MARKETWATCH--SOYA SLUMP
Article Abstract:
India's soyameal export earnings have come down in terms of value during April 1998 to January 1999. This is attributed to fall in the unit value realisation. The prices dropped from $179 per tonne in April 1998 to $130 in January 1999. The prices said to have touched the bOttom, but analysts deny it and expect them to go up in the next two months. Exports are expected to touch 28 lakh tonnes (valued at Rs1,600 crore) during 1998-99 against 25 lakh tonnes (valued at Rs2,500 crore during 1997-98). The exports are affected by bumper soya production in the United States and South-East Asian crisis. Excess oil import has also contributed to downtrend in oil prices in the country making oilmeal exports uncompetitive. The analysts expect a rise in the physical demand from Asian markets, which will shoot up prices. For the 1998-99 crop season, the soyabean production is estimated at 60-62 lakh tonnes (53-55 lakh tonne in 1997-98). (um)(psr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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WHEAT IN CONTROL
Article Abstract:
The government of India released wheat supplies through Open Market Sales Scheme (OMMS) and the scheme will end in March 1999. OMSS has kept the price of wheat under control. It supplied wheat to millers and co-operatives through Food Corporation of India (FCI). OMSS was started in December 1998. The new crop of wheat has started arriving in Gujarat and Madhya Pradesh. The new crop of wheat is traded at Rs660 per quintal and government fixed the wheat price under OMSS at Rs697 per quintal. The government of India offered to release 40 lakh tonnes of wheat under OMSS between December 1998 to March 1999 at 10 lakh tonnes per month. The millers had complained about the quality of the wheat. FCI had asked the millers to lift 30 percent of imported wheat and 70 percent of indigenous wheat. Both were found to be damaged. (rk)(m)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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