Centre and sugar mills agree to cap cane price.
Ram Gopal Yadav (9 years ago)

14 states and Union Territories with a huge sugar consumption base are currently facing supply shortage due to low output last year. The government has asked Indian Sugar Mills Association (ISMA) to ensure that Mills do not increase prices as market prices were quoted at three-month highs. In response to the letter from ministry of consumer affairs to check prices.

India Cooperative sugar body asks mills to advance 2017-18 cane crushing.
Ram Gopal Yadav (9 years ago)

National Federation of Cooperative Sugar Factories has asked sugar mills to advance the cane crushing operations for 2017-18 (Oct-Sep) to early or mid-October to maintain adequate supply of sugar in the market. Mills start crushing cane by the end of October or the beginning of November. Demand for the sweetener is expected to rise significantly during major festivals starting from Rakshabandhan on Aug 7 and continuing till Christmas on Dec 25. Early crushing “would help availability of new sugar production to augment stock availability in the market which would help maintain current level of sugar prices. The sugar body had asked mills to offload maximum stocks to help curtail the soaring prices.

Philippines sugar output hits 2.485 MMT.
Ram Gopal Yadav (9 years ago)

The country raw sugar output in the current crop year has already reached 2.485 million metric tons (MMT), 11.03 percent higher than the 2.238 MMT recorded in crop year (CY) 2015-2016. Sugar Regulatory Administration (SRA) showed that the local sugar industry has produced 49.691 million 50-kilogram bags. Sugar production SRA revised target of 2.5 MMT for CY 2016-2017, which end on August 31.

USDA opens market to allow in more foreign sugar.
Ram Gopal Yadav (9 years ago)

USDA announced that it is opening up the U.S. market to an additional 414,000 tons of foreign sugar. The move was greeted warmly by the by U.S. food and candy makers, who have been clamoring for months for the USDA to allow in more sugar. The U.S. needs more sugar than it produces, but USDA tightly controls imports through a complex TRQ system. USDA each year sets an overall sugar import quota for 40 World Trade Organization countries, not including NAFTA partonneer Mexico. That quota for raw sugar is about 1.2 million tons and currently cannot be raised each year until April 1. The increase announced bring that up to roughly 1.5 million tons for fiscal year 2017, not including the sugar that Mexico is allowed to ship here.

India groundnut oil softens on reduced offtake.
Ram Gopal Yadav (9 years ago)

Groundnut oil prices fell at the wholesale oils and oilseeds market due to reduced offtake by stockists following easing demand from retailers. However, other edible and non-edible oils moved in a narrow range in limited deals and pegged at last levels. Reduced offtake by stockists due to fall in demand from retailers against adequate stocks position, mainly led to the decline in groundnut oil prices.

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

Prices of mustard seed were down in Jaipur due to an increase in arrivals amid subdued demand from stockists after prices rose for four straight sessions. Weak demand for mustard oil from overseas buyers also weighed on prices of the oilseed.

CBOT soybeans close lower as weather outlook improves.
Ram Gopal Yadav (9 years ago)

Futures contracts of soybean were down on the CBOT as weather in the US turned favourable for the crop. The heat wave that was expected to hit the crop in the soybean-growing Midwest region in the US has moved towards the northern part of the country. August soybean contract on CBOT was at $9.92 per bushel, down 1.7% from the previous close.