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Oilseeds prices soften due to fall in foreign prices, fall in soybean, palmoleinMost oilseeds, including mustard, soybean and palmolein, closed at a lower price in the Delhi oil-oilseeds market on Tuesday amid a declining trend in foreign markets, while the rest of oilseeds remained at their previous level.Traders said that the Malaysia Exchange and the Chicago Exchange lost around one per cent each. He said that due to the breakdown of foreign markets, the futures price of soybean has also declined. In NCDEX Indore, the price of October contract of soybean has been quoted below the spot price of soybean by Rs 31 per kg.He said that despite domestic festive demand due to fall in foreign countries, the prices of Mustard Dana, Sarson Dadri, Sarson Pakki and Kachchi Ghani, Soyabean Oil Oilseeds, Cottonseed and Palmolein Oils closed softly, while crude palm oil (Crude Palm Oil) due to demand. CPO) and groundnut prices remained unchanged.Sources said that it has become necessary to increase the production of oilseeds in the country as in this case it is not appropriate to depend on imports for almost 70 per cent of our requirements. Due to such massive dependence, the country may have to bear the arbitrariness of foreign companies.  

Palm oil fallsMalaysian palm oil futures reversed early gains on Tuesday as profit-taking and a sharp decline in August exports pulled down prices from record highs scaled last week.The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange closed down 84 ringgit, or 1.9%, at 4,363 ringgit ($1,029.98) a tonne, after rising 1.9% in intraday trade.Prices rose earlier on short-covering due to persistent talks of production losses in both Malaysia and Indonesia, and expectations of lower palm oil carryover stocks for the new season, said Anilkumar Bagani, research head of Mumbai-based vegetable oils broker Sunvin Group.Anticipation of Indonesia's crude palm oil (CPO) export duties for September rising to $166 per tonne from $93 in August also supported prices as it would benefit Malaysia's exports, Bagani said.Malaysia's palm oil exports during Aug. 1-15 fell between 15% and 24% from the same period in July, cargo surveyors said on Monday."Oil World is expecting crude palm oil prices to weaken by end-Dec 2021 and will continue to see more weakness in 1H22 with the assumption of no weather disruptions," UOB KayHian said in a note.Oil World Executive Director Thomas Mielke forecast Indonesia's free-on-board (FOB) CPO prices to fall to $1,000 a tonne by end-December, and range between $800 and $850 during the first half of next year, UOB said.This is due to expectations of stronger global edible oil supplies in 2021/22 after record high prices last year boosted plantings, and demand rationing due to high prices, UOB said.Mielke pegged world palm oil production to rise by 2.1 million tonnes in 2020/21, and by 3.8 million tonnes next season, but low opening stocks will offset production growth, according to UOB.Dalian's most-active soyoil contract gained 0.6%, while its palm oil contract rose 0.5%. Soyoil prices on the Chicago Board of Trade fell 0.6%.Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.  

Soya firm as crop conditions in focusChicago soybeans edged higher on Tuesday as lower-than-expected US crop ratings underscored mixed growing conditions, while the market awaited results from a Midwest field tour.The most-active  the Chicago Board of Trade was CBOT soybeans were up 0.3% at $13.72 a bushel.In a weekly report after Monday's market close, the US Department of Agriculture (USDA) rated 62% of US corn crop good to excellent, down 2 points from a week earlier, and soybeans 57% good to excellent, down 3 points. Traders on average had expected no change.The lower ratings tempered hopes for a boost to crops from rainfall forecast in the coming days."The market is considering downside but not any upside to yields," said Michael Magdovitz, commodity analyst with Rabobank. "The rains have come too little, too late."Initial results from this week's Pro Farmer Midwest Crop Tour projected lower corn yields and soybean pod counts than last year in South Dakota but higher levels in Ohio, supporting expectations of contrasting yields between western and eastern growing belts.Soybeans have also been supported by a run of sales to China.However, monthly US soybean crushing in July, according to National Oilseed Processors Association (NOPA) data released on Monday, was below trade estimates."Consumers are having to make pricing decisions at 50%-60% higher than last year. We're starting to see some demand rationing," Magdovitz said.  

Tanzania's cotton production & exports expected to riseEast African country Tanzania is likely to witness an increased cotton production in the coming months due to favourable conditions, increased harvested areas and availability of fertilisers and pesticides for the farmers. This, in turn, is expected to boost cotton exports to western countries under the African Growth and Opportunity Act (AGOA).The increased production in Tanzania may also trigger cotton exports to Asian and European nations such as India, Pakistan, Indonesia, Portugal, France and Netherlands among others.The cotton harvested area of Tanzania was 600,000 hectares in marketing year (MY) 2019-20, which dropped by 25 per cent to 450,000 hectares in MY 2020-21. It is expected to rise again to 600,000 hectares in MY 2021-22The total cotton production of the country dropped by 64.71 per cent from 5,95,000 480 lb bales in MY 2019-20 to 2,10,000 480 lb bales in MY 2020 - 21. The production is expected to shoot up by 185.71 per cent to reach 600,000 480 lb bales in MY 2021-22.The country exported cotton worth $94.92 million in MY 2019-20 and $43.09 million in MY 2020-21. However, due to the anticipated increase in cotton production, the country is likely to export cotton worth $56.02 million in MY 2021-22.

Exporters to get new duty refund scheme this weekThe government is set to notify the new duty refund scheme for exporters — Refund of Duties and Taxes on Exported Products (RoDTEP) — this week, with a final clearance from commerce and industry minister Piyush Goyal expected in a day or two.The scheme, meant to replace World Trade Organization (WTO) non-compliant incentives, was implemented in January but exporters have been waiting to get their dues for taxes paid by them for the last eight months. A notification will partially end the agonising wait, which has increased their fund requirement as the Centre has held back their claims.While commerce secretary B V R Subrahmanyam had said that the scheme will be implemented, some paperwork is yet to be completed after the commerce and finance ministries agreed to widen the scope of the scheme to cover all products, which also required higher budgetary allocation. The two ministries had earlier agreed to increase the allocation from the originally allocated Rs 13,000 crore to Rs 17,000 crore.Last week, the government had notified the Rebate of State and Central Taxes and Levies (RoSCTL) scheme, a similar mechanism, to allow textile exporters to get a rebate on central and state taxes till March 2024.According to industry estimates the government owes around Rs 8,000 crore to exporters in unpaid RoDTEP bills, with another Rs 3,500-4,000 crore arrears on account of RoSCTL. Further, around Rs 16,000 crore of payments from the now defunct Merchandise Exports from India Scheme (MEIS) are due for April-December 2020. So, exporters are demanding payments of close to Rs 28,000 crore just from these three schemes.Exporters have been complaining of the government sitting on tax refunds and arrears from earlier schemes such as Service Exports from India Scheme (SEIS) and MEIS that were abandoned after the US dragged India to the WTO, arguing that they were not compliant with global trade rules.Government sources said refunds could be handy at a time when costs such as those on fuel and freight have gone up due to global as well as domestic price dynamics.SiS Commited to update you on all textile related news real time.

Today evening the rupee strengthened by 1 paise to close at Rs 74.25 against the dollar.Record closing of Sensex, closed higher by 593 pointsToday the stock market closed with a record high. Today, where the Sensex closed at a record level of 55437.29 points with a gain of about 593.31 points. On the other hand, the Nifty closed at a record level of 16529.10 points with a gain of 164.70 points.  

Rupee moves flat, breaks 1 paise and opens at 74.27 levelRupee has opened flat against the dollar today. Rupee has opened weak by 1 paise against the dollar today. Rupee opened today at 74.27 against dollar.On the other hand, in Thursday's trade, there was an increase in the rupee against the dollar and it had strengthened by 18 paise and closed at 74.26 level.Due to the corona virus, the demand for crude oil has declined all over the world. On Thursday, there has been a weakness in the price of Brent again. But in India, the customers of petrol and diesel are not getting the benefit of this. 

China’s port shutdown raises fears of closures worldwideA Covid outbreak that has partially shut one of the world’s busiest container ports is heightening concerns that the rapid spread of the delta variant will lead to a repeat of last year’s shipping nightmares.The Port of Los Angeles, which saw its volumes dip because of a June Covid outbreak at the Yantian port in China, is bracing for another potential decline because of the latest shutdown at the Ningbo-Zhoushan port in China, a spokesman said. Anton Posner, chief executive officer of supply-chain management company Mercury Resources, said that many companies chartering ships are already adding Covid contract clauses as insurance so they won’t have to pay for stranded ships.It seemed as if things were just starting to calm down, “and we’re now into delta delays,” Emmanouil Xidias, partner at Ifchor North America LLC, said in a phone interview. “You’re going to have a secondary hit.”The shutdown at Ningbo-Zhoushan is raising fears that ports around the world will soon face the same kind of outbreaks and Covid restrictions that slowed the flows of everything from perishable food to electronics last year as the pandemic took hold. Infections are threatening to spread at docks just as the world’s shipping system is already struggling to handle unprecedented demand with economies reopening and manufacturing picking up.Ningbo-Zhoushan Port said in a statement late Thursday that all other terminals aside from Meishan have been operating normally. The port is actively negotiating with shipping companies, directing them to other terminals, and releasing information on a real-time data platform, it said. To minimize the impact, it’s also adjusting the operating time of other terminals to make sure clients can clear their shipment.Flights CanceledA spokesman for the port said there were no further updates when contacted Friday.Ningbo city is still considered a low risk virus area, according to the city’s health commission, although flights to and from the capital Beijing have been canceled.The Baltic Dry Index that serves as a global benchmark for bulk shipping prices is up more than 10% since a month ago as the delta variant began to spread rapidly. While there haven’t been significant effects on U.S. ports, the problems in China could hurt companies that rely on container exports from the nation.

U.S. EXPORT SALES FOR WEEK ENDING 05/08/2021 Cotton:  Net sales for 2021/2022, which began August 1, totaled 342,700 RB.  Increases primarily for China (123,800 RB), Turkey (72,500 RB), Bangladesh (39,400 RB, including decreases of 200 RB), Pakistan (39,100 RB, including decreases of 700 RB), and Vietnam (30,500 RB, including 300 RB switched from Japan and decreases of 2,300 RB), were offset by reductions for Taiwan (200 RB).  For 2022/2023, net sales of 15,300 MT were reported for Mexico (6,500 RB), Turkey (4,400 RB), and South Korea (4,400 RB).  A total of 1,310,900 RB in sales were carried over from the 2020/2021 marketing year, which ended July 31.  Exports for the period ending July 31 of 49,100 RB brought accumulated exports to 14,882,100 RB, up 5 percent from the prior years’ total of 14,174,500 RB.  The destinations were primarily Mexico (10,900 RB), Pakistan (8,000 RB), Turkey (6,700 RB), Vietnam (6,400 RB), and Indonesia (5,900 RB).  Exports for August 1-5 totaled 190,600 RB,with Pakistan (38,900 RB), Vietnam (36,500 RB), China (30,100 RB), Turkey (23,700 RB), and Mexico (14,000 RB) being the primary destinations.  Net sales of Pima for 2021/2022 totaled 10,200 RB.Increases were primarily for Pakistan (3,400 RB), India (2,600 RB), Honduras (2,200 RB), Egypt (1,300 RB), and Guatemala (400 RB).  For 2022/2023, net sales of 99,000 RB were primarily for India (52,100 RB), Peru (11,400 RB), Pakistan (10,100 RB), China (9,500 RB), and Honduras (4,400 RB).  A total of 88,800 RB in sales were carried over from the 2020/2021 marketing year, which ended July 31.  Exports for the period ending July 31 of 3,100 RB brought accumulated exports to 754,900 RB, up 55 percent from the prior years’ total of 486,600 RB.  The destinations were primarily Turkey (1,400 RB), India (500 RB), Bangladesh (400 RB), China (400 RB), and Pakistan (200 RB).  Exports for August 1-5 totaled 7,700 RB, with Peru (2,500 RB), India (2,100 RB), Pakistan (1,800 RB), China (700 RB), and Bangladesh (300 RB) being the primary destinations.     Exports for Own Account:  For 2021/2022, exports for own account total of 4,700 RB were carried over from the 2020/2021 marketing year, which ended July 31.  The outstanding balance of 4,700 RB, including carryover, is for China. 

Textile industry should use local cotton: governmentThe government on Monday said there is excess availability of local cotton, which the textile and apparel industry should tap into and support farmers hit by a surge in imports.Minister of state for finance Pankaj Chaudhary told Lok Sabha in a written reply to a question that a 5% basic customs duty and a 5% agriculture infrastructure and development cess was imposed on raw cotton in FY22 budget to benefit domestic cotton farmers.Chaudhary said cotton import surged significantly in last few years even though India is the largest producer of cotton in the world.“All varieties of cotton, including those which were produced in India were being imported in large quantities. This has impacted the Indian farmer adversely. Cotton is domestically available in excess of demand. Therefore, the garment industry can source the domestically produced cotton including high quality and extra-long staple cotton," the minister said.Chaudhary also said that reduced import dependence would help the domestic garment industry.The minister acknowledged that trade associations have made representations that difficulties were being faced by textile and apparel industry due to the import duty.Chaudhary argued that garment exporters have various duty-free import schemes and would not be affected by the duty on cotton.The cotton Association of India has sought withdrawal of the 10% duty levied on imports saying the commodity has become costly and it was not in the interest of domestic textile industry, the minister said. “The decision to impose duty on imports of cotton has been taken to benefit domestic cotton farmers which in turn would help in higher domestic value addition and reduce import dependence," the minister said. SiS Commited to update you on all textile related news real time.

U.S. EXPORT SALES FOR WEEK ENDING 29/07/2021 Cotton:  Net sales of 17,100 RB for 2020/2021 were up noticeably from the previous week, but down 45 percent from the prior 4-week average.  Increases primarily for Mexico (9,300 RB), South Korea (4,200 RB, including decreases of 100 RB), Vietnam (2,800 RB, including 400 RB switched from Japan and decreases of 5,100 RB), China (900 RB), and Bangladesh (700 RB, including 900 switched from Pakistan and decreases of 200 RB), were primarily offset by reductions for Malaysia (600 RB), Japan (300 RB), and El Salvador (300 RB).  For 2021/2022, net sales of 149,300 RB primarily for Costa Rica (36,500 RB), Pakistan (35,300 RB), Turkey (35,300 RB), China (15,800 RB), and Thailand (13,300 RB), were offset by reductions for Indonesia (700 RB), Honduras (600 RB), and Guatemala (300 RB).  Exports of 229,500 RB were down 4 percent from the previous week and 5 percent from the prior 4-week average.  Exports were primarily to Vietnam (42,400 RB), China (35,500 RB), Turkey (34,100 RB), Pakistan (25,000 RB), and Indonesia (17,400 RB).  Net sales of Pima totaling 2,400 RB were down 42 percent from the previous week and 49 percent from the prior 4-week average.  Increases reported for India (1,700 RB), Peru (400 RB), Colombia (200 RB), Pakistan (100 RB), and Vietnam (100 RB switched from China), were offset by reductions for China (100 RB).  For 2021/2022, net sales of 9,100 RB were primarily for China (6,600 RB), India (1,800 RB), Egypt (400 RB), and Guatemala (200 RB).  Exports of 8,700 RB were down 7 percent from the previous week and 18 percent from the prior 4-week average.  The destinations were primarily to Vietnam (3,000 RB), India (3,000 RB), Austria (800 RB), Brazil (700 RB), and Peru (400 RB). Exports for Own Account:  For 2020/2021, the outstanding balance of 4,700 RB is for China.