CBOT soybean down on favourable US weather.
Ram Gopal Yadav (9 years ago)

Futures contracts of soybean fell on CBOT due to the recent favourable rains in key growing areas in the US, the world largest grower. Rains help in growth of the plant and may boost the yield of the crop. Forecast of favourable weather in the coming days also weighed on sentiment. The most-active August contract in electronic trade on CBOT traded at $9.8300 per bushel, down 0.6% from the previous close.

Jaipur mustard seed hits 1-mo high as supply falls.
Ram Gopal Yadav (9 years ago)

Mustard seed prices in Jaipur hit a one-month high up 30 rupees from previous close, on a fall in arrivals and due to improved demand from domestic oil millers and crushers. Seasonal demand for mustard oil has lifted seed prices. Supplies are lower as farmers are not ready to sell much of their produce at existing rates, as they expect prices to rise in the coming days.

India No decision yet on GM mustard commercial launch, Centre tells SC.
Ram Gopal Yadav (9 years ago)

No decision has been taken so far on clearance to commercial release of genetically modified mustard seed in India. The Centre submitted before the court that on Jul 24 it will file a detailed report on how it plans to go about the launch, including a tentative date by which the decision is likely to be taken. India has so far not allowed transgenic seed in food crop, and cotton is the only crop where genetically modified seeds are allowed for commercial use. Genetic Engineering Appraisal Committee had cleared a genetically modified brinjal seed for commercial use, but the government had put a moratorium on its release.

Orissa government lifted stockholding limits on edible oils and oilseeds.
Ram Gopal Yadav (9 years ago)

The Orissa government has lifted stockholding limits on pulses, edible oilseeds and edible oils in view of the adequate supply and drop in prices. The stockholding limits on pulses have been lifted with immediate effect, as there is no shortage of pulses in the country and prices have fallen. Prior to the new order, a wholesaler was allowed to store upto 2,000 quintal of pulses, 1,000 quintal of edible oil seeds and 500 quintals of edible oils. Similarly, retailers were allowed to stock up to 50 quintal each of pulses and edible oil seeds and 20 quintals of oils.

India sugar prices up in key spot markets, down over 1% on NCDEX.
Ram Gopal Yadav (9 years ago)

Prices of sugar rose in the key wholesale markets of north India as supplies were disrupted due to religious processions on some routes connecting western Uttar Pradesh to the national capital. Sugar prices also inched up in the key spot markets of Maharashtra as millers quoted higher prices. On the National Commodity and Derivatives Exchange, however, sugar futures were in the red due to expectations of higher sugar output in 2017-18 (Oct-Sep).

Govt asks Uttar Pradesh to change sugarcane pricing policy.
Ram Gopal Yadav (9 years ago)

The consumer affairs ministry has asked Uttar Pradesh government to change the pricing policy of sugarcane and implement the revenue-sharing model. Under the revenue-sharing formula, the total revenue generated from the cane-sugar value chain is shared between farmers and millers in the ratio of their relative costs in producing cane at the farm level and converting it into sugar and its by-products at the factory level. There is no link between cane and sugar prices under the current pricing policy followed by the state. For 2016-17 (Oct-Sep), price of cane in Uttar Pradesh, higher than fair and remunerative price, was raised by 25 rupees per 100 kg to 305 rupees. For 2017-18, government raised fair and remunerative price of cane to 255 rupees per 100 kg, linked to a basic recovery rate of 9.5%. For each 0.1% increase in recovery rate over and above 9.5%, the fair and remunerative price would be increased by 2.68 rupees per 100 kg. The fair and remunerative price of cane is the minimum price that sugarcane farmers across the country are guaranteed. It is fixed by the Centre, on the recommendations of the Commission for Agricultural Costs and Prices.

EU 2017-18 sugar output seen up 20% at 20.1 million tonne.
Ram Gopal Yadav (9 years ago)

European Commission has forecast output of white sugar in the European Union at 20.1 million tonne for 2017-18, up 20% on year. While sugar imports are expected to halve to 1.5 million tonne due to a likely drop in prices of white sugar, European Commission sees sugar exports from the European bloc doubling to 2.8 million tonne in 2017-18.

NCDEX chana hits 4% lower limit as arrivals double.
Ram Gopal Yadav (9 years ago)

Chana future contracts on the NCDEX hit the 4% lower limit as arrivals of the commodity in the local market doubled while demand from dal millers was low. Expectations of demand ahead of festivals are likely to restrict sharp fall in the pulse prices.