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Gold Silver Reports — India is considering a cut in import duty on sugar from the current 40% owing to increasing inflation and downward revision of production targets by sugar mills, government officials said. India is the world’s biggest aggregate consumer of the sweetener and often imports the commodity when local output falls, to prevent prices from soaring.
Gold Silver Reports – According to market sources, the USDA will issue their Prospective Plantings Report on March 31st. This is their first acreage estimate based on farmer surveys and there is always a lot of speculation at this time of the year as to what the report may say.
Gold Silver Reports — US officials have indicated that there is likely to be possible stagnation in Indonesias palm oil exports, with importers seeing better value in rival vegetable oils. The US Department of Agricultures Indonesia bureau, in its first forecasts for palm oil output in the worlds top producing country in 2017-18, pegged it at a record 36.5m tonnes, a rise of 2.5m tonnes year on year.
Gold Silver Reports — Bargain buying was seen in jeera market on the account of recovery in exports demand along with seasonal demand by processors companies. The sources stated that most of the exporters have witnessed strong buying at lower levels. However, as per market sources, the total jeera production in the current year are projected at 54000 tonnes against 42000 tonnes reported last year.
Gold Silver Reports — According to the Agricultural Policy Secretary for the Brazilian Ministry of Agriculture, the GDP of the Brazilian agricultural sector is projected to be R$ 548 billion in 2017 or 3.2% more than 2016. Higher grain production and increased fruit and food production, are contributing to the increase. In 2017, the overall revenues from Brazils main grain crops are expected to increase 6.3% while livestock revenues are expected to decline 2.5%.
Gold Silver Reports — Pepper Arrivals Rising In Vietnam — The global pepper market showed a mixed response during the last week. In Vietnam, the prices have moved up after continuous decrease, following increased arrival of new material from current harvest. Local price of black pepper in HCMC increased almost daily from VND 98,500 per Kg at the beginning of the week to VND 103,500 per Kg at the week’s close.
Gold Silver Reports — Jeera Extends Losses At Unjha Mandi — Jeera extended their losses in Unjha mandi due to new supplies. The spot prices of jeera decreased by Rs 100 per quintal today to trade at Rs 16200-16800 per quintal at Unjha mandi with total arrivals of 12000 bags against demand of 6500 bags.
Gold Silver Reports — The government is continuing its pulses procurement at a generous pace. The pulses procured and imported by the designated agencies are stored in their own godowns as well as godowns hired from CWC/SWC/Private parties. The storage capacity available with FCI, CWC, SWC and other state agencies along with private warehouses available in the country are adequate for storing the buffer stock of pulses.
Gold Silver Reports — Sharp decline in demand and overseas competition are expected to hit into Vietnam and India rice exports. The latest report of the US Department of Agriculture (USDA) India and Vietnam, the worlds leading rice exporters, may see overseas sales fall below previously expected levels due to slowing demand and rising competition from China.
Indias rice exports year could fall by 300,000 tons to only 10 million tons on slower pace and stronger competition in West Africa, the USDA said in its March report, putting it on a par with shipments expected from Thailand.
Gold Silver Reports — Technically MCX Cotton market is under short covering as market has witnessed drop in open interest by -16.15% to settled at 3966 while prices up 60 rupees.