Soybean closed more than 1.3% lower on Monday on concern about demand from the feed industry and normal monsoon prediction by IMD which encourage stockists to sell old crops. Demand from the poultry feed manufacture is expected to slow down during the summer season. Millers are also unsure about increase demand for meal exports to china. Govt. is taking up the issue with China to remove restrictions on Indian soymeal. As per the Directorate of Soybean Research, output of soybean in the country is likely to increase to 140 lt in 2018-19 (Jul-Jun) kharif season compared with 117 lt last year as more area is expected to come under the crop following forecast of normal monsoon while acreage is expected to go up by 10 lakh ha (lh) on year to 115 lh in 2018-19.
Mustard May futures closed lower on Monday due to profit booking by the market participants on concern over sufficient stocks in the domestic market. Prices are under pressure due to higher stocks with the farmers and oil mills. As per SEA data, the export of rape oilmeals during March 2018 is provisionally reported at 23,499 tons compared to 52,071 tons in Feb 2018, i.e. down by 55%
Government has increased base import prices of all edible oils, according to an official notification. For the second fortnight of April, the base import price of crude soy oil was hiked by $14 to $824 per tn. Higher import duty and increase in tariff value during the current calendar year is making imports expensive.
Malaysia’s Palm Oil exports rose 2% for the period April 1-20 versus the corresponding period last month, inspection company AmSpec Agri Malaysia on Friday. Malaysia, the world’s second largest palm producer and exporter, would resume export duties on crude palm oil after four months of tax exemptions and set its crude palm oil export tax at 5% for May, according to the Malaysian Palm Oil Board. Malaysia’s palm oil production for April is expected to rise in line with seasonal trend. It last rose 17.2% on-month to 1.57 mt in March, its highest March production since 2000.
Chana May futures down 2.1% on Monday on concern over higher stocks in the domestic market. Government is trying to support farmers by buying at MSP. Madhya Pradesh and Chhattisgarh government announce bonus for Chana procurement over an above this MSP prices. Pulses imports rose 18% in volume during the April-February 2017-18 period at around 1.34 lt against the corresponding previous year’s 1.13
ICE cotton touch its highest level in seven weeks on Monday but closed lower due to stronger dollar and low demand, ahead of the first notice day for the May contract. The US cotton crop was estimated at 9% planted on Sunday. Planting progress moved just 1% during the week, and lag last year’s 11% and the average pace at 10%. Wet conditions in the Southeast were an issue. All upland cotton export sales were reported at 290,248 RB for the week of 4/12 up by 61.83% on week and 28.28% on year. New crop sales were shown at the second largest this Marketing Year at 229,791 RB.
Jeera futures fell more than 1% on Monday due to profit booking by the market participants after it rise about 7% in last three weeks. The price was earlier supported by lower arrivals and anticipation of improve in export and domestic demand.
This post first appeared on After Italy Verdict Gold Trades Higher On Safe-haven Demands; Silver Down, please read the originial post: here