ICRA bullish on near-term sugar prices after import duty hike.
Ram Gopal Yadav (8 years ago)

Prices of sugar in the domestic market are likely to rise in the near term as import duty on the commodity has been hiked. In the last week of June, prices of raw sugar on the Intercontinental Exchange had slipped to a 16-month low of 12.53 cents per pound. The country sugar production is estimated to have fallen to around 20.3 million tonne in 2016-17 (Oct-Sep), sharply down from 25.1 million tonne a year ago.

Twin slump in sugar, oil puts pressure back on Brazilian mills.
Ram Gopal Yadav (8 years ago)

A steep decline in sugar and oil prices over the last six months has diminished the hope of financial recovery for a number of Brazilian mills, and could put new dealmaking in the sector on hold. Raw sugar prices in New York SBc1 were hovering around 13 cents per pound, down around 40 percent since the fourth quarter of 2016 to a level. At the same time, an ongoing slump in oil prices CLc1 LCOc1 has led state-controlled oil firm Petrobras (PETR4.SA) to repeatedly cut gasoline prices domestically. That has in turn pressured ethanol producers to follow suit since the two fuels were sold side by side at the pump. The price pressure on sugar and ethanol could cut short a nascent financial recovery for many Brazilian mills during a global sugar supply deficit in 2015 and 2016. It could also slow down talks between millers and potential investors and lead to more closures of indebted firms.

NCDEX to re-launch chana futures from Friday.
Ram Gopal Yadav (8 years ago)

To start with, September, October and November contracts available for trading, and the contract size will be 10 tn. The transaction charges for trading in chana futures in line with charges for commodities in list B, which is a flat rate of 2 rupees per 100,000 rupees of trade, till further notice.

STC invites bids for sale of 2,362 tonne imported urad.
Ram Gopal Yadav (8 years ago)

STC Ltd has floated a tender to sell 2,362 tonne of imported urad from the 2016-17 crop of Myanmar origin. Offers should be for a minimum quantity of 150 tonne. The commodity is at the Central arehousing Corp in Virugambakkam and Royapuram in Chennai. Bids must be submitted on Jul 26, and opened on the same day.

Jaipur mustard seed up on improved domestic demand.
Ram Gopal Yadav (8 years ago)

Prices of mustard seed in Jaipur, the benchmark market for the commodity, rose for the third consecutive day due to higher demand from domestic oil millers and stockists. In Jaipur, the oilseed was sold up 10 rupees from previous close. Lower arrivals also supported prices of the oilseed. Supplies have declined because farmers are holding on to their produce, as they expect prices to rise in the coming days.

USDA estimates 2017-18 Brazil soybean output at 105 million tonne, down 8%.
Ram Gopal Yadav (8 years ago)

The US Department of Agriculture Brasilia post has estimated Brazil soybean output at 105 million tonne in 2017-18 (Mar-Feb), down around 8% from 114 million tonne last year. The fall in the soybean production despite record area under the crop is primarily due to poor yields in 2017-18. Sowing of soybean in 2017-18 is seen at a record 34.4 million ha and it is over 1% higher than last year level in the country. The post forecasts soybean exports for 2017-18 at 62 million tonne, down about 3% compared to the previous year due to lower exportable supplies of the oilseed because of weak output and higher domestic consumption.

CBOT soybean down on profit booking by investors.
Ram Gopal Yadav (8 years ago)

After hitting a four-month high of $10.3250 per bushel in electronic trade on the CBOT, soybean contracts were down because of profit booking by investors. The most active August contract on the CBOT was at $10.2275 per bushel, down 0.6% from previouse close. Unexpected overnight rains across parts of mid-west US as well as over the Great Plains, coupled with forecast of more showers in the coming week led investors to book profits.

WASDE OUTLOOK OILSEEDS JULY:
Ram Gopal Yadav (8 years ago)

U.S. oilseed production for 2017/18 is projected at 127.0 million tons, up 0.2 million from last month, with increases for soybeans, canola, and peanuts only partly offset with a lower forecast for sunflowerseed and cottonseed. Soybean production is projected at 4,260 million bushels, up 5 million on increased harvested area. Harvested area, estimated at 88.7 million acres in the June 30 Acreage report, is up 0.1 million from last month. The soybean yield forecast is unchanged at 48.0 bushels per acre. Despite slightly higher production, 2017/18 soybean supplies are reduced 35 million bushels on lower beginning stocks. With projections for exports and crush unchanged, 2017/18 soybean ending stocks are reduced 35 million bushels to 465 million. Soybean exports for 2016/17 are projected at 2,100 million bushels, up 50 million, reflecting shipments and outstanding sales through early July. Soybean crush is reduced 10 million bushels to 1,900 million on lower projected soybean meal exports and domestic use. Soybean ending stocks for 2016/17 are projected at 410 million bushels, down 40 million from last month. The U.S. season-average soybean price is forecast at $8.40 to $10.40 per bushel, up $0.10 at the midpoint. Soybean meal prices are forecast at $300 to $340 per short ton, up $5.00 at the midpoint. The soybean oil price forecast is unchanged at 30 to 34 cents per pound. The 2017/18 global oilseed supply and demand forecasts include higher production, exports, and stocks compared to last month. Global oilseed production for 2017/18 is projected at 573.9 million tons, up 0.9 million mostly on higher forecasts for Ukraine sunflowerseed, India cottonseed, U.S. peanuts, and China soybeans. Partly offsetting is lower rapeseed production for Australia. Ukraine sunflowerseed harvested area is raised in line with revisions for 2016/17, resulting in a higher production forecast. Soybean production is raised for China due to increased harvested area. Global oilseed exports for 2017/18 are projected at 172.9 million tons, up 0.6 million mainly reflecting increased soybean exports for Brazil and Ukraine. Soybean exports are also raised for 2016/17 as higher exports for the United States and Paraguay are partly offset by lower exports for Brazil and Argentina. Global soybean imports are forecast higher principally for China where imports are projected up 2 million tons to 91 million in 2016/17 and 1 million tons to 94 million in 2017/18. Global oilseed ending stocks for 2017/18 are up 1.0 million tons to 104.5 million mostly on higher soybean stocks in China and South America.