UP contributes almost a third to the country’s total wheat production, with an annual output of around 25-27 million tonnes. But the procurement target set by the Food Ministry for UP is just 3 million tonnes for this year. Arrivals about to start after a bumper wheat crop, farmers fear that wheat prices can fall unless procurement increases.
NCDEX coriander hits 1week high as output seen down.
Rice basmati up on rising demand in New Delhi.
Mexico offers zero tariff for rice import.
Japan to import 600 tonnes barley via tender.
Barley down in Jaipur on supply surge on weak demand
Debut for Black Sea wheat derivatives contract.
Madhya Pradesh sent 5,000 quintals of substandard wheat to Guna for BPL families under PDS.
Japan to import 577 tonnes feed wheat via tender.
Wheat prices rise in Indore, Rajkot as govt buys start.
Recent rains in north India boost hopes of record wheat production.
Futures contracts of coriander on the NCDEX extended gains and hit a one week high in anticipation of a decline in output in 2016-17 (Oct-Sep). The most-active April contract traded on the NCDEX up 1.1%.Coriander estimated output at 320,000 tonnes down 20% from 400,000 tonnes of previous year. Arrivals of coriander in Kota were pegged at 15,000 bags (1bag=40kg) up 5,000 bags.
Rice basmati prices firmed up in the wholesale grains market due to pick up in demand. Bajra and maize also traded higher on increased offtake by consuming industries. HIgh demand from retailers against restricted supplies from producing regions mainly led to the rise in rice basmati prices.
Thailand is expected to export 10,000 tonnes of long-grain white rice to Mexico soon after receiving a free import tariff quota from the Mexican govt. Mexico recently allowed zero tariff for 150,000 tonnes of imported long-grain white rice from March 2 to Dec 31 this year, as its government seeks to lower the country’s food costs and meet higher demand. Apart from Thailand, the Mexico has also granted the zero tariff for long-grain white rice to Argentina, India, Italy, Uruguay, Vietnam and the US. The country’s import tariff for rice is normally set at 20%. Mexican government has set a maximum 10,000 tonnes per company to get free import tariff.
Japan would import 600 tonnes of barley for livestock use, via a simultaneous buy and sell (SBS) auction. The ministry had sought 200,000 tonnes of feed barley to be loaded by June 30 and arrive in Japan by Aug. 31 in the tender.
Prices of barley fell in Jaipur because of a surge in arrivals and less demand from feed sector and stockists. Arrivals of the new crop were estimated at 15,000 bags (1bag=85kg) compared with 5,000 bags. Demand from malt industries was less due to high moisture content in the new arrivals, which weighed on barley prices. On the NCDEX the most-active April contract of barley was down 0.5%.
Agricultural traders and investors are looking for the debut of a new derivative product that will allow them to bet on the benchmark price of Black Sea wheat. Russia became the leading exporter of wheat last year. Russia, Kazakhstan and Ukraine, collectively known as the Black Sea region among grain traders which accounted for just under a third of global wheat exports in the 2015-16 crop season. Grain brokers have started to offer over the counter Black Sea derivative contracts based on the Russian wheat benchmark shipped out of the Novorossiysk port. The first derivative deal based on Black Sea wheat prices from S&P Global Platts, the commodities pricing agency was traded last week.
Over 5,000 quintals of substandard wheat mixed with stone, sand grit and mud has been sent to Guna in Madhya Pradesh for distribution among below poverty line (BPL) families through the public distribution system. This wheat is not worth human consumption as pests have also infested it and wheat has been sent to Guna from Jabalpur which stored in a government warehouse. (Source: India today)
Japan would import 577 tonnes of feed-quality wheat for livestock use, via a simultaneous buy and sell (SBS) auction. Ministry had sought 120,000 tonnes of feed wheat to be loaded by June 30 and arrive in Japan by Aug. 31 in the tender.
Wheat prices rose in key wholesale markets of Madhya Pradesh and Gujarat as procurement by the government started and supplies in the market were low. Centre has asked Madhya Pradesh, Gujarat and Rajasthan to start procurement operations earlier than the usual date of April1 due to high supplies and weak prices. Govt purchases prices rise above the MSP in most of these markets. About 3,000-4,000 bags (1bag=100kg) arrived in the market down from 5,000-6,000 bags. In Rajkot, Gujarat, the grain was up from last days. Prices of the grain remained unchanged in Kota, Rajasthan.