CBOT soybean up as USDA estimates fall in Oct output.

Ram Gopal Yadav (7 years ago)

Futures contracts of soybean were up on CBOT as the USDA has estimated an on-month fall in global soybean production in October. The most active January contract of soybean on the CBOT was at $9.86 per bushel, up 0.3% from the previous close. global soybean production in October is seen falling to 347.88 million metric tonne, against 348.44 million metric tonne in September. Prices also rose because of concerns over delayed planting in Brazil and Argentina due to dry weather conditions.

Maharashtra government to buy 100,000 metric tonne soybean from farmers

Ram Gopal Yadav (7 years ago)

Maharashtra has decided to procure 100,000 metric tonne of soybean from farmers in the state following reports of unrest among growers about depressed prices of the oilseed across the country. The move follows National Agricultural Cooperative Marketing Federation decision to procure a similar quantity of soybean from farmers. Prices are hovering 20-25% below the minimum support price of 3,050 rupees per 100 kg.

Jaipur mustard seed down on high arrivals, low demand.

Ram Gopal Yadav (7 years ago)

Mustard seed prices were down in Jaipur, Rajasthan, due to a rise in arrivals coupled with subdued demand from domestic stockists. Sowing activities have started in Rajasthan and Haryana and are likely to improve in coming days, thereby creating bearishness in the market.

Impaired math of sowing of rabi crops, Settling of mustard and gram.

Ram Gopal Yadav (7 years ago)

This time math of Rabi crops has become messy and enough time has passed for sowing of mustard. Therefore, sowing area of mustard and gram fixed to down. The Agriculture Department has set a target of sowing mustard in 26 lakh hectares area, out of which only 11 lakh hectares have been sown in mustard. This year, the department is still pursuing the mustard sown in 20 lakh hectares. Due to high temperature, sowing has affected due to lack of moisture into the soil. At the same time, the farmers are avoiding sowing due to lack of adequate electricity.

MCX CPO down 1% tracking losses on Bursa Malaysia.

Ram Gopal Yadav (7 years ago)

The futures contracts of crude palm oil on MCX fell 1% tracking losses on the Bursa Malaysia Derivatives, where futures fell due to weakness in soyoil prices on CBOT. The prices of soyoil and palm oil tend to move in tandem as they are used as alternatives in manufacturing bio-fuel. The most active November contract of crude palm oil on MCX traded at 541 rupees per 10 kg, down 1% from the previous close. A firm ringgit also dragged down the prices of the palm oil on the Malaysian bourse. However, prices are expected to recover in the near term in anticipation of lower crude palm oil production in Malaysia in coming months.

Soybean prices down in Indore on rise in arrivals.

Ram Gopal Yadav (7 years ago)

Prices of soybean in Madhya Pradesh benchmark market of Indore continued to fall because of rising arrivals of the oilseed. The most active December contract of soybean on the NCDEX was down 0.3% from the previous close. Arrivals of soybean are increasing as farmers want to raise cash to sow rabi crops.