Posts Tagged ‘importers’

Centre May Raise Coffee Package to Rs 802 Crores

Hello Friends here we come up with the Latest Agri Commodities updates from various parts of the globe.

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Centre may raise coffee package to Rs 802 cr

Centre may raise coffee package to Rs 802 cr

Centre may raise coffee package to Rs 802 cr:

The Centre is likely to increase the debt relief package for coffee growers to Rs 802 crore, 58 per cent more than the recommendations of Coffee Board, Union minister of law and justice, M Veerappa Moily said.

There are discussions at different stages to work out the package.

The figures of the total loan owed by the coffee industry to banks are Rs 1,700 crore.

The coffee board recommended a scheme for Rs 504 crore.

The coffee growers are in need of an urgent relief package, so as to give them a one-time life line to come out of the crisis.

The coffee industry is continuously facing low productivity due to drought of 2003 and 2004, which have had a domino effect on productivity.

In Other major Commodities Updates we can see how Corn, Soybeans advanced on the Speculation of excess rains which can delay the harvesting of crops”.

Corn, Soybeans Rally on Speculation Rains to Delay U.S. Harvest:

Corn and soyabeans advanced on the concern that higher-than-normal rainfall in parts of the U.S. may raise the risk of yield losses in the world’s biggest exporter of both crops.

Above average rainfall was forecast in producing states, including Iowa, Illinois, Nebraska and Indiana between Nov. 21 and Nov. 25, according to a U.S. Climate Prediction Center report dated Nov. 15.

The four states are among the biggest corn and soybean growing areas in the U.S. Corn for March delivery added as much as 0.9 percent to $4.0925 a bushel in after-hours electronic trading on the Chicago Board of Trade, and was at $4.09 as of 9:58 a.m. Singapore time.

Soybeans for January delivery climbed as much as 1.4 percent to $10.0125 a bushel in Chicago and last traded at $9.9475.

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Note : For More Latest Industry, Stock Market and Economy News and Updates, please click here

No Global food crisis even after India’s rice export ban :)

No Global food crisis even after India’s rice export ban :)

No Global food crisis even after India’s rice export ban 🙂

No global food crisis is on the cards on account of India’s rice export ban and possible high imports.

A reduction in exports from India and possible imports to the tune of two million tonnes plus is unlikely to spark another global food crisis.

The UN Food and Agriculture Organization (FAO) has said that drought in India may slash rice output in the world’s second-largest grower by about 18% this year, cutting global supplies available for importers.

India’s absence in the export market may curb supplies at a time when global stockpiles are forecast by the FAO to drop 3 % to 117.4 million MT by the end of the 2009-2010 season.

In Other major Agri Updates we can see that Deccan floods have made spices too hot to handle.

Turmeric prices have more than doubled from Rs 3,500 per quintal levels in January, causing NCDEX to impose special margin on long positions.


High prices have also led to an increase in acreage of the crop and production is expected to be over 55 lakh bags in 2010, against 35-40 lakh bags this year.

Among other spices, jeera is likely to move up in the medium term on back of good export demand and a bad crop in Syria and Turkey.

Indian Jeera is also quoting a low price in international markets.

Even pepper is expected to remain firm due to low stocks in main producing countries like India, Vietnam and Indonesia and slow arrivals from Brazil.

🙂

Note : For More Latest Industry, Stock Market and Economy News and Updates, please click here 🙂

No global food crisis is on the cards on account of India’s rice export ban and possible high imports.

A reduction in exports from India and possible imports to the tune of two million tonnes plus is unlikely to spark another global food crisis.

The UN Food and Agriculture Organization (FAO) has said that drought in India may slash rice output in the world’s second-largest grower by about 18% this year,cutting global supplies available for importers.

India’s absence in the export market may curb supplies at a time when global stockpiles are forecast by the FAO to drop 3 % to 117.4 million MT by the end of the 2009-2010 season.

In Other major Agri Updates we can see that Deccan floods have made spices too hot to handle.

Turmeric prices have more than doubled from Rs 3,500 per quintal levels in January, causing NCDEX to impose special margin on long positions.

High prices have also led to an increase in acreage of the crop and production is expected to be over 55 lakh bags in 2010, against 35-40 lakh bags this year.

Among other spices, jeera is likely to move up in the medium term on back of good export demand and a bad crop in Syria and Turkey.

Indian Jeera is also quoting a low price in international markets.

Even pepper is expected to remain firm due to low stocks in main producing countries like India, Vietnam and Indonesia and slow arrivals from Brazil.

Note : For More Latest Industry, Stock Market and Economy News and Updates, please click here 🙂

IMCX-India’s Fourth National Commodity Bourse, To Be Launched Soon:)

IMCX-to-be-launched

International Multi Commodity Exchange (IMCX)

Commodity trading in India has a long history & was started much before it started in many other countries.

Today, apart from numerous regional exchanges, India has three national commodity exchanges namely, Multi Commodity Exchange (MCX), National Commodity and Derivatives Exchange (NCDEX) and National Multi-Commodity Exchange (NMCE).

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THE RISING WAVES

These commodity exchanges have been performing extremely well in these years.

The turnover of commodity exchanges in India surged by 31% in the April-August period, led by a surge in trading of farm goods.

Total value of trading at the Commodity Exchanges during the fortnight from 16th August 2009 to 31st August 2009 was Rs. 3,04,651.88 crore.

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NEED OF THE HOUR

In India, futures’ trading in commodities is zooming.

India’s commodity exchanges have witnessed major action this year and are getting into investing and managing new commodity bourses.

Another commodity exchange may help using the opportunities better ; thereby improving trading volumes of specific contracts & be more efficient is the price discovery, which in turn will attract a wider constituency of participants from the entire commodity value chain i.e. government, producers, marketers, importers, exporters etc.

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THE FIRST STEP

A new commodity exchange, International Multi Commodity Exchange is going to launch very soon under the market regulator Forward Markets Commission (FMC).

IMCX is promoted by Indiabulls Financial Services Ltd (IBFSL) and India’s biggest state-run trading firm, MMTC Ltd, and part-owned by more institutions.

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The exchange is planning to start operations next month as the country’s fourth national commodity bourse & is ready to grab its share of a futures market that is growing 30% a year.

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BUILDING TECH – PLATFORM

The US-based exchange services provider Millennium Information Technology (MIT) has been awarded the contract for implementing the technology platform for the aforesaid exchange.

The US-headquartered MIT provides application solutions to financial and telecom industries.

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THE PILLARS OF FOUNDATION

IMCX will be the first commodity bourse in India to comply with the criteria of revised ownership criteria that makes the participation compulsory of public sector units or cooperatives.

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Currently, Indiabulls Financial Services Ltd. (IBFSL) holds 40% of the exchange, state-run MMTC Ltd. holds 26%.

Forward Markets Commission rejected the United Stock Exchange of India’s (USE’s) 10% stake buy in the bourse, on the grounds that the stock exchange is yet to be fully recognized.

So far, Indiabulls has diluted 24 per cent to HDFC Bank, Yes Bank and Indian Potash Ltd & IDFC + Krishak Bharati Cooperative Limited (KRIBHCO) have purchased a stake of 5% each in Indian Commodity Exchange, which was to be sold to the USE earlier.

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BUSINESS OPERATIONS

The exchange will start operations by launching 10-12 contracts in bullion, metals, energy and agricultural commodities with some uniqueness in contracts to attract more volume.

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·The exchange will launch gold mini and gold 1 kilogram contracts in the bullion segment. The gold contracts will have multiple delivery centers in five-six cities.

· In base metals, it is planning to offer copper, zinc and lead or nickel futures, and in the energy segment it will launch crude oil and natural gas contracts. Delivery-based contracts will be launched in the base metal segment, where contracts are mostly non-deliverable at other exchanges.

·The exchange has also tied up with several logistic providers for warehouse facilities, & in the next phase of expansion, the exchange may create its own warehouses

·Guar seed, rapeseed, refined soyoil, soybean and turmeric will be among the agricultural contracts.

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