USDA sees Pakistan ’17-18 soybean import at 2 million metric tonne.

Ram Gopal Yadav (7 years ago)

USDA has projected Pakistan soybean imports at a record 2.0 million metric tonne in 2017-18 (Apr-Mar), compared with an estimated 1.6 million metric tonne last year. Lower import duty on soybean and higher duty on soymeal are resulting in higher imports of the oilseed in Pakistan. Improved demand from poultry industry and rising consumption of protein-rich food has been escalating imports of soybean, which is crushed to produce soymeal.

India Soybean ends 2.5% lower on high supply; CPO eases.

Ram Gopal Yadav (7 years ago)

Futures contracts of all components of the edible oil basket declined on domestic exchanges. Extending losses from the previous session, soybean on the National Commodity and Derivatives Exchange closed 2.5% lower owing to rising supply of the fresh crop in key markets. Weakness in key contracts on the Chicago Board of Trade also weighed on sentiment on the domestic exchange. Refined soyoil on the NCDEX fell 0.6%, while crude palm oil on the MCX was down nearly 1% due to lukewarm demand and higher imports ahead of an anticipated import duty hike.

India October mustard seed crushing up around 6% on month at 450,000 metric tonne.

Ram Gopal Yadav (7 years ago)

Mustard oil mills across the country crushed 450,000 metric tonne of the oilseed in October, up nearly 6% from last month. Crushing of mustard seed in October improved on month because of a pick-up in arrivals in wholesale markets, as growers sold the commodity to raise money to arrange agri-inputs to saw rabi crops. Since the beginning of the crushing season in February, oil mills have crushed about 4.8 million metric tonne of mustard seed, compared with total supply of 5.0 million metric tonne during the period.

NCDEX coriander dn 1% as supply rises in Ramganj market.

Ram Gopal Yadav (7 years ago)

Futures contracts of coriander traded over 1% higher on NCDEX as arrivals increased in the Ramganj mandi. Expectations of a sharp decline in sowing area during the ongoing rabi season owing to lower prices may cushion coriander futures from a major fall.

Krishnapatnam Port to receive 11,880 MT CPO on Nov 07.

Ram Gopal Yadav (7 years ago)

Around 11,880 MT of imported crude palm oil is expected to arrive at Krishnapatnam port, Andhra Pradesh, on Nov 07 via Parekh Marine shipping agency. In a bid to curb rising imports of edible oils, especially palm oil, soyoil and coconut oil, the government had in August raised import duty on crude palm oil to 15% from 7.5%. India is the largest importer of edible oils in the world and palm oil accounts for over 60% of the total import of edible oils by the country.

Malaysia CPO down noting losses on CBOT soyoil.

Ram Gopal Yadav (7 years ago)

Futures contracts of crude palm oil on the Bursa Malaysia Derivatives ended lower, taking cues from soyoil contracts on the CBOT. The prices of crude palm oil and soyoil typically move in tandem, as they are substitutes for each other. The prices also fell due to a strong ringgit against the dollar. A stronger ringgit makes buying palm oil more expensive for buyers holding other currencies.

Fall in arrivals lifts mustard seed prices in Jaipur.

Ram Gopal Yadav (7 years ago)

Mustard seed prices up in Jaipur, Rajasthan, due to a fall in arrivals coupled with renewed demand from domestic oil millers and crushers. Arrivals in Rajasthan estimated at 50,000 bags (1 bag = 85 kg) compared with 60,000 bags. Expectation of a hike in import duty on edible oils further supported mustard seed prices

Soybean prices down in Indore tracking fall on CBOT.

Ram Gopal Yadav (7 years ago)

Soybean prices in Indore down tracking weakness in CBOT contracts and on expectations of a rise in arrivals in the domestic market. In Madhya Pradesh, arrivals of soybean pegged at around 400,000 bags (1 bag = 100 kg) as against 350,000 bags. Soybean contracts declined because of selling by investors ahead of the global monthly supply-demand report by the US Department of Agriculture.