IGI Logo

RMSEED

· The Securities and Exchange Board of India has asked the National Commodity and Derivatives Exchange Ltd not to launch new futures contracts of mustard seed till further notice. For running contracts of mustard seed on the NCDEX, no new positions will be allowed to be taken and only squaring up of positions will be permitted.

· The government has imposed stockholding limits on all edible oils and oilseeds till Mar 31, according to an official notification. The government is likely to have imposed stockholding limits as a measure against the rise in prices in domestic markets ahead of the festival season in the country. · India's Import of vegetable oils during August 2021 is reported at 1,053,810 tons compared to 1,370,457 tons in August, 2020, consisting 1,016,370 tons of edible oils and 37,440 tons of non-edible oils i.e. down by 23%, according to SEA. The overall import of vegetable oils during November 2020 to August 2021 (10 months) is reported at 10,708,446 tons compared to 11,195,890 tons i.e. down by 4% compared to last year. · Production of canola in Canada is estimated to hit a 10-year low of 15.0 mln tn in 2021-22 Canada said. Export of canola is expected to be nearly 36% lower on year at 7.0 mln tn in the 2021-22 crop year. · Crushing of mustard seeds by oil millers declined over 31% on year to 550,000 tn in July, data from Marudhar Trading Agency. Mills had crushed 800,000 tn of the oilseed during the same period last year, and in June this year, they crushed 600,000 tn of mustard. Low arrivals in physical markets hit crushing operations.

· The government aims to produce 17.40% more mustard crop on year at 12.24 mln tn in 2021-22 (Jul-Jun) rabi season by encouraging farmers to bring more area under the crop, according to Farm Ministry Joint Secretary. · India's 2020-21 (Jul-Jun) mustard output is seen rising to 22.6% on year to 8.95 mln tn, according to a joint survey by the Central Organisation for Oil Industry and Trade and the Mustard Oil Producers' Association. Government estimated that mustard output during 2020-21 at 10.4 mln tn, against 9.1 mln tn a year ago. India's 2020-21 (Jul-Jun) mustard acreage was up by 6.7% on year at 7.3 mln ha as of 18th Jan., according to farm ministry data.

· The government has banned the blending of mustard oil with multi-source edible vegetable oils and prohibited its sales from July 1, according to a notification by the Food Safety and Standards Authority of India.

· India is likely to produce around 10 mln tn of mustard in 2020-21 (Jul-Jun), up by 35% from a year ago due to higher acreage and favourable weather conditions, according to the Solvent Extractors' Association of India.

· Traders expected that India's mustard output in the current crop year is likely to rise 15% to a record high of 8.5 mln tn.

· The government has fixed the minimum support price at 4,650 rupees per 100 kg for 2020-21 (Apr-Mar) marketing season against 4,425 rupees per 100 kg the previous year

SOYBEAN

· The southwest monsoon has further withdrawn from some more parts of Gujarat and Madhya Pradesh, most parts of Rajasthan, and whole of Delhi and Chandigarh, according to India Meteorological Department said.

· Farmers in the country have sown kharif crops across 112.2 mln ha in 2021-22 (Jul-Jun) season, as against 112.0 mln ha in the same period a year ago, data from the farm ministry. India's soybean acreage in the 2021-22 (Jul-Jun) kharif season remained unchanged at 12.2 mln ha.

· India's Import of vegetable oils during August 2021 is reported at 1,053,810 tons compared to 1,370,457 tons in August, 2020, consisting 1,016,370 tons of edible oils and 37,440 tons of non-edible oils i.e. down by 23%, according to SEA. The overall import of vegetable oils during November 2020 to August 2021 (10 months) is reported at 10,708,446 tons compared to 11,195,890 tons i.e. down by 4% compared to last year.

· Soymeal exports in August declined 64.7% on year to 30,000 tn, according to a release from the Soybean Processors Association of India. Overseas shipment of soymeal fell because of tepid demand from traditional buyers. During Oct-Aug, soymeal exports were at 1.92 mln tn against 772,000 tn during same period last year. While soymeal production fell in August to 319,000 tn from 524,000 tn a year ago, it was higher at 7.3 mln tn during Oct-Aug as against 6.1 mln tn during the same period a year ago.

· The government allowed the import of 1.2 mln tn of genetically-modified soymeal till Oct 31 to augment supply in domestic markets to cool off domestic soybean prices along with to support poultry industry.

· India's oilmeal exports plunged 4% on year to 164,831tn in August, according to data released by the SEA. Exports of soymeal were down by 81% on year at 10,975 tn compared to previous month.

· The government has slashed import duty on crude palm oil, refined, bleached and deodorised palm oil, palmolein, palm stearin and other palm oils with effect from Wednesday until Sep 30. Govt cuts import duty on crude palm oil to 10% and RBD palm oil & RBD palmolein to 37.5%.

· The government has fixed the minimum support price of soybean for 2021-22 at 3,950 rupees per 100 kg, up from 3,880 rupees last year

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at www.geojit.com
SEBI Registration number is INH200000345

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer