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.

NAFED buys 52 tonne sunflower seed in Odisha so far.
Ram Gopal Yadav (9 years ago)

The National Agricultural Cooperative Marketing Federation of India has procured 52 tonne of sunflower seed under the price support scheme in Odisha as of Friday. The procurement drive, which started on Wednesday, is underway in Eram district and 72 farmers have benefitted from it. The agency has started procuring the crop from growers as market prices have fallen below the minimum support price of 3,950 rupees per 100 kg, inclusive of a bonus of 100 rupees. The agency has wound up its sunflower seed procurement in Haryana and Telangana.

CBOT soybeans drop on Midwest weather outlook.
Ram Gopal Yadav (9 years ago)

Chicago Board of Trade soybean futures fell on forecasts for cool weather in the U.S. Midwest that aid crop development in the region. Soymeal futures also weakened but closed above session lows after the September contract found support at its 100-day moving average. Soyoil rose on follow-through buying from a sharp rally.

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.