Soybean down tracking CBOT cues; mustard unchanged.
Ram Gopal Yadav (9 years ago)

Futures contracts of most components of the edible oil basket, barring mustard, traded lower on domestic exchanges. Extending weakness from previous session, soybean futures on the National Commodity and Derivatives Exchange closed a tad lower tracking weakness in key contracts on Chicago Board of Trade. Fall in acreage under the oilseed in ongoing kharif season limited any sharp fall of prices. Refined soyoil futures on the NCDEX and crude palm oil on the Multi Commodity Exchange fell due to subdued demand at higher price level. Contracts of mustard on the NCDEX ended flat as gains due to domestic demand were negated by weak export demand for mustard meal.

NCDEX soybean contracts fall on CBOT cues.
Ram Gopal Yadav (9 years ago)

Futures contracts of soybean fell on the NCDEX tracking the Chicago Board of Trade. The most-active August contract on the NCDEX traded down 0.2% from the previous close. Contracts of soybean declined over 1% on the CBOT following reports that conditions for the crop in the US were getting favourable. A drop-in acreage of soybean across the country, however, cushioned sharp fall in price.

Mustard seed prices rise in Jaipur as supply down.
Ram Gopal Yadav (9 years ago)

Mustard seed prices in Jaipur were up for the second straight day due to a fall in supply coupled with seasonal demand from oil millers and crushers. Demand for mustard oil increases during the rainy season, thereby improving demand for the seed. Supply has declined as farmers are holding on to their produce because they expect prices to rise in the coming days.

Source says govt may lift ban on export of pulses to support prices.
Ram Gopal Yadav (9 years ago)

The government is planning to lift a decade-long ban on export of pulses in order to address the glut and support prices in the domestic market. India had banned export of pulses a decade ago when supply shortage had pushed prices of tur, urad, and moong to record-high levels. Since then, India production remained in a range of 17-20 million tonne, while consumption was stronger at 22-24 million tonne, thereby forcing the country to import pulses. In 2016-17, however, India is estimated to have produced over 21 million tonne of pulses, a record high. On top of that, imports have also surged to nearly 6 million tonne, leaving a surplus of 2-3 million tonne, a first in many years. Sources said the Centre is also considering a hike in import duty of tur from the current 10% and may mull imposing the levy on other pulses as well.

NCDEX chana up as arrivals halve in spot market.
Ram Gopal Yadav (9 years ago)

Futures contracts of chana on the NCDEX rose over 2%, tracking a fall in arrivals along with improved demand from dal millers and stockists. On the NCDEX, the most-active September contract of chana traded up 2.37% from previous close.

India sugar prices down in key spot markets on low bulk demand.
Ram Gopal Yadav (9 years ago)

Prices of sugar fell in the key wholesale markets of the country due to sluggish demand from bulk buyers. Prices are sluggish as there is a fear in the market that the government may allow more imports. The government is looking at the possibility of allowing duty-free imports barely weeks after it increased the import duty on sugar to 50% from 40%, as prices have started rising.

Food ministry sees 2017-18 sugar output at 23.5-24.0 million tonne.
Ram Gopal Yadav (9 years ago)

The food ministry expects sugar output in 2017-18 (Oct-Sep) at 23.5-24.0 million tonne, much below 25.1 million tonne projected by the Indian Sugar Mills Association. ISMA output projection of 25.1 million tonne is up 23.6% from the estimated 20.3 million tonne produced in 2016-17. Sugar output in Uttar Pradesh may rise to about 9.2-9.3 million tonne in 2017-18, up from 8.8 million tonne produced this year, while in Maharashtra, sugar production may rise to 7.3 million tonne, up from 4.2 million tonne produced in 2016-17.

India may give more time to export sugar under advance license scheme.
Ram Gopal Yadav (9 years ago)

The government may consider giving millers and refiners more time to export refined sugar under the advance license scheme in a bid to ensure adequate supplies in the domestic market if prices continue to rise in the run-up to Diwali. The government may raise time period from six months to 18 months or two years, depending on when the country has a sugar surplus. For the time being, the move would ensure enough supplies in the market. The advance licence scheme allows import of duty-free raw sugar, but on condition that the refined sugar produced from the imported sweetener will be exported within six months.