailers, mainly led to the rise in moth and arhar prices.

India sugar down in north India as demand fades at high prices.
Ram Gopal Yadav (8 years ago)

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.

Tamil Nadu sugar mills seek raw sugar from states with surplus.
Ram Gopal Yadav (8 years ago)

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.

Global food prices hit 31-month high in July: FAO.
Ram Gopal Yadav (8 years ago)

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.

US seeks to import more sugar from the Philippines.
Ram Gopal Yadav (8 years ago)

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.

Soy prices in Indore extends fall as arrivals rise.
Ram Gopal Yadav (8 years ago)

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.

India edible Oil down; soybean ends 1.7% lower tracking CBOT cues.
Ram Gopal Yadav (8 years ago)

Futures contracts of all components in edible oil basket were trading down on domestic exchanges tracking weakness in global markets. Soybean futures on the National Commodity and Derivatives Exchange closed 1.7% down for the fourth consecutive session tailing losses in Chicago Board of Trade. Tepid buying at higher price level pulled prices lower. Refined soy oil futures on the NCDEX and crude palm oil on the MCX declined due to adequate stocks in wholesale markets. Expectations of a duty hike on imports of edible oils cushioned any sharp fall in prices.