Latest news with #RajendraJadhav
Yahoo
3 days ago
- Business
- Yahoo
Exclusive-Indian refiners cancel palm oil orders for July-Sept as prices surge
By Rajendra Jadhav MUMBAI (Reuters) -Indian refiners cancelled orders for 65,000 metric tons of crude palm oil (CPO) scheduled for delivery from July to September following a sudden surge in benchmark Malaysian prices, four trade sources told Reuters. Refiners in the world's largest palm oil importer cancelled the orders in the past three days after Malaysian palm oil futures rose more than 6%, hedging their risk against the prospect of falling prices by locking in a profit. "There is a lot of volatility in the market. There was more margin in cancelling bought CPO than in importing, refining, and selling refined palm oil in the local market," said an Indian buyer who operates a refinery on the west coast and cancelled shipments for July delivery. Indian buyers made CPO purchases nearly a month ago around $1,000 to $1,030 per ton, including cost, insurance, and freight, after a rebound in palm oil production brought down prices to their lowest in more than eight months. This week, palm oil futures jumped, tracking a rally in Chicago soyoil futures after the U.S. proposed higher biofuel blending volumes. The sudden rise prompted Indian refiners to cancel contracts at between $1,050 and $1,065 per ton, making a profit of more than $30 per ton, said the sources who spoke on condition of anonymity because they were not authorised to speak to media. Buyers agreed to contract cancellations by accepting a price slightly lower than the current market rate, a decision mutually reached with sellers, said a New Delhi-based dealer with a global trading house. The CPO is being offered at about $1,070 a ton in India for July delivery, compared to $1,020 to $1,030 a month ago. Despite the cancellations, Indian imports are poised to rise in coming months after falling far below average in recent months, bringing down inventories, said Sandeep Bajoria, chief executive of Sunvin Group, a vegetable oil brokerage. India's palm oil imports hit a six-month high in May, driven by low inventories and the oil's price discount to rival soyoil and sunflower oil. Indian buying had gained momentum after India last month halved the import duty on CPO, but the cancellations have disrupted that momentum, said a Kuala Lumpur-based trader with a palm oil producing company. Sign in to access your portfolio
Yahoo
5 days ago
- Climate
- Yahoo
India's monsoon back on track, heatwave to ease, says weather officials
By Rajendra Jadhav MUMBAI (Reuters) -India's monsoon has revived after stalling for more than a fortnight, and rains are set to cover central parts of the country this week, bringing relief from the heatwave in the grain-growing northern plains, two senior weather officials said on Monday. The monsoon, the lifeblood of the country's nearly $4 trillion economy, delivers nearly 70% of the rain that India needs to water farms and replenish aquifers and reservoirs. Nearly half of India's farmland, which has no irrigation, depends on the annual June-September rains for crop growth. The monsoon has revived after a fortnight as a favourable weather system has developed in the Bay of Bengal, which would help the monsoon to cover entire central India this week, an official of the India Meteorological Department (IMD) told Reuters. Monsoon rains on Monday covered almost entire western state of Maharashtra and entered into neighbouring Gujarat and central state of Madhya Pradesh, the official said. The Monsoon's onset over Kerala occurred on May 24 and quickly covered southern, northeastern and some parts of western India ahead of its usual schedule, but its progress has stalled since May 29, according to an IMD chart that tracked the monsoon's progress. The monsoon has gained the required momentum, and heavy rainfall is likely over west coast, central and some parts of north India in next ten days, which will significantly bring down temperatures, another weather official said. India has received 31% lower rainfall than average in the first half of June, but in the second half the country is set to receive above average rainfall, the official said. Monsoon rains are set to progress quickly in the next few days and could cover most parts of the country before the end of June, the official said. Summer rains usually fall in Kerala around June 1 before spreading nationwide by mid-July, allowing farmers to plant crops such as rice, corn, cotton, soybeans and sugarcane. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12-06-2025
- Business
- Yahoo
India's May palm oil imports surge 84% m/m to hit six-month high
By Rajendra Jadhav and Anmol Choubey MUMBAI (Reuters) -India's palm oil imports jumped to a six-month high in May, driven by low inventories and the tropical oil's price discount to rival soyoil and sunflower oil, which prompted refiners to boost purchases, an industry body said on Thursday. Higher imports of palm and soyoil by India, the world's biggest buyer of vegetable oils, could support Malaysian palm oil prices and U.S. soyoil futures. Palm oil imports rose 84% in May from April to stand at 592,888 metric tons, the highest since November 2024, the Solvent Extractors' Association of India (SEA) said. India imported an average of more than 750,000 tons of palm oil each month during the marketing year that ended in October 2024, the SEA said. Imports of soyoil increased 10.4% to 398,585 tons, the highest since January, and sunflower oil imports rose 1.9% to 183,555 tons, it added. Higher imports of palm oil and soyoil lifted India's total vegetable oil imports in May by 33% from a month before to 1.19 million tons, the highest since December, it said. Below-average imports from January to April reduced domestic vegetable oil stocks to 1.33 million tons by June 1, the lowest since July 2020, according to SEA data. Palm oil imports are likely to increase further in June and could rise to about 850,000 tons, as the oil is trading at a discount to soyoil, said Rajesh Patel, managing partner at GGN Research, an edible oil trader. Soyoil imports in June will hold steady around 400,000 tons, Patel said. India buys palm oil mainly from Indonesia and Malaysia, while it imports soyoil and sunflower oil from Argentina, Brazil, Russia and Ukraine. Vegetable oil imports are expected to pick up in the coming months as this month's duty cut will help boost demand, said a New Delhi-based trader. India halved the basic import tax on crude edible oils to 10% in a bid to reduce food prices and help the domestic refining industry. Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
Yahoo
12-06-2025
- Business
- Yahoo
India's granaries overflow as rice stocks hit record, wheat surges
By Rajendra Jadhav MUMBAI (Reuters) -India's rice stocks in government warehouses rose 18% from a year ago to a record high for the start of June, while wheat stocks have hit their highest level in four years on higher procurement from farmers, official data showed on Wednesday. Record rice stocks will help the world's biggest exporter increase shipments, while an improvement in wheat inventories will help the federal government tame any price spikes later this year by increasing open market sales. State reserves of rice, including unmilled paddy, totalled a record 59.5 million metric tons as of June 1, far exceeding the government's target of 13.5 million tons for July 1. Wheat stocks stood at 36.9 million tons on June 1, well above the government's target of 27.6 million tons, the data showed. "Rice stocks have piled up way too much. The government really needs to bring them down before the next buying season kicks off in October," said a New Delhi-based dealer at a global trading firm. India, which accounts for around 40% of global rice exports, removed the last of its export curbs on the grain in March 2025, with the initial restrictions having been imposed in 2022. Wheat stocks have risen to a comfortable position mainly because of higher procurement, which will help New Delhi sell more wheat to bulk consumers during the lean supply season, said a Mumbai-based dealer. The government has so far brought 30 million tons of wheat from farmers, the most in four years, according to data compiled by Food Corporation of India (FCI). Disappointing harvests in the past three years and lower purchases by the FCI had pushed up prices of the staple grain and raised expectations that India may be forced to import wheat for the first time in seven years. But the buildup in stocks this year means the country should be able to meet domestic demand without imports.
Yahoo
11-06-2025
- Business
- Yahoo
India's granaries overflow as rice stocks hit record, wheat surges
By Rajendra Jadhav MUMBAI (Reuters) -India's rice stocks in government warehouses rose 18% from a year ago to a record high for the start of June, while wheat stocks have hit their highest level in four years on higher procurement from farmers, official data showed on Wednesday. Record rice stocks will help the world's biggest exporter increase shipments, while an improvement in wheat inventories will help the federal government tame any price spikes later this year by increasing open market sales. State reserves of rice, including unmilled paddy, totalled a record 59.5 million metric tons as of June 1, far exceeding the government's target of 13.5 million tons for July 1. Wheat stocks stood at 36.9 million tons on June 1, well above the government's target of 27.6 million tons, the data showed. "Rice stocks have piled up way too much. The government really needs to bring them down before the next buying season kicks off in October," said a New Delhi-based dealer at a global trading firm. India, which accounts for around 40% of global rice exports, removed the last of its export curbs on the grain in March 2025, with the initial restrictions having been imposed in 2022. Wheat stocks have risen to a comfortable position mainly because of higher procurement, which will help New Delhi sell more wheat to bulk consumers during the lean supply season, said a Mumbai-based dealer. The government has so far brought 30 million tons of wheat from farmers, the most in four years, according to data compiled by Food Corporation of India (FCI). Disappointing harvests in the past three years and lower purchases by the FCI had pushed up prices of the staple grain and raised expectations that India may be forced to import wheat for the first time in seven years. But the buildup in stocks this year means the country should be able to meet domestic demand without imports.
