| Potato futures up on concern output will fall
MUMBAI: Potato futures rose on Thursday on speculation a persistent cold wave in the northern region could hurt output, analysts said.
On the Multi Commodity Exchange of India, potato futures rose more than 1 per cent, with the most active March contract at Rs 598, up 1.15 per cent.
"Futures price is rising only on speculation," Abhijeet Choudhuri, an analyst with research house Agriwatch, said. "There are speculations that output would fall due to the cold wave." "At least 10-15 percent crop loss has been reported in India. But this rise is only temporary as arrivals will start soon."
India's potato production in 2007/08 is likely to grow 4.5 per cent, half its earlier 10 per cent estimate, on crop damage, the National Horticulture Research Development Foundation, which monitors potatoes and onions for the government said.
Gold Reef CEO Joffe defends futures sale
GOLD Reef Resorts CEO Steven Joffe says the Securities Regulation Panel (SRP) has written to him, asking him to explain his sale of single stock futures while the company was in negotiations that might have resulted in it being sold. “We were not under cautionary at the time,” Joffe said on Friday. “I did not know that I had to get permission from the SRP.” Joffe is said to have gained R17m from the sale of the futures at R33 a share. Gold Reef’s current share price of R23 is substantially lower following the withdrawal earlier this month of an offer for the company by a private equity consortium of R34 a share. The consortium comprised Gold Reef Management, Ethos Private Equity and US bank Goldman Sachs.
MCX to support Microsoft's rural technology training programme
MUMBAI: Multi Commodity Exchange of India on Thursday announced its support to an ongoing computer literacy programme of Microsoft and Indian Society of Agribusiness Professionals in rural Maharashtra.
This marks the launch of MCX's Corporate Social Responsibility initiative aimed at empowering the youth and women of rural areas of the state with technology skills.
Till now over 15,500 people have been trained and more than 24,000 people are using this service across 16 districts by the means of understanding the futures markets prices of the area specific commodities.
MCX's support will help in increasing deployment of laptop and desktop computers and thereby strengthen the ongoing technology training and adoption efforts through the project.
Thomson Financial Europe AM at a glance share guide: Shares mixed, oil ...
Oil futures ended an erratic session higher Tuesday as investors focused on expectations that the Federal Reserve will cut interest rates and OPEC will hold production steady, and shrugged off estimates that domestic crude inventories rose last week. METALS: Gold prices fell as the dollar was mixed against major European currencies. EVENTS: FOMC meeting (interest rate decision due 1915 GMT) US weekly API, Department of Energy oil inventory data (0330 GMT) Jan ADP national employment report (1315 GMT) Q4 GDP (advance) (1330 GMT) Kraft Foods Inc Q4 results. EPS forecast 44 cents vs 51 (before market opens) Merck & Co Inc Q4 results. EPS forecast 73 cents vs 50 (before market opens) Allergan Inc Q4 results. EPS forecast 58 cents vs 51 (1700 GMT) Amazon Com Inc Q4 results. EPS forecast 48 cents vs 23 (1700 GMT) Boeing Co Q4 results.
Cost of corn pinches plants
High corn prices have created a cash-flow problem for a South Dakota ethanol plant.
Poet Biorefining in Chancellor has borrowed $6.3 million from its partner, Poet, in response to an increase in the price of corn futures that shows little sign of abating.
On Jan. 14, the Chancellor ethanol company and Poet agreed to a short-term loan to be repaid Feb. 13, including interest at an annual rate of 9.25 percent. According to a filing with the Securities and Exchange Commission, the money was needed to cover margin calls triggered by a price increase in the corn futures market at the Chicago Board of Trade. "We did not have the necessary funds from operations to cover the margin calls," General Manager Rick Serie wrote in the filing.
The plant, which produced about 51 million gallons of ethanol last year, was securing grain with plans to distill 100 million gallons this year.
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