Agri Picks Report October 16, 2024: Geojit Financial Services

commodities

Geojit Financial Services's report on Daily Agri Picks

The National Commodity and Derivatives Exchange Limited has decided to bring forward by one day the expiry of the October futures contract of crude sunflower oil. The contract will now expire on Oct. 30 instead of earlier announced Oct. 31.This is on account of closure of the physical market of crude sunflower oil at the basis centre Chennai on Oct. 31, the exchange said in a circular. The National Commodity and Derivatives Exchange Ltd. announced the relaunch of unprocessed whole raw yellow peas futures contracts. Futures contracts of yellow peas will be available for trading on the NCDEX from Wednesday, the domestic bourse said in a circular late on Monday. Contracts expiring in the months of November, December, January, and February will be launched the same day. The open interest threshold of the yellow pea futures contract is 120,500 tonnes and the contract symbol is YELLOWP, according to the circular. India's oilmeal exports in September fell 35% on year to 213,744 tonnes, according to data released by The Solvent Extractors' Association of India on Tuesday. Total oilmeal exports in the first half of 2024-25 (Apr-Mar) were also down nearly 9% to 2.08 million tonnes, the data showed. This is mainly due to a reduction in the export of rapeseed meal and castor seed meal, the Association said. Exports of soymeal in September plunged to 59,818 tonnes from 105,535 tonnes a year ago. However, soymeal exports in Apr-Sept rose to 908,800 tonnes from 586,850 tonnes a year ago. This was due to higher imports of soybean meal by Iran, France, and the UAE, the association said. In September, exports of mustard meal fell to 131,265 tonnes from 189,213 tonnes a year ago. Similarly, during Apr-Sept, exports of rapeseed were down at 1.02 million tonnes from 1.34 million tonnes a year ago. Bangladesh, South Korea, and Thailand are the major importers of rapeseed meal. Exports of castor seed meal fell to 22,092 tonnes in September from 35,306 tonnes a year ago, the Association said. Even during Apr-Sept, exports of castor meal were down at 138,560 tonnes from 181,996 tonnes a year ago. During Apr-Sept, India's oilmeal exports to Bangladesh fell 8.6% on year to 398,068 tonnes. Similarly, exports to Vietnam fell 56.5% to 131,606 tonnes, the data showed. Oilmeal exports to South Korea were at 359,204 tonnes, lower than 462,187 tonnes a year ago, the data showed. "Iran has turned out to be the largest importer of soybean meal from India (including shipment via Dubai) and imported 114,475 tonnes of soybean meal," the SEA said. In the case of rice bran meal, India exported 141 tonnes in September, compared to nil exports last year.

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16102024 - co