NCDEX marks 4,240 tonne mustard for staggered delivery.
Ram Gopal Yadav (9 years ago)

The NCDEX has marked 4,240 tonne mustard seed for staggered delivery in the July contract. The bourse has also marked 1,720 tonne of cottonseed oilcake, 840 tonne of castor seed, 550 tonne of soybean, 528 tonne of jeera, 430 tonne of guar gum, 420 tonne of coriander, 250 tonne of barley, 190 tonne of maize, 150 tonne of guar seed, 25 tonne of turmeric and 20 tonne of wheat for staggered delivery in the July contract.

NCDEX mustard seed down on weak export demand for oil.
Ram Gopal Yadav (9 years ago)

Futures contract of mustard seed was down on the NCDEX, due to sluggish demand for mustard oil from overseas buyers. On the NCDEX, the most-active August contract traded down 0.24% from previous close. A fall in stocks at the exchange warehouses, however, cushioned fall in prices.

NAFED procures 4,359 tonne sunflower seed.
Ram Gopal Yadav (9 years ago)

The National Agricultural Cooperative Marketing Federation of India procured 4,359 tonne of rabi sunflower seed as of Tuesday. The procurement drive, which began last month, is underway in the Ambala, Sahabad, Ladwa, and Pehowa districts of Haryana, under the price support scheme. About 2,453 farmers have sold their produce to the agency. The agency is procuring the oilseed from growers at the minimum support price of 3,950 rupees per 100 kg, including a bonus of 100 rupees, as market prices are below this level.

Maharashtra buys record high of 673,476 tonne tur, pays 33.4 billion.
Ram Gopal Yadav (9 years ago)

The Maharashtra government has procured a record high of 673,475.6 tonne tur from Dec 15 to Jun 12, for 34.01 billion rupees. Of the total amount, 33.41 billion rupees have been paid to the farmers. Tur was procured from 354,417 farmers from 323 centres at a minimum support price of 5,050 rupees per 100 kg, including a bonus of 425 rupees. The state government has also proposed to the Centre that the import duty on tur be increased to 25% from 10%, in order to support the prices in the domestic market.

Maharashtra scraps chana stock-holding limits with immediate effect.
Ram Gopal Yadav (9 years ago)

The Maharashtra government has scrapped stock-holding limits on chana with immediate effect, thus removing such cap from entire pulses complex now. In June, the state had removed the stock limit on all pulses expect chana. Withdrawal of stock limits on pulses is aimed at boosting procurement by traders and stockists, which would support prices, particularly of tur which continues to sell below the minimum support price.

Sugar prices down in Delhi, flat in Maharashtra.
Ram Gopal Yadav (9 years ago)

Prices of sugar fell in the key wholesale market of Delhi as demand faded at higher price levels as as supply was disrupted by religious processions on some routes connecting western Uttar Pradesh to the national capital. Medium-grade sugar was sold in Delhi, down 60 rupees from previous close. Prices of sugar in the key spot market of Mumbai, however, were stable at amid thin trade.

India markets on a sugar rush, stocks rise 2-10%.
Ram Gopal Yadav (9 years ago)

Shares of sugar companies were on a high, rallying between 2 per cent and 10 per cent on Thursday after sugar prices on the National Commodity and Derivatives Exchange (NCDEX) got locked in an upper circuit. Centre looks to fix sugar problem in Uttar Pradesh, orders Yogi government to implement Rangarajan formula. After fulminating against errant sugar mills for not paying farmers their dues, the UP government may finally address the real problem of forcing sugar mills to pay too much money to sugarcane farmers. All states, and UP is the guiltiest, fixed a State Administered Price (SAP) that was higher than the FRP, and that was the genesis of increasing farmer arrears. While the UPA had come out with the Rangarajan formula on revenue-sharing between the mills and farmers, states like Maharashtra and Karnataka accepted this, but UP did not. As FE pointed out, over the past five years, UP’s sugarmills paid around Rs 19,000 crore extra to the farmers as compared to a situation where the Rangarajan formula had been adopted. In the season beginning October 2017, the FRP is Rs 255 and the SAP Rs 305—given the current recovery levels of 10.61%, the gap is a much lower Rs 20 per quintal. So, if Yogi Adityanath is able to make the transition quickly, farmers will adapt to the new model—if the sugar cycle changes, as it does from time to time, the sugar mills will not be forced to pay out extra and this will not, once again, lead to the old arrears-agitation-crackdown cycles.

Over half of India faces sugar crunch despite stock carryover, bumper crop
Ram Gopal Yadav (9 years ago)

Deficient monsoon rain so far has threatened recovery in sugar production this season, the second year in a row, pushing sugar prices to a three-month high in the past few weeks. 14 states and Union Territories with a huge sugar consumption base are currently facing supply shortage due to low output last year. Despite growing consumption, a number of these states do not produce sugar at all. 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.