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International scenario

The Federal Reserve Chairman Ben S Bernanke asserted that US inflation should ease later this year and in 2009, A recovery in the dollar and declines in commodity prices “should lead inflation to moderate,” he said in a speech to the annual Fed conference in Jackson Hole, Wyoming. The Fed “is committed to achieving medium-term price stability and will act as necessary to attain that objective,” he said.



USDA announced their eagerly awaited reports of 12th August, 2008, surprised traders. They reported Soybean yield at 40.5 bu/acre substantially down from 41.6 bu/acre in July estimation and 41.2 bu/acre as reported last year. According to traders their expectations were marginally higher.



As reported earlier planting of kharif (summer sown) crops are mostly completed. In July,08 the harvest area was more but later in August the shortfall area have been fully covered and there is no shortfall expected in main oilseed planted area. Soybeans sowing have increased by about 15-20% in main cultivated areas in Madhya Pradesh, Rajasthan and Maharastra. The trade estimates a crop of 10-10.5 mln tons for harvest in Oct-Nov,08.


Ground nuts:

Overall demand for HPS 80/90 varieties were limited as most of the buyers are covered for their festival demand of Ramadan during September,08. Due to inactive market; prices locally declined accordingly. The Gujarat cargo of 80/90 variety of current crop was reportedly offered as low as $1010 per mt against earlier sales of $ 1070 per MT.