BRIEF-NELCO Ltd to disinvest shares of Nelito Systems
* Says co has entered into deals with DTS Corp, Japan for sale of part of investment representing 9.95 percent of Nelito Systems Source text: http://bit.ly/2mXBQpr Further company coverage:
* Soybeans lower on outlook for record Brazil, Argentina crops * India to boost wheat shipments after abolishing import duty (Adds details, quotes) By Naveen Thukral SINGAPORE, Dec 9 Chicago soybean futures lost more ground on Friday, with the market set for a second week of losses as an improving outlook for weather in Argentina boosted hopes for another year of bumper supplies. Wheat edged lower but the market is set to end the week on a positive note on expectations of strong demand from India, which scrapped an import duty on Thursday to boost purchases. The Chicago Board of Trade most-active soybean contract is down 0.3 percent this week after dropping 1.8 percent last week. Wheat has risen 0.5 percent this week after dropping 3.6 percent last week. Corn is on track for a 2 percent rise and a gain for three out of four weeks. "The main factor which was driving (soybean) prices higher was strong Chinese demand but if you look at the estimates no one has increased their outlook for China's annual purchases," said Rajesh Singla, head of agriculture research at Societe Generale. "Overall there are forecasts of record production in Brazil which means supplies will be ample next year." Strong Chinese demand lifted soybean prices last week to their highest in more than four months, but the market subsequently became weighed down by the prospects of record production in South America. Dry parts of Argentina may see rains within the next two weeks, meteorologists said, buoying hopes of record production in 2017. Brazil's government crop supply agency estimated the country's soy harvest at a record 102.45 million tonnes. The U.S. Department of Agriculture in its monthly supply-demand report on Friday is expected to boost supply expectations for Brazil and Argentina soybean production and narrowly reduce U.S. ending stocks, according to a Reuters' analyst poll. Also, U.S. President-elect Donald Trump's nomination of Oklahoma Attorney General Scott Pruitt to run the nation's Environmental Protection Agency sparked worries of reduced demand for corn-based ethanol and soy-based biodiesel. The wheat market is being underpinned by India's move to scrap its 10 percent import duty on wheat after droughts in the past two years depleted domestic stocks and raised prices. The move is likely to lift the nation's overseas purchases to their highest in a decade. India has been snapping up wheat cargoes from Australia and Ukraine in recent months with purchases since June estimated at about 1.5 million tonnes. Commodity funds were net sellers of CBOT soybean and corn futures contracts on Thursday and net buyers of wheat, traders said. Trader estimates of net fund selling in soybeans ranged from 14,000 to 15,000 contracts, and corn from 6,000 to 12,000 contracts. Estimates of net fund buying in wheat ranged from 4,000 to 4,500 contracts. Grains prices at 0348 GMT Contract Last Change Pct chg Two-day chg MA 30 RSI CBOT wheat 406.25 -2.00 -0.49% -0.12% 422.39 48 CBOT corn 354.25 0.75 +0.21% -1.73% 356.38 55 CBOT soy 1024.75 -2.25 -0.22% -2.20% 1013.91 45 CBOT rice 9.77 $0.00 +0.00% -1.91% $9.76 50 WTI crude 50.91 $0.07 +0.14% +2.29% $47.12 61 Currencies Euro/dlr $1.060 -$0.012 -1.08% -1.50% USD/AUD 0.7453 -0.001 -0.09% -0.25% Most active contracts Wheat, corn and soy US cents/bushel. Rice: USD per hundredweight RSI 14, exponential (Reporting by Naveen Thukral; Editing by Joseph Radford and Tom Hogue)
DHARAMSALA, India, March 24 Shashank Manohar has deferred his resignation as chairman of the International Cricket Council and will continue in the post until administrative reforms of the governing body is complete, the ICC said on Friday.
* Co's wholly-owned unit Eldeco City Private Limited has converted from private limited company into public limited co Source text: