India’s soymeal exports during November quadrupled to 248,000 tn from 61,000 tn a year ago, according to the SOPA of India.
The world’s biggest importer of edible oils bought 716,968 tonnes of palm oil last month, down 10.5 percent from a year ago, the Solvent Extracto Rs’ Association (SEA), a oilseed processors, said in a statement. India primarily imports palm oil from Indonesia and Malaysia and soyoil from Argentina and Brazil. India’s soymeal exports during November quadrupled to 248,000 tn from 61,000 tn a year ago, according to the Soybean Processors Association of India.
Gold prices reversed a two-day slide on Wednesday against the backdrop of a widely expected Federal Reserve Rate hike, and an unchanged outlook on the path of monetary policy tightening with three rate hikes expected in 2018. The Fed raised benchmark rates for the third time this year as widely expected, but maintained its outlook of three rate increases in 2018 on low inflation concerns. US data showed unemployment claims fell to 225 thousand in the week ending December 9, the fourth weekly decline in a row, from 236 thousand in the previous reading. US retail sales rose 0.8% in November past expectations of a 0.3% rise, and better than October’s 0.5% increase, revised higher from 0.2%.
The European Central Bank left its benchmark rate unchanged, reiterating its commitment to running an asset-purchase stimulus programme until at least next September. “Domestic price pressures remain muted overall and have yet to show convincing signs of a sustained upward trend,” European Central bank president Mario Draghi said in a press conference on Thursday, adding that an “ample degree” of stimulus is still needed.
Besides, ample stocks position on higher supplies from major producing belts of Chandausi in Uttar Pradesh too fuelled the downtrend. Looking into higher prices, the stockists and farmers who are having the stocks are liquidating in the market. Stock positions of mentha in MCX accredited warehouses were around 7722 drums which is same in comparison to the previous day, while in process were 552 drums which is 72 drums more against the previous day.
As per rabi sowing report from the government, the acreage of mustard, another major rabi crop, was at 59 lakh ha, down from 64 lakh ha a year ago. Rajasthan is the largest mustard growing state but the sowing pace is slower than last year at 20.6 lakh ha Vs 27.4 lakh ha. Mustard seed acreage across India during current rabi season may fall compared to last year as warm weather and moisture stress in Rajasthan hit sowing operations, said a senior official of agriculture ministry.
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