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.

India soybean eases; import duty talk lifts soyoil, CPO.
Ram Gopal Yadav (9 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 (9 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.

Iran achieve self-sufficiency in sugar production within next four years.
Ram Gopal Yadav (9 years ago)

Iran can achieve self-sufficiency in sugar production within the next four years provided domestic factories are equipped with up-to-date machinery. A record high of 1.65 million tons of sugar were produced in Iran in the last fiscal year (March 2016-17), which amount is unprecedented in the last 120 years. Iranians consume between 2.2 and 2.4 million tons of sugar a year and last year the import of more than 550,000 tons of the product was needed.

Fall in supply lifts soybean prices in Indore.
Ram Gopal Yadav (9 years ago)

Soybean prices in the benchmark market of Indore were up as arrivals slipped due to heavy rains. A pick-up in demand from oil millers and stockists, and slow progress of kharif sowing in the state also supported prices.

Malaysia CPO down on profit booking, CBOT soy cues.
Ram Gopal Yadav (9 years ago)

Futures contracts of crude palm oil fell on the Bursa Malaysia Derivatives as investors booked profits after prices hit a four-month high of 2,692 ringgits per tonne previous close. The most-active October palm oil contract was down 0.75% at 2,657 ringgits (39,859.66 rupees) per tonne. Decline in soyoil contracts on CBOT also weighed on palm oil prices. Prices of crude palm oil and soyoil move in tandem as both are used in the production of bio-fuels.