NAFED procures 5,340 metric tonne of kharif urad in 3 states.

The National Agricultural Cooperative Marketing Federation of India has procured 5,340 metric tonne of urad grown during the kharif season in three states. The procurement under the price support scheme started last month and was underway in Rajasthan, Telangana and Karnataka. Rajasthan accounted for the maximum procurement at 4,292 metric tonne. Over 4,700 farmers have sold their crop to the agency. NAFED started procuring urad as market prices fell below the minimum support price of 5,400 rupees per 100 kg, inclusive of a bonus.

NAFED procures 7,394 metric tonne of kharif moong in 3 states.

The National Agricultural Cooperative Marketing Federation of India has procured 7,394 metric tonne of moong grown in the kharif season under the price support scheme in Telangana, Karnataka and Rajasthan. Over 6,000 farmers have been benefitted from the procurement drive that started mid September in Telangana, and later extended to Karnataka and Rajasthan. NAFED started procuring moong as market prices fell below the minimum support price of 5,575 rupees per 100 kg, inclusive of a bonus.

Farm minister says rabi pulses output may offset drop in kharif crop.

Production of rabi pulses in India is expected to offset the fall in output during the kharif season. In its first advance estimate for 2017-18 (Jul-Jun), the government pegged kharif pulses production at 8.71 metric tonne, down 7.5% on year. Last year, we produced around 6.5 metric tonne more pulses. If pulses in the Kharif (this year) somehow lagged, we may try to compensate it in rabi season. In 2016-17, India produced 22.95 metric tonne of pulses, higher than 16.35 metric tonne the previous year.

Soybean down on CBOT after hitting 3-mo-high.

Futures contracts of soybean on CBOT were down in electronic trade after hitting three-month high of $10.0325 a bushel. The fall in prices of the oilseed were due to strength in the dollar against the euro. The most-active November contract of soybean on CBOT was at $9.9475 per bushel, down 0.6%.