Cashew kernel exports down 6%

NEWS DIGEST

Cashew kernel exports from India fell 6 per cent on year to Rs 1436 crore in April-October, a Cashew Export Promotion Council official said on Thursday.

Total quantity of exports, however, rose to 68,642 tonne from 67,909 tonne a year ago. Rise in quantity of export is a sign of increase in uptake from US buyers, which accounts for over 50 per cent of India's cashew export, a dealer said.

In October, exports touched 10,432 tonne, compared with 8,796 tonne in the same period a year ago. Export earnings rose to Rs 213 crore from Rs 195 crore in the year ago period.

Increase in earning as well as quantity in October has vindicated expectations of rise in demand from second half of the fiscal, he said.

Fall in palm oil stocks in Malaysia

Palm oil stocks in Malaysia, the world's top producer, fell in October from record highs a month earlier on the back of robust exports and a decline in output, a Reuters poll showed on Thursday.

Stocks slipped 6 per cent to 1.691 million tonne last month from a record 1.799 million tonne in September, according to the median estimate of five plantation houses polled by Reuters.

Palm oil production in October fell 8.7 per cent to 1.47 million tonne as the country's plantation houses were closed for a week to mark the Muslim Eid al-Fitr festival.

"Plantation firms were closed and workers were on a holiday, the output was impacted," said one contributor to the poll.

"But production this month will be better as carryover fruits bunches will get processed." Exports jumped 8.1 per cent to 1.4 million tonne in October from 1.295 million a month earlier, the poll showed.

Exports of Malaysian palm oil products in October rose 11.9 per cent to 1,449,034 tonne from 1,294,859 in September, according to cargo surveyor Intertek Testing Services. Societe Generale de Surveillance, another cargo surveyor, whose estimates are closely tracked by the industry, has said.

October exports jumped 9.4 per cent to 1,430,900 tonne. Malaysian crude palm oil futures rose by midday on Thursday, boosted by higher prices of soyoil and crude oil.

Thai rice prices seen falling

Thai rice prices are expected to drop further over the next week as supplies rise with the main crop coming to market, traders said on Thursday.

The domestic 100 per cent broken rice price was down 300 baht ($8) a tonne at 10,350 baht ($282) from a week earlier to fall in line with the post-coup government's purchase prices, which are about 10 per cent lower than the ousted government had set.

"The harvest of the main crop started at the beginning of the month and more supply is expected to hit the market in coming weeks," a trader said. Recent floods in Thailand, the world's top rice exporter, had little impact on the main crop.

The Agriculture Ministry cut its estimate of the main crop a mere 3 percent to 22.9 million tonne of paddy from 23.7 million tonne. It is due to revise its estimate of the crop in December.

On Thursday, Thai 100 per cent broken grade was down $4 at $298 a tonne, free-on-board, from last week's $303. The domestic five percent broken grade was down 100 baht a tonne at 10,100 baht ($275) from a week earlier.

Thai 5 per cent broken grade was also down $5 at $290 a tonne, free-on-board. Chinese buyers have been in the market this week, seeking to buy glutinous and fragrant grades, traders said.