Prices of raw sugar globally are in a free fall for the last three-four months and a further downside is expected by next month. Prices of raw sugar on Intercontinental Exchange fell to a 16-month low of 12.53 cents per pound in the last week of June. Though prices rebounded to 14-cents-per-pound mark earlier this week, the gains were short-lived. In the main centre-south growing region (of Brazil), the proportion of sugarcane that is turned into sugar is set to increase to 48%, following a figure of 46.3% in the last crop year. Prices of the sweetener may slip further mainly due to expectation of bumper global production in the next season.
WASDE RICE OUTLOOK:
WASDE RICE OUTLOOK:
Govt OKs fumigation of pulses from Canada, France, US at India ports.
The government has exempted pulses imported from Canada, France, and the US from mandatory fumigation at port of origin. These countries have been allowed to fumigate pulses cargoes at Indian ports by paying only the fumigation fee. The relaxations have been granted to these countries in view of India bilateral relations with them. The exemption paves the way for continued pulses imports from these countries. For all other commodities, imported from other countries, the importers have to pay a high penalty in case fumigation is not done at the port of origin. The penalty is five times the inspection fee for the first default, seven times the inspection fee on second default and 10 times the fee on the third instance of default, or not meeting any conditions laid down under the plant quarantine norms. For subsequent defaults, the penalty increases exponentially. Traders have also been seeking a reduction in the inspection fee charged by the phytosanitary authority, as their cost on imports has increased by $2-3 a tonne due to the fee hike.
Assam kharif rice sowing down 33% on yr as of 12 July.
Assam kharif rice sowing down 33% on yr as of 12 July.
Gulbarga tur down on low buys, weakness across pulses.
Prices of tur fell in Gulbarga, Karnataka, due to weak demand. Weakness across the pulses band, especially chana, also weighed on the prices.
Pakistan could eat India’s share of basmati rice exports.
Pakistan could eat India’s share of basmati rice exports.
NCDEX to relaunch chana trade Fri, shifts delivery centre to Bikaner.
The National Commodity and Derivatives Exchange is set to relaunch futures trade in chana on Friday, after the Securities and Exchange Board of India gave its approval in this regard. According to the new contract, Bikaner in Rajasthan would be the main delivery centre, as opposed to Delhi in the previous contract.
Vietnam Food Association set the target for rice export at 5.7 MMT this year.
Vietnam Food Association set the target for rice export at 5.7 MMT this year.
Chana prices down in Delhi due to high supply.
Prices of chana fell in Delhi because of high arrivals even as demand remained steady. In Delhi about 750 tonne of chana arrived, nearly double of the daily average arrival of 375 tonne. In the key market of Bikaner in Rajasthan, prices were unchanged. Trade was sluggish due to lack of clarity over the filing process for goods and services tax. Also, Chana down in Indore market on low demand.
USDA Corn update.
USDA Corn update.
Madhya Pradesh procures 144,000 tonne of summer-grown moong in a month.
The Madhya Pradesh government procured around 144,000 tonne of summer-grown moong from Jun 10-Jul 10 at a minimum support price of 5,225 rupees per 100 kg, including bonus. The state government aimed to procure 150,000 tonne of the pulse, but it now pegs the procurement to be around 200,000 tonne by Jul 31.
Govt procures 38.6 mln tn rice so far in year to Sep, up 13.5% on yr.
Govt procures 38.6 mln tn rice so far in year to Sep, up 13.5% on yr.
Soybean up in Nagpur and Jalgaon.
Soyabean prices strong in Nagpur on increased demand from local crushing plants amid weak supply from producing regions. Notable hike in other soyabean mandis in the region because of weak monsoon and reported demand from South-based plants also jacked up prices.
GST hits sales of registred branded rice in Bengaluru.
GST hits sales of registred branded rice in Bengaluru.
Soybean prices rise in Indore on lower acreage.
Soybean prices rose in Indore, Madhya Pradesh, as area under the oilseed fell in the state. Prices of the oilseed also rose due to a surge in soymeal exports from the country. Export of soymeal rose 56.1% on year to 64,000 tonne in June.
Pakistan agrees to provide 25,000 MT of rice to Sri Lanka.
Pakistan agrees to provide 25,000 MT of rice to Sri Lanka.
NCDEX soybean declines nearly 3% on profit booking.
Futures contracts of soybean fell nearly 3% on the NCDEX due to profit booking, after prices rose to a near three-month high on previous close.
Egypt sees rice paddy production jumping to 6.5 mln tonnes.
Egypt sees rice paddy production jumping to 6.5 mln tonnes.
Edible oils slide on easing demand in Delhi.
Edible oil prices softened by Rs 50 per quintal at the wholesale oils and oilseeds market on easing demand from retailers. However, non-edible oils remained steady in thin trade. fall in demand from retailers against sufficient stocks position mainly led to decline in edible oil prices.
All-India cotton arrivals down at 12,200 bales as on 10 July.
All-India cotton arrivals down at 12,200 bales as on 10 July.
