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.

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.

USDA opens market to allow speciality sugar under tariff rate quota.
Ram Gopal Yadav (9 years ago)

The Foreign Agriculture Service of the US Department of Agriculture has allowed export of 160,000 tonne speciality sugar to the US for 2017-18 (Oct-Sep) under the non-country specific tariff rate quota. This would allow export of speciality sugar from traders of all member countries of the World Trade Organisation. As there is stiff competition among suppliers, the quota of speciality sugar fills immediately. Therefore, Indian suppliers are advised to identify a US company with presence in the US who is supposed to apply to USDA for tariff free quota.