MUMBAI, Sept 24 (Reuters) - India has virtually stopped buying crude palm oil after its biggest supplier, Indonesia, changed export taxes to make refined product more attractive, one of the country's major importers of vegetable oils said on Saturday.
"Indian refiners will not sign their own death warrant by signing import deals for crude palm oil," Atul Chaturvedi, chief executive officer of Adani Wilmar, which is also India's biggest exporter of farm goods, said at the Globoil conference here.
India's 2011/12 edible oil imports seen up 5.2 pct
MUMBAI, Sept 27 (Reuters) - India, the world's top buyer of edible oils, could boost imports 5.2 percent in 2011/12, reversing a fall this year, as domestic output struggles to keep pace with demand from a growing and increasingly wealthy middle class.
The world's second most populous country could buy 8.84 million tonnes of edible oils in the year to October 31, 2012, the average in a survey of eight industry experts showed.
India buys palm olein after Indonesia tax change -trade
KUALA LUMPUR, Sept 22 (Reuters) - India struck deals for 50,000 tonnes of refined, bleached and deodorised (RBD) palm olein from Indonesia in the last week, traders said on Thursday, in an immediate reaction to Jakarta's tax cut on exports of processed oils from September 15.
The world's largest vegetable oil importer bought the RBD palm olein cargoes at $1,100 to $1,120 CIF per tonne for October delivery to meet festival demand, Indonesian and Indian traders said.
India considers hiking refined palm oil import duties -sources
NEW DELHI/KUALA LUMPUR, Sept 22 (Reuters) - India is considering an industry request to raise import duties on processed palm oil, government and industry sources said, after Indonesia lowered its export taxes on the product -- a move seen as dealing "a death blow" to Indian refineries.
India, the No.1 buyer of vegetable oils, has already begun importing more of refined, bleached and deodorised (RBD) palm olein from Indonesia ahead of a major Hindu festival in October, Diwali, potentially leaving refining capacity idle.
India's Ruchi Soya seeks hike in refined palm oil import duty
MUMBAI, Sept 12 (Reuters) - India should increase its refined palm oil import duty to 15 percent from the current 7.5 percent to nullify the impact of a cut in export duty in Indonesia, the biggest palm oil producer, a top executive at India's biggest soybean processor said on Monday.
"In response to restructuring of duty in Indonesia, India should hike the duty on refined palm oil to 15 percent. We need to protect domestic refiners," said Dinesh Shahra, managing director, Ruchi Soya Industries, on the sidelines of an industry conference.
India August vegoil imports down 10.5 pct m/m
NEW DELHI, Sept 15 (Reuters) - India's vegetable oil imports in August fell 10.5 percent to 817,440 tonnes from the previous month, a leading trade body said on Thursday, the first monthly fall in five months as buying slowed with one major festival over.
India's vegetable oil imports rose to 913,179 tonnes in July, the highest level since November, on account of peak demand for the festive season when many Indians cook feasts, and tapering local supplies.
India could face short-term edible oil shortages
MUMBAI, Sept 23 (Reuters) - India could face an imminent shortage of refined edible oils as Indonesia will not be able to fill demand from the world's biggest importer triggered by tax changes that make refined oil more attractive than crude, a leading industry analyst said.
Indonesia, the world's biggest palm oil producer, has cut export taxes on refined palm oil but hiked it for the crude variant. But it does not have the capacity to meet monthly demand of 600,000 tonnes from India, the world's biggest importer.
India to begin soybean imports from 2015
NUSA DUA, Sept 19 (Reuters) - Domestic demand for soybeans in India, fueled by a growing population and economic wealth in the world's fifth-largest producer, will result in the country becoming a net importer by 2015, the United Soybean Board said on Monday.
India is the world's fifth-biggest soybean producer after the United States, Brazil, Argentina and China, and it contributes about 5 percent to global output.
Key India state's 2011/12 sugar output seen at 10 mln T-min
NEW DELHI, Sept 6 (Reuters) - Sugar output from the western Maharashtra state, India's top producer of the sweetener, is likely to be a record 10 million tonnes in 2011/12 on higher acreage and sufficient rainfall, the state's farm minister said on Tuesday.
India, the world's top sugar consumer and second-biggest producer, is expected to produce 26 million tonnes of sugar in the season from October 2011, up 7.4 percent year-on-year, according to Indian Sugar Mills Association, a producers' body.
India's Aug oilmeal exports rise 14.5 pct y/y
MUMBAI, Sept 7 (Reuters) - India's oilmeal exports rose 14.5 percent to 279,469 tonnes in August from 244,075 tonnes a year earlier, as more oilseeds were available and there was good demand from southeast Asia, a leading trade body said on Wednesday.
Oilmeal exports in the first five months of the financial year from April 2011 jumped over 60 percent to 1.639 million tonnes compared with 1.021 million tonnes a year ago, the Solvent Extractors' Association of India (SEA) said in a statement.
India seen exporting 2.8 mln T sugar in 2011/12
NEW DELHI, Sept 7 (Reuters) - India is likely to allow unrestricted exports of 2.8 million tonnes of sugar in 2011/12 season, a Reuters poll showed on Wednesday, up from 1.5 million tonnes so far this year and the second straight year of exports from the world's top consumer.
Export estimates ranged from a low of 2.0 million tonnes to a high of 4.0 million tonnes in forecasts by 10 leading sugar firms, traders and analysts at a global sugar conference in New Delhi this week.
Global sugar meet exhorts India to domestic reform
NEW DELHI, Sept 7 (Reuters) - Traders and industry experts at a global sugar conference here called on India to seize the moment to lift restrictions on its domestic industry and so stabilise output but were sceptical that New Delhi, worried about food inflation, would act.
Many in the industry see tight government control as the main reason behind sharp swings in sugar output from India, a key reason behind global price volatility as the country swings from exports to imports.
India's July tea output up 8.2 pct; exports fall
MUMBAI, Sept 8 (Reuters) - Tea production in July in India, the world's second biggest producer after China, rose 8.2 percent to 133.27 million kilograms, on conducive weather conditions, according to data released by the state-run Tea Board on Thursday.
The production during the first seven months of 2011 stood at 491.59 million kilograms, up 6.4 percent on year, the board said in a statement.
India allows exports of 2 mln T each of rice, wheat
NEW DELHI, Sept 8 (Reuters) - India will allow unrestricted exports of two million tonnes each of wheat and common rice, as bulging stocks offer political room for overseas sales which could depress global rice prices but make little dent in wheat supplies.
"We will stop exports once shipments reach 2 million tonnes each," Food Minister K.V. Thomas said after a meeting of a ministerial panel. He said there will be no minimum export price for rice. Wheat has no floor price for exports.
India extends unrestricted cotton exports beyond Oct 1-official
NEW DELHI, Sept 9 (Reuters) - India will continue with unrestricted cotton exports in the new marketing year beginning Oct. 1, Trade Secretary Rahul Khullar told reporters on Friday, a move that could depress global prices which have halved since a record high in March.
India's cotton exports have already been cited as a key factor in dictating fibre prices in the 2011/12 season by the chief executive of the world's biggest cotton merchant.
India fluffs cotton policy, gives buyers an edge
MUMBAI, Sept 9 (Reuters) - India's fickle policy on cotton exports has hurt its role as a steady supplier of the fibre, and saddled its exporters with huge stocks they will have to sell on punitive delivery conditions at lower prices through next year.
Cotton users in Bangladesh, China and Pakistan will benefit, but exporters in India, which harvested a good crop in the year to September 2011, will still feel the pain of curbs lifted only in August, after prices halved from March highs.
India's August rubber imports slump 42 pct on year
MUMBAI, Sept 12 (Reuters) - India's natural rubber imports in August slumped 42 percent to 14,060 tonnes from a year ago as prices in the local market fell below international levels, erasing the incentive for tyre companies to buy overseas, the state-run Rubber Board said.
In August, domestic prices were over 2 rupees per kg lower than the international market. On Aug. 31, the local market price was 214 rupees per kg compared with 216.6 rupees in Thailand.
India rice exports kick off at $470/T-sources
NEW DELHI, Sept 12 (Reuters) - A leading Indian trading firm has sold 100,000 tonnes of non-basmati rice to Nigerian buyers at $470 per tonne, undercutting Thai and Vietnamese competitors in the first deals since the food minister gave a nod to 2 million tonnes of exports.
The company also sealed deals to export 50,000 tonnes of wheat to Bangladesh at $280 per tonne free on board (fob), said one of the trade sources who was directly involved with the deal but could not be identified due to company policy.
India's 2011 tea exports seen down 6.7 pct, output record
MUMBAI, Sept 14 (Reuters) - Tea exports by India, the world's second-biggest producer, could fall nearly 7 percent in 2011 to 180-185 million kilograms partly due to payments problems with Iran which also hurt oil trade, a senior industry official said.
"Unrest in the Middle East and payment problems with Iran affected exports. Now exports demand is improving, but total exports in 2011 will be lower," Deepak Atal, managing director of Amalgamated Plantations, told Reuters in an interview late on Tuesday.
India's rice, wheat exports to ease agflation fears
SINGAPORE/NEW DELHI, Sept 14 (Reuters) - Indian rice exports will hit global markets with a bang, regaining not just market share lost in three years of absence but also challenging the world's top rice exporter Thailand, whose plan to lift prices threatens to stoke food inflation.
India, which has also allowed wheat exports for the first time since 2007, will add to the global oversupply of wheat, pressuring the benchmark U.S. market
India 2011/12 summer-sown grains output seen up
NEW DELHI, Sept 14 (Reuters) - India's summer-sown rice output in the new season that began in July is expected to touch a record 87.10 million tonnes, the farm ministry said on Wednesday, up about 8 percent, raising prospects of further exports of the grain.
India's entry's into the export market threatens to undercut supplies from Thailand and Vietnam, the world's No.1 and No. 2 rice exporters respectively, which have seen demand for their costlier supplies fall after India's food ministry allowed two million tonnes of common rice exports last week.
India's monsoon rains just above normal in past week
NEW DELHI, Sept 15 (Reuters) - India's monsoon rains were one percent above normal in the week to Sept. 14, weakening from 39 percent above average in the previous week, the weather office said on Thursday, easing concerns heavy rains could damage planted crops.
Withdrawal of the June to September monsoon could now happen after Sept. 25, a source at the weather office said.
India draft bill eyes cheap grains for 810 mln people
NEW DELHI, Sept 14 (Reuters) - India's government has agreed on a draft law to provide cheap grains to two thirds of its 1.2 billion people, a plan that could widen fiscal deficit but help win voter support for the government and its allies.
Voter anger at high food prices has damaged the popularity of Prime Minister Manmohan Singh's centre-left government in a country where 40 percent of its population live below the U.N. poverty line, threatening his Congress party's chances in a key state election next year and the 2014 national elections.
India cotton exports seen up 17 pct over govt f'cast
MUMBAI, Sept 21 (Reuters) - India's cotton exports could rise 17 percent, or 1.4 million tonnes, over an official forecast in the year to September 2012, spurred by a record harvest, a weaker domestic currency and a freer trade policy, the top exporter of the fibre said.
India contributes 22 percent of global output and is expected to have a bumper harvest of 6.14 million tonnes, pushing it into competition with suppliers from Latin America, Australia and Africa, that will squeeze world prices.
India initial 2011/12 sugar output seen at 24.6 mln T
NEW DELHI, Sept 21 (Reuters) - India is expected to produce at least 24.6 million tonnes of sugar in the new season from October, slightly up from this year, Food Minister K.V. Thomas said on Wednesday, releasing a preliminary output estimate that could be revised upward.
The forecast is lower than a 26 million tonnes output estimated by the farm minister last week. That was also an initial estimate.
India rains pick up in past week, monsoon withdrawal eyed
NEW DELHI, Sept 22 (Reuters) - India's monsoon rains were 29 percent above normal in the week to Sept. 21, strengthening from 1 percent above average in the previous week, the weather office said on Thursday, adding the rains may start their withdrawal after a couple of days.
The monsoon rains were 4 percent above average since the start of the June-September season, in line with the weather office's latest forecast of a normal monsoon in 2011, which means rains of 96 to 104 percent of a long-term average.
India sugar producers' body foresees surplus
NEW DELHI, Sept 27 (Reuters) - India is heading for a sugar surplus in 2011/12, and the government should help producers by allowing 4 million tonnes of exports -- more than double this year's overseas sales, the head of a producers' body said on Tuesday.
Output for the world's second-biggest producer after Brazil could rise to 26.5 million tonnes in 2011/12, Jayantilal B. Patel, president of the National Federation of Cooperative Sugar Factories Ltd (NFCSF), told an industry meeting.
India contracts to sell 400,000 T new season soymeal
MUMBAI, Sept 28 (Reuters) - India, Asia's top soymeal exporter, has so far struck deals to export 400,000 tonnes of new season soymeal, down by almost half the amount it usually sells around this time, due to uncertainty over demand and falling prices, a senior trade official said on Wednesday.
"People are not sure about prices. Everyone is going very cautiously and slow on exports front due to volatile prices," Rajesh Agrawal, chief co-ordinator at the Soybean Processors Association of India, a top trade body, told Reuters.
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