Commodities Daily ReportAgricultural Commodities Thursday| April 25, 2013 www.angelcommodities.comContentNews & Market Highlights Chana Sugar Oilseed Complex Spices Complex Kapas/Cotton Angel Commodities Broking Pvt. Ltd. Registered Office: G-1, Ackruti Trade Centre, Rd. No. 7, MIDC, Andheri (E), Mumbai - 400 093. Corporate Office: 6th Floor , Ackruti Star, MIDC, Andheri (E), Mumbai - 400 093. Tel: (022) 2921 2000 MCX Member ID: 12685 / FMC Regn No: MCX / TCM / CORP / 0037 NCDEX: Member ID 00220 / FMC Regn No: NCDEX / TCM / CORP / 0302 Disclaimer: The information and opinions contained in the document have been compiled from sources believed to be reliable. The company does not warrant its accuracy, completeness and correctness. The document is not, and should not be construed as an offer to sell or solicitation to buy any commodities. This document may not be reproduced, distributed or published, in whole or in part, by any recipient hereof for any purpose without prior permission from “Angel Commodities Broking (P) Ltd”. Your feedback is appreciated on[email protected]Research Team Vedika Narvekar - Sr. Research Analyst Anuj Choudhary - Research Analyst [email protected][email protected](022) 2921 2000 Extn. 6130 (022) 2921 2000 Extn. 6132
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
MCX Member ID: 12685 / FMC Regn No: MCX / TCM / CORP / 0037 NCDEX: Member ID 00220 / FMC Regn No: NCDEX / TCM / CORP / 0302
Disclaimer: The information and opinions contained in the document have been compiled from sources believed to be reliable. The company does not warrant its accuracy, completene
correctness. The document is not, and should not be construed as an offer to sell or solicitation to buy any commodities. This document may not be reproduced, distributed or published, in who
part, by any recipient hereof for any purpose without prior permission from “Angel Commodities Broking (P) Ltd”. Your feedback is appreciated on [email protected]
Research Team
Vedika Narvekar - Sr. Research Analyst Anuj Choudhary - Research Analyst
Solvent extractors seek hike in import duty on refined veg oilWith cheaper import of refined palm oil hitting the business of loc
vegetable oil refiners, the Solvent Extractors Association has demand
an increase in import duty on refined oil to 12.5 per cent. At present, th
import duty on refined vegetable oils is 7.5 per cent, while it is 2.5 p
cent on crude vegetable oils. The duty difference between these two o
is only 5 per cent. “SEA has strongly once again represented to t
Government to kindly consider immediately to raise the import duty
refined oil by 5 per cent to 12.5 per cent to bail out the domestic refine
from disaster,” SEA President Vijaya Data said in a statement. TMumbai-based SEA said that its demand is in line with t
recommendations made by the Economic Survey and Tariff Commissi
to have a duty difference of 10 per cent between the two kinds
vegetable oils. ( Source: Business Line)
Expecting prices to surge, farmers hold back turmericSpot turmeric prices decreased in Erode due to lack of upcountry orde
“Exporters are waiting for new upcountry orders; so they are stayi
away from buying. Local traders are buying quoting lower price f
fulfilling their orders to the masala firms. Stockists have begun buyi
huge quantities. “Already they are holding stocks of over 10 lakh ba
and now they have decided to stock more,” said R.K.V. Ravishank
President of the Erode Turmeric Merchants Association. He said that t
turmeric cultivation in 2012 was meager and now, due to severe droug
no farmer is ready to grow turmeric. In fact, farmers have begun to sto
up turmeric expecting prices to touch Rs 15,000 a qtl. ( Source: Business Line)
Delay in fixing subsidy puts fertiliser firms in a spotThe delay in announcement of subsidy rates for de-controlled phospha
(P) and potassic (K) nutrients for the current fiscal has put the fertilis
industry in a quandary. While the new subsidy rates should have be
effective from April 1, fertiliser makers are currently tagging bags w
the maximum retail prices (MRP) of the last rabi season printed on them
This, even as it is expected that the Government would lower the subsi
rates in line with the fall in international prices. Currently, di-ammoniu
phosphate (DAP) is being imported into the country at a landed cost
around $520 a tonne, against $580. Likewise, imported muriate of pota
(MOP) is now being quoted at $430 compared with $490 a tonne la
year. Despite the fall in global prices, fertiliser firms are still printing thMRP for DAP and MOP at the last rabi season levels of Rs 24,000 and
17,000. ( Source: Business Line)
Rain to trim Brazil's sugar, ethanol outputBrazilian crop analyst Datagro lowered its estimates for Brazil's 2013/
cane crush and for sugar and ethanol output on Wednesday due to rai
early this year that will likely bring down the recoverable sugar levels
the crop. Datagro President Plinio Nastari said the center-south ca
crush should reach 584.5 million tonnes, down from his previo
estimate of 587 million. His sugar production estimate fell to 35.4 millio
tonnes from 36.6 million in March and his ethanol estimate fell to 24.
billion liters from 24.5 billion. Brazil's cane crop and sugar output will st
be record, surpassing last year's 536 million tonnes of cane and
million tonnes of sugar. ( Source: Reuters)
News in brief Rice Stock in Central Pool Kitty Stand 35.46 Million TonnesAs per data available from the Food Corporation of India (FCI) Rice stocks
in India’s central pool as of April 1, 2013 stand at around 35.46 million
tonnes, the highest ever for this time of the year, Current rice stocks are
about 6% higher than rice stocks of around 33.35 million tons recorded
during the same time last year, and about 2.5 times the buffer andstrategic norms of around 14.2 million tons required as on April 1, 2013.( Source: Agriwatch)
Chinese Palm Oil Imports up 1.1 Percent in MarchAccording to the Chinese customs authorities, China’s palm oil imports
increased by 5.43 percent to 1,487,788 tons in the first three months of
2013 compared to the last year same period. Meanwhile, Chinese palm
oil imports were 591,223 tons, up 1.13 percent on m-o-m basis. Crude
Palm Oil June contract at BMD ended lower at 2255 MYR/MT down 43
from previous settlement price. ( Source: Agriwatch)
Allahabad HC petitioned on cane arrearsA public interest suit was filed at the Lucknow Bench of Allahabad High
Court (HC) on Monday over sugarcane arrears on sugar mills in Uttar
Pradesh. It has been filed by Sardar V M Singh of Rashtriya Kisan
Mazdoor Sangathan. The petitioner has prayed for immediate settlement
of arrears, 15 per cent interest payment over delay and relief to cane
farmers on their loans until their dues were paid by the mills. The HC is
likely to hear the suit on April 24, sources told Business Standard. The
petitioner has also affixed a Supreme Court order, which says if the
arrears were not settled within 14 days, recovery certificates be issued
automatically, lest the officials be held responsible. It has named the
state and the cane commissioner as defendants. ( Source: Business Standard)
UP’s private sugar mills taste bitter pill Uttar Pradesh’s (UP) private sugar mills are faced with the double
whammy of mounting sugarcane arrears and police cases pertaining to
under- weighing and dues. While the sugarcane arrears of the 2012- 13
crushing season have crossed Rs. 6,150 crore, about 60- 65 firstinformation reports (FIRs) had been filed against the mills for under-
weighing and non- payment of cane dues. Majority of the FIRs pertain to
under- weighing during the procurement of sugarcane from farmers’
societies. “Only eight to 10 cases have so far been lodged against the
mills for the cane arrears,” a senior cane department official told
Business Standard. Such FIRs had been lodged in Moradabad, Meerut,
Muzaffarnagar and Baghpat districts. He added if the mills failed to clear
the dues “beyond a point”, recovery certificates (RCs) would be issued
against the defaulters and the sugar and molasses stocks could be seized
by the district administration for liquidation to settle the outstanding.
Under RCs, 10 per cent additional recovery is made as a penalty, which is
then deposited with the respective tehsil treasury. ( Source: Business Standard)
MP might miss wheat procurement target Inclement weather, coupled with the aggressive entry of private traders
into the wheat market, is likely to throw a spanner in the Madhya
Pradesh government’s record wheat procurement target of 11 million
tonnes ( mt) for this year. So far, the wheat procured from mandis stands
at only a third of the target. For this season, the crop in the state is
estimated at 16.2 mt. Traders are running out of wheat stocks and are
pre- empting buying wheat from the open market and selling it to flour
mills at higher prices. Flour mills don’t have substantial wheat stocks and
are keeping away from the market, as prices in the open market have
surged. The Food Corporation of India aims to procure 44 mt of from
various regions across the country. Of this, a quarter is expected to be
procured from Madhya Pradesh. Traders and sources in the government,
as well as in mandis, said farmers were holding on to wheat stocks,
anticipating higher prices. ( Source: Business Standard)