Mayank's Feed
Apr 16, 2015

India to consider building sugar stockpile to cut market surplus

NEW DELHI (Reuters) – India will examine the feasibility of building government stocks of sugar to cut a surplus of sweetener in the market, the food minister said on Monday, a move that would prop up local prices and help money-losing mills pay dues to cane growers.

“Mills, farmers and sugar producing states have suggested to create buffer stocks of 3 million tonnes, or 10 percent of output, which we will consider after consulting the prime minister,” Ram Vilas Paswan told a news conference.

Mar 31, 2015

India in biggest wheat import deals since 2010 as rains damage crop

SINGAPORE/NEW DELHI (Reuters) – India has bought up to 80,000 tonnes of Australian wheat in recent deals, three trade sources said on Tuesday, the biggest such imports by the country in five years as unseasonal rains damage the crop at home.

Purchases by the world’s No.2 wheat consumer and producer could buoy benchmark Chicago prices Wc1, which rallied more than 6 percent in the past two sessions and are currently near a one-week top amid concerns over dry weather and rising temperatures hurting the U.S. winter crop.

Mar 29, 2015

Insight – Modi’s popularity in rural India punctured by discontent, suicides

VAIDI, India (Reuters) – Over a dozen debt-laden farmers have committed suicide in recent weeks in India, and discontent in many rural areas against government policies is turning into anger against Prime Minister Narendra Modi less than a year after he swept into office.

Unseasonal storms have badly damaged the winter crop in large parts of the fertile northern plains, most likely contributing to the suicides, and villagers have blamed Modi for not stepping in to help the distressed farmers or ensuring that crop prices remained stable.

Mar 29, 2015

Modi’s popularity in rural India punctured by discontent, suicides

VAIDI, India, March 29 (Reuters) – Over a dozen debt-laden
farmers have committed suicide in recent weeks in India, and
discontent in many rural areas against government policies is
turning into anger against Prime Minister Narendra Modi less
than a year after he swept into office.

Unseasonal storms have badly damaged the winter crop in
large parts of the fertile northern plains, most likely
contributing to the suicides, and villagers have blamed Modi for
not stepping in to help the distressed farmers or ensuring that
crop prices remained stable.

Mar 13, 2015

Mills seek government incentives to export white sugar

NEW DELHI (Reuters) – India’s money-losing sugar mills are looking for another round of government incentives to export refined products as a supply glut hammers global and local prices, with no end in sight.

Trade minister Nirmala Sitharaman on Friday agreed with the producers body, the Indian Sugar Mills Association (ISMA) that exports had become uneconomical due to record output in top producers Brazil, India and Thailand.

Mar 13, 2015

Indian mills seek government incentives to export white sugar

NEW DELHI, March 13 (Reuters) – India’s money-losing sugar
mills are looking for another round of government incentives to
export refined products as a supply glut hammers global and
local prices, with no end in sight.

Trade minister Nirmala Sitharaman on Friday agreed with the
producers body, the Indian Sugar Mills Association (ISMA) that
exports had become uneconomical due to record output in top
producers Brazil, India and Thailand.

Mar 4, 2015

India signs first deals to export 50,000 T new-season sugar

NEW DELHI, March 4 (Reuters) – Indian mills have been
contracted to export 50,000 tonnes of raw sugar in the first
overseas sale in the season that began in October, two trade
sources said, after the government last month approved
incentives to boost the trade amid a global glut.

Deals have been signed for prices of $340-$365 a tonne free
on board and up to 20,000 tonnes have already been shipped, said
the sources, who were directly involved in the contracts. The
entire quantity is headed to Africa, one of the sources said.

Mar 2, 2015

Heavy rain in India’s wheat bowl may clip output

NEW DELHI, March 2 (Reuters) – Heavy and untimely rain in
northern and central India’s wheat bowl over the past two days
could trim output from the new season crop, but government
scientists said the absence of hailstorms meant there should not
be any significant damage.

Coupled with high wind, the precipitation has disrupted
normal life in states such as Punjab, Haryana, Uttar Pradesh,
Madhya Pradesh and Himachal Pradesh.

Feb 27, 2015

Monsanto says GM corn trial in final stage in India

NEW DELHI (Reuters) – Monsanto’s Indian subsidiary expects to submit final trial results for its genetically modified (GM) corn to lawmakers within a year for the government to then decide on a commercial launch, the company’s country head said on Friday.

India does not currently allow the growing of GM food crops but the government of Prime Minister Narendra Modi, keen to improve farms’ productivity, has encouraged open field trials after a five-year de facto ban.

Feb 24, 2015

Sugar mills to struggle to export raws despite subsidy

NEW DELHI (Reuters) – Indian mills are likely to struggle to export raw sugar, despite a government subsidy to boost shipments, as global prices remain weak with large supplies from top producer Brazil set to flood the market soon.

Lower exports by India, the world’s biggest consumer of sugar, should take some pressure off benchmark New York prices that are mired near a 5-year low of 14.08 cents per lb.

    • About Mayank

      "At Reuters, I have been covering India's vibrant and burgeoning commodities market since September 2006. Before joining Reuters, I helped NEWSWIRE18 (formerly CRISIL MarketWire), India's first and only real-time news agency, launch its commodity wire. NW18 is part of India's Network18 group which runs CNBC news channel. Between 2000 and 2005, I covered leading car and consumer durable companies for the Press Trust of India, the country's premier news agency."
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