Agri Picks Report September 18, 2024: Geojit Financial Services

commodities

Geojit Financial Services's report on Daily Agri Picks

National Commodity and Derivatives Exchange will launch options on guar gum futures contracts in November, Arun Raste, managing director of the exchange, told Informist on the sidelines of Tefla's The Wheat Summit. Raste said the move would be in addition to the rollover of options contracts of the currently traded guar seed futures on the exchange. NCDEX had launched options on guar seed futures contracts in June. "We have launched guar options. And they are doing pretty well. At the moment, it is a push product," Raste said. In time, the exchange plans to start options contracts for all farm commodities. Guar gum is the gum derived from seeds of the guar plant. India accounts for 80% of the world’s guar produce, of which 72% comes from Rajasthan, according to the Agricultural and Processed Food Products Export Development Authority. About 90% of the guar gum processed in India is exported, it said. • India's oilmeal exports in August fell 11% on year to 314,363 tn, according to data released by The Solvent Extractors' Association of India. However, for Apr-Aug, total oilmeal exports fell 4% to 1.87 mln tn, 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 August surged to 156,961 tn from 60,494 tn a year ago. Soymeal exports in AprAug rose to 848,982 tn from 481,315 tn a year ago. This was due to higher imports of soybean meal by Iran and Bangladesh, the association said. In August, exports of mustard meal fell to 126,610 tn from 261,165 tn a year ago. Similarly, during Apr-Aug, exports of rapeseed were down at 884,638 tn from 1.16 tn a year ago. Bangladesh is one of the major importers of rapeseed meal. "The current crisis in Bangladesh may affect at least the temporary halting of the export of rapeseed meal, mainly exported by road or rail," the association said. Exports of castor seed meal fell to 15,567 tn in August from 30,386 tn a year ago, the SEA said. Even during Apr-Aug, exports of castor meal were down at 116,467 tn from 146,690 tn a year ago. In Apr-Aug, 682,785 tn of oilmeal was exported from the Kandla port, against 420,174 tn a year ago, and a total of 410,492 tn was exported from the Mundra port, compared with 731,902 tn in the year ago period, the SEA said. During the same period, exports from Jawaharlal Nehru Port Trust in Mumbai rose to 303,916 tn from 157,495 tn a year ago, the association said. From the Kolkata port during Apr-Aug, the export of oilmeal was just 11,494 tn compared to 110,210 tn a year ago, while from other ports, during the same period, 447,879 tn of oilmeal was exported compared to 508,387 tn the corresponding period last year, the association said. During Apr-Aug, India's oilmeal exports to Bangladesh fell 14.8% on year to 325,761 tn. Similarly, exports to Vietnam fell 60% to 113,666 tn, the data showed. Oilmeal exports to South Korea were at 338,945 tn, lower than 382,250 tn 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 tn of soybean meal," the SEA said. In the case of rice bran meal, India exported 14,039 in August, compared to nil exports last year.

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18092024 - co