Edible oil

Edible oil in Pakistan 

CBOT Edible Oil Market Report:

CBOT Market Outlook:(Click on link)

World Cotton

World Cotton in Pakistan 

International Cotton Market Outlook:

Cotton Market Outlook:(Click on Link)

Current cotton prices

Punjab Cotton Market Updates:

Yesterday 15/1/2014 Punjab cotton market was stable but more trading activities were recorded. Cotton was traded between the price range of 7000-7200 per maund. Phutty was traded at 3500-3800 per maund.

Cotton prices today

Sindh Cotton Market Updates:

Yesterday 15/1/2014 Sindh cotton market was also stable. Upper sindh cotton was traded at the  price range of 7000-7100 per maund. Phutty was traded at 2900-3050 per maund. Lower Sindh cotton was traded in the price range of  5800-6800 per md. while phutty was traded at 2000-2500 per maund.

Cotton World

International Cotton Market Report: (Click on Link)

Cotton Market Price

Sindh Cotton Market:

Similiarly, Sindh cotton market was also stable. Upper Sindh Cotton was traded at price range of 7100-7200 per maund. Phutty was traded at 2800-3050 per maund.In Lower Sindh Cotton was traded at the price range of 5800-6800 per maund while phutty was traded at 2000-2500 per maund. On Tuesday – 14/1/2014 cotton market was closed on Account of Public Holiday.

 Commodity Prices

Stations Commodities Sindh Min. Sindh Max.

Hyderabad, Sindh        Seed Cotton (Phutty)           2800 (40kg.)          3100 (40kg.)
Mirpurkhas, Sindh       Cotton Seed (B Seed)           950 (40kg.)           1000 (40kg.)
Mirpurkhas, Sindh       Cotton Seed Oil (B Oil)         4500 (40kg.)         4600 (40kg.)
Mirpurkhas, Sindh       C S Cake (Khal)                   980 (37kg.)           1010 (37kg.)
Ghotki, Sindh              Rice Basmati                      2000 (40kg.)          2100 (40kg.)
Shahdadkot, Sindh       Rice Irri                             1050 (40kg.)          1150 (40kg.)
Matiari, Sindh              Wheat                               3700 (100kg.)        3800 (100kg.)

Stations

Commodities

Sindh Min

Sindh Max                               Date : 09.Jan.2014

 Wheat in Pakistan

Punjab government announces Rs 18 billion flour subsidy

Punjab government has announced to extend a subsidy of Rs 18 billion for provision of flour to consumers on cheaper rates. It will release wheat to the flour mills at Rs 1330 per 40 kilograms which will ensure the provision of 20-kilogram flour bag to consumers at Rs 785 per bag.

This was announced at a joint press conference by the Punjab Minister for Law Rana Sanaullah, Food Minister Bilal Yaseen, Agriculture Minister Dr Farrukh Javed and Health Minister Khalil Tahir Sindhu. Secretary Food Punjab was also present on the occasion. He said that Punjab government at present have 3.94 million tons of wheat in its stock which is sufficient till the start of next wheat season rather it is 500,000 tons more than the requirement of the province.

The minister said that the Chief Minister had constituted three-member committee comprising Punjab law, food and agriculture ministers to fix the wheat release price for the current year. Keeping in view of all the circumstances, the committee had fixed the price at Rs 1330 per 40 kilogram. He said ample stocks are available with the provincial government and there is no question of wheat shortage.

He said that the government had also devised a strategy for provision of cheaper and quality food to the common man. He said that as per the vision of the Chief Minister Punjab, wheat production would be increased in the province which would not only help meeting provincial requirements but surplus production would be available for export to other provinces and international market.

Rana Sanaullah said that price of wheat and flour was less in the Punjab province as compared to other provinces. City District Government had also been issued directives to ensure availability of cooked chapatti on reasonable rates and for taking action against those charging more than the prescribed rate.

To another question, he said that the government under the leadership of Prime Minister Nawaz Sharif was working for solving the energy crisis, terrorism, ensuring provision of justice and relief to the common man. He said results of these efforts would soon start coming. He claimed that the present government was spending each penny of the nation on projects with full honesty and dedication.

 Ethanol In Pakistan

PSMA hint at delay in curshing season

Sugar industry has hinted at a delay in crushing season in case the government does not make arrangements to procure 0.4 million tons of sugar through Trading Corporation of Pakistan (TCP), sources close to Secretary Industries and Production told Business Recorder. This warning has been issued by Pakistan Sugar Mills Association (PSMA), President Riaz Qadeer Butt as the central organisation of PMSA is almost paralysed after its incumbent Chairman became a resident of the USA.

Most of the recent proposals of sugar industry approved by the Economic Co-ordination Committee (ECC) of the Cabinet originated from the PSMA Punjab.

Sugar industry argues that working paper prepared by the Ministry of Industries for Sugar Advisory Board (SAB) and discussed in the meeting held on May 29, 2013 clearly spelled the need for disposal of surplus stocks. All stakeholders who attended the meeting were of the considered opinion that current stocks would last until first quarter of 2014 which would have serious repercussions on the industry’s capacity to fulfil its financial and other obligations for want of sale of stocks.

The stakeholders suggested that TCP should buy the surplus stocks to build and maintain strategic reserves for market intervention and to ensure uninterrupted supply to Utility Stores Corporation (USC) which cater to the poor segments of society, the sources added.

During the recent meeting of the ECC, 100,000 tons of sugar was allowed for procurement by the TCP and that too in two tranches of 50,000 tons each. Presumably, the decision to buy in small quantities was taken with a view to keeping the domestic price of sugar at a reasonable level.

PMSA Punjab maintains that sugar is in surplus in the country and the industry is constrained to sell below cost, which may result in defaults to banks. The Association has also cited an example of the US Department of Agriculture recently which bought sugar from domestic growers, the government’s first direct intervention in the nation’s sugar market in more than a decade. The USDA paid $43.8 million for the sugar but averted an expected $110 million in forfeitures of sugar price support loans. It then exchanged the sugar with domestic refiners for import credits. The USDA bought 91,238 MT tons of sugar and traded it for import of credit worth 299,153 tons.