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Turkey tenders to buy 44,000 tonnes of corn - trade
Apr 24, 2017
Turkey's state grain agency TMO has issued an international tender to purchase and import up to 44,000 tonnes of animal feed corn to be sourced from the European Union and Moldova, traders said on Friday.
The tender closes on April 25, with offers having to remain valid until April 26, they said.
Turkey has been turning to supplies of grain from the EU and other regions after Turkey's sudden ending of duty free status for Russian wheat, corn and sunflower oil in March effectively stopped imports. The move is suspected to be related to a wider trade dispute.
The new TMO tender seeks three consignments of EU-origin corn each of 12,000 tonnes and one consignment of 8,000 tonnes of Moldovan-origin corn.
Rapid shipment is sought between April 28 and May 10.
The TMO bought about 65,000 tonnes of corn to be sourced from the European Union and Serbia in a tender on Wednesday. Offers had also been sought on Wednesday for the 44,000 tonnes in the latest tender but were rejected as too high.
U.S. corn futures in Chicago fell 1.2 percent on Thursday, hitting their lowest since March 31, pressured by expectations of better planting weather for U.S. farmers and a sharp drop in wheat prices.
Times of India
Maize prices to stay put on plentiful supply
Apr 24, 2017
The Indian maize market is passing through an unexciting phase. Record harvests in 2016-17 covering kharif and rabi seasons have augmented the availability of the cereal this year for the user industries, such as starch and animal feed.
Adequate domestic supplies will likely continue to keep prices on a leash, while export and import activity is rather muted because of price disparities.
To be sure, maize is one of the success stories of Indian agriculture in recent years. Production has been expanding steadily since 2006-07 (15.1 million tonnes) and touched 24.2 million tonnes (mt) in 2014-15. El Nino-induced poor precipitation saw the harvest size shrink to 22.6 mt the following year. But thanks to reasonably well-distributed, near-normal, south-west monsoon, production has reached a new high of 26.15 mt this year, exceeding the annual target of 24.5 mt.
Record Brazil harvest
The Indian situation largely mirrors the global situation. World corn (maize) production reached a new high of 1,054 mt in 2016-17, thanks to a rebound in harvest in Argentina and Brazil. Brazilian corn harvest this year is 40 per cent higher than in the previous year and has set a new record of 93.5 mt.
World corn trade will remain largely unchanged from last year’s record of 145 mt. Trade is dominated by the US as the world’s largest producer and exporter. US corn exports account for 35-40 per cent of world trade. Global stocks this year are set to reach a new high of 223 mt.
As a result, export prices have turned weak. While offers from the US are at about $160 a tonne, those from the Black Sea region, especially Ukraine, are around $170 a tonne. Importers are keen to take advantage of the prevailing consumer-friendly rates.
The livestock sector is a principal consumer of corn while in producing countries such as the US, the cereal is also used for ethanol production.
Currently, local prices are at around Rs. 16,000 a tonne, far higher than international rates. So, there is no possibility of corn export out of India. Logically, world prices should encourage maize import into India; but that too is not feasible because of import duty of 51 per cent.
To be sure, only non-GM (non-genetically modified) maize is allowed for import into the country. Such produce is available from origins like Ukraine. Non-GM maize offers are seen at $200 a tonne landed at Indian port. Add to that the specified import duty and the business becomes unviable. However, some consignments do enter the country under the advance licensing scheme, which is duty-free but comes with an export obligation.
The starch industry, for instance, imports low-priced maize and re-exports derivative products.
Domestic maize prices are most unlikely to be disturbed from their current levels in the coming months, given the market fundamentals. Demand from the poultry industry is adequately met. Feed substitutes such as oilseed extractions are also cheap. That also caps the upside price possibility for maize.
The outlook for 2017-18 depends on how the south-west monsoon eventually pans out in terms of spatial and temporal distribution. Unlike pulse growers, maize growers have received prices generally above the minimum support price of Rs. 1,365 a quintal. It stands to reason to believe that the planted area under maize in the upcoming kharif season will be retained at about 8 million hectares or may expand marginally.
The key to higher production is, of course, yield increase. There is scope to raise the current average yield of 2.5 tonnes to well over 3.0 tonnes, especially in the kharif season, with improved input management and agronomic practices.
The Hindu Business Line
Australia to import Indian mangoes for first time
Apr 24, 2017
Indian mangoes will be imported to Australia for the first time after protocols were revised to allow the Asian-grown fruit into the local economy, a media report said.
The fruit would be allowed into Australia as long as they were treated with irradiation before leaving India, Xinhua news agency reported.
This meant that Australians would be able to enjoy the fruit long after the local season ended.
The Australian Mango Industry Association's Robert Gray said Indian mangoes would be imported when the native season was over, ensuring a constant supply for those who enjoy the golden fruit.
Kay Bee Exports Chief Executive Kaushal Khakhar - who will be sending his mangoes to Australia - said shipments would be made up of two varieties - Alphonso and Kesar.
Alphonso is slightly tricky but handled well, it is one of the best varieties in India, he told Fresh Fruit Portal.
Kesar is the best commercial variety because it has a good price, good flavour, and it handles very well.
He added that if the Indian-sourced fruit passed all standard testings, the deal would be beneficial for the Australians.
The global trade was welcome provided the protocol was safe and did not bring in any pests or diseases into the country, Gray told the Australian Broadcasting Corporation (ABC) on Monday.
Gray also said on those lines "we're supportive of other countries having access into our market".
The US had previously imported Indian mangoes with no problems, Gray said, adding, however, he could not predict the kind of volume that Australia should expect from March until July - during the Indian mango season.
While India is a huge mango-growing country, their export business is a bit like ours, he said.
They will be targeting affluent markets, markets where they can place small quantities of very high-value product.
India is currently trying to ship 200 to 300 tonnes of mangoes to the US a year, and it would be those sorts of volumes I would expect (in Australia), Gray added.
India to grow over 3-fold to $7.25 trillion by 2030: NITI Aayog
Apr 24, 2017
The Indian economy will see an over three-fold expansion at $7.25 trillion by 2030 and clock an average growth rate of 8 per cent over the next 15 years, Niti Aayog vice chairman Arvind Panagariya said today.
In a presentation made at its Governing Council meeting -- chaired by Prime Minister Narendra Modi and attended by 28 state chief ministers -- here today, the government think-tank projected the size of the Indian economy.
Our base GDP is large. If we grow at an 8 per cent average rate for the next 15 years, our GDP will be Rs 469 lakh crore by 2030 (around USD 7.25 trillion), Panagariya told reporters.
The country’s GDP stood at around USD 2.11 trillion in 2015-16, he said.
He was briefing the media after the meeting about the Aayog’s detailed presentation on a 15-year vision, 7-year strategy and 3-year action plan for the country.
When asked whether the Aayog has given up hopes of double-digit growth, he said, “We could grow at 8 per cent in rupee and 10 per cent in dollar terms.”
Elaborating further on this, Niti Aayog CEO Amitabh Kant said this is an average growth rate as it could not be the same in all years.
Panagariya explained, “(In my presentation) I said in 1999-2000, we were Rs 46 lakh crore (economy) at 2015-16 prices. We added Rs 91 lakh crore to this by 2015-16. We came to Rs 137 lakh crore by 2015-16... a little lower than USD 2.1 trillion.”
On the Prime Minister’s pitch for having simultaneous elections and changing the financial year from April-March to January-December, Panagariya said the prime minister has said it is good to change the financial year to January-December because it coincides with harvest season and is good from farmers’ perspective.
He said the prime minister has asked the states to think about changing of financial year to January-December.
On these matters, Kant said, “These were the suggestions made by the prime minister. One was simultaneous elections and other was financial year. We are a very large country. States also matter. They need to give their inputs.”
On state’s performance, the Niti Aayog CEO said there are 100 districts in the country which have not performed well on various parameters in the area of health, education, electricity. If these 100 districts’ performance can be improved then the country can progress well, he added.
At the third meeting of the Aayog’s Governing Council today, Kant also apprised the gathering about the work done by Niti for transforming the economy and cooperation with states in the sectors of education, health, infrastructure etc.
He also asked the states to treat Niti as their outpost in Delhi.
Panagariya gave an outline of the draft Action Agenda, prepared with inputs from the states, which was circulated at the meeting.
In his presentation, he put forth over 300 specific action points that had been identified, covering the whole gamut of sectors.
The period of the Action Agenda coincided with the period of the 14th Finance Commission’s award. This gave stability to the funding estimates of both the Centre and states.
He solicited the inputs and support of the states in taking the vision forward.
Revenue Secretary Hasmukh Adhia made a presentation on the Goods and Services Tax (GST), explaining the benefits of the system and the way forward. He urged the chief ministers to expedite the enactment of State GST Act (S-GST).
Madhya Pradesh Chief Minister Shivraj Singh Chouhan made a presentation on how to double farmers’ income. He touched upon areas such as irrigation, technology generation and dissemination, policy and market reforms, e-NAM, livestock productivity etc.
Niti Aayog’s member-agriculture Ramesh Chand also elaborated on some of the steps needed for doubling farmers’ income and spoke of the various elements of the Pradhan Mantri Krishi Sinchai Yojana, such as ‘Accelerated Irrigation Benefits Programme’, ‘Har Khet Ko Pani’, and ‘Per Drop, More Crop’.
The Niti Aayog’s document titled “India 2031-32: Vision, Strategy and Action Plan” says “new India awaits two wheeler or car, air conditioner and white goods for nearly all”.
According to Panagariya’s presentation, India’s per capita GDP will rise by Rs 2 lakh in 2031-32 from 2015-16.
India’s per capita GDP is currently Rs 1,06,589 and will reach Rs 3,14,776 in 2031-32, it added.
India’s urban population will rise by 22 crore in 2031-32 to 60 crore from 2011’s figure of 37.7 crore.
Central and state expenditure will rise by Rs 92 lakh crore in 2031-32 to Rs 130 lakh crore from Rs 38 lakh crore in 2015-16.
Karnataka mango exports to touch 10,000 tonnes
Apr 24, 2017
Mango growers of Karnataka have reason to smile. There is a surge in demand for the fruit grown in the state in offshore markets this year, after having established its aroma and taste the world over.
At the beginning of the season, Karnataka bagged an export order for 1,500 tonnes to the US, said Kadire Gowda, managing director, Karnataka State Mango Development and Marketing Corporation, a board established to exclusively promote mangoes.
Gowda said the corporation hopes to export at least 10,000 tonnes of mangoes to the US, parts of the European Union, UAE, Kuwait, Japan, Malaysia, Singapore, South Korea and other countries due to strong demand and expected sufficient supply of export quality fruit. However, record exports will depend on supply of quality mangoes like Alphonso, Banganapalli, Mallika etc. These late maturing varieties are likely to be ready for harvesting around May 20.
Karnataka, the third largest producer after Uttar Pradesh and Andhra Pradesh, cultivates 13-18 lakh tonnes of mangoes on 2.2lakh hectares of land across the state, with Srinivasapura in Kolar district being the biggest producer. Production dipped to about 3-4 lakh tonnes this year, compared to last year's 14 lakh tonnes due to drought and unseasonal rain.
Times of India
Sri Lanka keen to boost economic ties with India: Ranil Wickremesinghe
Apr 24, 2017
Sri Lanka is looking forward to strengthen economic cooperation with India, Prime Minister Ranil Wickremesinghe has said, noting that development of strategic eastern port town of Trincomalee will be discussed during his visit to the country next week.
Wickremesinghe will arrive in New Delhi on April 25 on a five-day visit during which he will hold talks with Prime Minister Narendra Modi to further expand ties in a range of areas.
Addressing reporters in the central town of Kandy yesterday, Wickremesinghe said he was looking forward to strengthen economic cooperation with India.
He said the development of eastern port district of Trincomalee will be discussed during the visit.
We have plans for an Indian LNG plant in Trincomalee. That could also be a joint venture with Japan," the Prime Minister said.
India and Sri Lanka will jointly operate the oil storage facility at the strategic eastern port town of Trincomalee.
At least 73 of the 99 storage tanks in Trincomalee is to be managed under a new equity arrangement between the two countries, Lankan Petroleum Minister Chandima Weerakkody had said earlier.
Wickremesinghe's trip comes ahead of Modi's visit to Sri Lanka next month to take part in the celebrations marking the UN 'Vesak Day', the most important in the Buddhist calendar.
The Lankan Prime Minister's visit will also be significant in view of the negotiations on the Economic and Technical Cooperation Agreement (ETCA) with India.
The ETCA has met with stiff resistance by trade unions and opposition groups.
The Sri Lankan Prime Minsiter has expressed his resolve to seal the ETCA before the end of this year.ETCA before the end of this year.
The Economic Times
India's growth to bounce back in 2018: IMF
Apr 24, 2017
The International Monetary Fund (IMF) today said that post demonetisation, India's growth is projected to rebound to 7.2 per cent in fiscal year 2018 and further to 7.7 per cent the next year.
In lndia, the temporary disruptions (primarily to private consumption) caused by cash shortages accompanying the currency exchange initiative are expected to gradually dissipate in 2017," Changyong Rhee, Director of the Asia and Pacific Department of the International Monetary Fund (IMF) told reporters on the sidelines of the annual Spring Meeting of the IMF and the World Bank.
Thus, growth is projected to rebound to 7.2 per cent in Financial Year (FY) 2017-18 and further to 7.7 per cent in FY 2018-19," Rhee said, adding that India remains the fastest growing emerging economy in Asia and the world.
The recent growth momentum in the largest economies in the region remains particularly strong, reflecting sustained policy support in China and Japan, the IMF official said.
More broadly across the region, forward-looking indicators such as the Purchasing Managers' Index suggest continued strength into early 2017, he said.
Against this backdrop, growth for the region is forecast to accelerate to 5.5 per cent in 2017 from 5.3 per cent in 2016.
Rhee said in China, first quarter growth came in slightly higher than expected, reflecting in part continued policy support.
We expect GDP growth to moderate somewhat in the second half of this year as recent tightening measures take effect, although the near-term outlook remains strong, he said.
In Japan, growth momentum is set to continue into 2017, but weaken thereafter as fiscal policy consolidates with the planned consumption tax increase. Growth has been revised up to 1.2 per cent. Imports are expected to recover from exceptionally cult levels in 2016 while exports are boosted by foreign demand, he said.
The Economic Times
FIEO hails relaxation in caution listing of exporters
Apr 24, 2017
The apex export promotion body, Federation of Indian Export Organizations (FIEO) welcomes the relaxation in caution listing of exporters.
Complementing the Department of Commerce and the Reserve Bank of India, Ganesh Kumar Gupta, President, FIEO Sunday said that the grant of further exemption to exporters whose IE codes are appearing in caution-list in Export Data Processing and Monitoring System (EDPMS) upto May 20, 2017 to clear the entries in the system will provide much needed respite to exporters who have been penalized due to delays in updating the information in EDPMS by Authorised Dealers even where exports remittances have been realized.
The extension upto 20th May 2017 shall be available to only those exporter whose outstanding export bills' amount is upto 20 percent of total export bills or the number of open export bills is upto 10 as indicated in the caution list appearing in EDPMS site.
FIEO Chief in a press statement said that the exporters and bankers to work in tandem so that all cases where exports payments have been realized are updated in EDPMS by banks while exporters make efforts to realize or regularize the outstanding amount so that they are not placed in the Caution List which otherwise will have serious consequences for their exports.
NRCB signs pact for export of ‘nendran’
Apr 24, 2017
The National Research Centre for Banana at Podhavur on Thursday entered into a memorandum of understanding (MoU) with Agricultural and Processed Food Products Export Development Agency (APEDA) for export of ‘nendran’ banana to Dubai.
The MoU ensures export of ‘nendran’ by sea in partnership with M/s Fair Exports India Limited, Kochi. S. Uma, Director of National Research Centre for Banana, and R. Ravindra, Deputy General Manager,APEDA, exchanged the MoU.
Ms. Uma said the project aimed at developing a sea route for exporting ‘nendran’ banana variety. If successful, it would pave the way for the export of Indian banana to West Asian countries. In course of time, ‘ney poovan’ variety could also be exported. Representatives of a number of major exporters and the consultancy project members R. Thangavelu, V. Kumar, K.N. Shiva and P. Suresh Kumar, all scientists from National Research Centre for Banana, were present.
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