Indian soybean and soya oil ruled firm amid subdued, scattered buying and weak demand in soya meal. Soybean prices in markets across Madhya Pradesh were quoted at Rs 3950-4100 per quintal, given depletion of stock and prospect of improved buying, prospects for soybean and soya oil appears bright in coming days.
India will not raise the import duty on sugar for now, according to the Finance Ministry. A month ago the food minister said there was a consensus to raise the tax to 40 percent from 15 percent. Currently India is not importing sugar, as domestic prices are lower than global rates, making overseas purchases unattractive, traders said.
Australia's largest grain producing state Western Australia is likely to beat official forecasts for wheat output in the 2014-15 season by about 1 million tonnes, or 12 percent, wheat exporter of the country, CBH Group said. The state's wheat crop is expected to hit 9.4 million tonnes out of total grain production of 15.4 million tonnes.
Vietnam's 2014-15 coffee output could ease 1.3 percent from previous season to around 23 million bags due to a drought this year and torrential rain in recent months. Coffee trees suffered from a drought during the blossom and there's been too much rain recently that prompted fungus, so green cherries OF coffee have dropped.
Indian monsoon has triggered sowing/ trans planting of rice, although at a slower pace than last year. Monsoon is strengthened over key growing areas ofIndia. Area under rice sowing/ transplanting were 165.71 lakh hectares as on July 24, 2014, according to Agriculture Ministry. Total kharif sowing area is 533.18 lakh hc.
Uncertainty over a policy shift to crop subsidies in China, the world's top cotton producer and consumer, could spark a burst of demand for imported cotton between Sep- Dec. US cotton futures have tumbled to June 2012 lows this week amid a speculator sell-off due to the increasingly bearish supply-demand prospects.
Karnataka has achieved highest ever sugar production of 4.15 million tonnes in 2013-14 sugar season, is showing about 5 per cent higher sugarcane acreage for 2014-15, Indian Sugar Mills Association (ISMA) said. Sugar production in Karnataka is estimated to cross the current year’s historically highest production.
Brazil's 2015 coffee harvest may drop below 40 million bags, which would make it the country's smallest since 2009, according to a crop survey underway across world's largest coffee producer, the National Coffee Council said. Damage caused to arabica by a severe drought, output may fall to 40 million 60-kg bags.
