India edible oil most down; soybean, mustard up on high demand.

Ram Gopal Yadav (7 years ago)

Futures contracts of most constituents in the edible oil basket, barring soybean and mustard, declined on domestic commodity exchanges. Shrugging off the previous session weakness, contracts of soybean on NCDEX closed 0.8% higher due to improved demand at lower prices in spot markets. Lower arrivals in key markets also boosted the prices. Arrivals were low as farmers are busy in sowing. Futures contracts of mustard on the NCDEX settled 0.5% higher bolstered by improved purchases in wholesale markets.

NCDEX marks 4,540 tonne soybean for staggered delivery.

Ram Gopal Yadav (7 years ago)

NCDEX has marked 4,540 tonne of soybean for staggered delivery in the July contract, which expire Thursday. The bourse has also marked 780 tonne of castor seed, 550 tonne of wheat, 415 tonne of guar gum, 310 tonne of mustard seed, 240 tonne of cottonseed oilcake, 171 tonne of jeera, 100 tonne of guar seed and 20 tonne of mustard oilcake for staggered delivery in the July contract. Staggered delivery is used to check any artificial rise in prices. Under this mechanism, sellers can indicate intention of delivery to the exchange during the tender period, currently a 10-day span before the contract expires.

NAFED buys 4,149 tonne sunflower seed so far in Haryana.

Ram Gopal Yadav (7 years ago)

The National Agricultural Cooperative Marketing Federation of India has procured 4,149 tonne of rabi sunflower seed. The procurement drive, which was started last month in the state, is under way in Ambala, Sahabad, Ladwa, and Pehowa districts under the price support scheme in Haryana. The agency is procuring the oilseed from the growers at the minimum support price of 3,950 rupees per 100 kg, including a bonus of 100 rupees, as market prices are hovering below this level.

African new crop tur prices at 4-year low as demand from India falls.

Ram Gopal Yadav (7 years ago)

Prices of new crop tur of the African origin have hit a four-year low due to muted demand from India following sufficient stock of the pulse. Tur prices in Indian spot markets are way lower than the minimum support price, thereby, hardly giving any incentives to importers to ship the pulse from African countries. The new crop African origin Matwara tur variety is sold at $425 per tonne on cost and freight basis, down from $900 per tonne in the year-ago period, while Kenya origin was sold at $390 per tonne from $850 per tonne. About 70-75% of tur from African countries are shipped to India, which is the largest producer and consumer of tur. Sufficient stocks of tur in India following bumper production, limited demand from the dal millers is seen creating bearish sentiment in the global market as the former is a key buyer for their produce.

India Govt allocates 8.4 billion rupees to states so far FY18 to up pulses crop.

Ram Gopal Yadav (7 years ago)

The government has allocated 8.35 billion rupees to states under the National Food Security Mission so far in 2017-18 (Apr-Mar), to boost production of pulses in the country. Of the total amount, the government has released 1.69 billion rupees so far to the states for implementation of the pulses programme. For the entire mission, the Centre has earmarked a total of 17.20 billion rupees for 2017-18. Production of pulses seeds in seed-hubs has also been taken up by the farm research body, Krishi Vigyan Kendras, and state agricultural universities.

NCDEX chana futures up tailing gains in spot prices.

Ram Gopal Yadav (7 years ago)

Chana futures rose 1% on the NCDEX tracking the rise in major spot markets. The most active September contract on the NCDEX was up 1% from previous close. In Bikaner, a key market, chana was quoted as 5,050 rupees per 100 kg, up 50 rupees from previous close.