ICE raw sugar up as Brazil may lower tax on ethanol.
Ram Gopal Yadav (8 years ago)

Futures contracts of raw sugar on ICE rose to a two-month high of 15 cents a pound as Brazil may withdraw the recent hike in tax on ethanol, which would subsequently trigger demand for the bio-fuel. Brazil had last week increased taxes levied on gasoline by 0.41 Brazilian real per ltr and on ethanol by 0.2 Brazilian real. Millers in key cane-producing countries like Brazil have a choice between producing sugar and ethanol. The benchmark October raw sugar contract on ICE traded up 0.6% at 14.99 cents a pound.

India sugar prices down in key spot markets on low bulk demand.
Ram Gopal Yadav (8 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 (8 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 (8 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 (8 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.

India soybean eases; import duty talk lifts soyoil, CPO.
Ram Gopal Yadav (8 years ago)

Futures contracts of the edible oil basket traded mixed, as soybean and mustard closed lower while soyoil and crude palm oil were up on domestic exchanges. Soybean futures on the National Commodity and Derivatives Exchange closed 1.3% lower due to fall in demand at higher price levels as the commodity rose to a three-month high late last week. The government is considering increasing import duty on soyoil and palm oils to restrict the fall in domestic prices. Gains on Bursa Malaysia Derivatives also propped up prices on the Indian bourses. The most-active October crude palm oil contract on the Malaysian bourse ended up 0.75% at 2,675 ringgits (40,088 rupees) per tonne.

GM mustard commercial launch decision likely by Sep, govt tells SC.
Ram Gopal Yadav (8 years ago)

The Centre informed the Supreme Court that a decision on the commercial release of genetically modified mustard seed is likely to be taken in September, as farmers typically begin sowing the crop in October. If the decision is in favour of the release, then it will hear the plea against the commercial launch of genetically modified mustard seed in the second week of September. Right now, the government has only 15 kg of GM mustard seed, enough to cultivate about 10 ha, but the environment damage that these 15 kg seeds alone will do in the long run will be irreversible.

NAFED buys 52 tonne sunflower seed in Odisha so far.
Ram Gopal Yadav (8 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 (8 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.