Maize: Prices of maize across key spot market rose marginally due to a decline in arrivals. Maize trade in local market was thin in last week on slow activity as trading holiday on Thursday on account of Holi. However, New harvest maize from across Telangana, are being offered at a higher price of Rs 2,000 per quintal in the market, which is much better when compared to Rs 1,700 fixed by the Centre as minimum support price (MSP). Demand for maize increased from Maharashtra and Tamil Nadu.
Rice : Rice export prices in India rose to their highest level in more than seven months as the rupee appreciated. Prices of Basmati 1121 paddy rose marginally due to a pickup in demand from mills. Govt procures 37.1 mln ton of kharif rice, exceeds 2018-19 target.
Barley: Barley prices were down last week on expectation of a rise in imports and tepid demand from malt market.
Pulses: Despite low prices in the market, trading activity were mostly thin. Prices of tur were largely unchanged in Karnataka despite low arrivals which is offset by weak demand from domestic and overseas buyers.
Wheat: Prices of wheat were mostly steady, while prices are likely to ease marginally in the coming weeks despite likely firm demand for the new crop, on harvest pressure. Meanwhile record number of farmers have registered to Govt wheat procurement in Madhya Pradesh. Last year Govt procured 35.8 MMT wheat compared to 32 MMT target procurement. While this season also govt is targeting 36.7 MMT procurement.
Soybean: Soybean prices across key spot markets rose marginally due to low arrivals. Prices of the oilseed are likely to ease as export demand for soymeal is seen falling in the coming days. As rupee appreciation and arrival pressure from south America soybean crop may make Indian oil meal demand uncompetitive in global market.
Mustard: Govt estimated 8.5 MMT crop this year, following estimates of a bigger crop this year, the Solvent Extractors’ Association of India has requested the government to scrap the ban on bulk export of mustard oil. The government has allowed exports of all edible oils in bulk except mustard oil.Veg Oils : This season, overall palm oil import has increased to 3034514 ton from 2873438 tons, while soft oil import decreased to 1620936 tom from 1703061 tons during the same period last year. while landed prices of RBD and CPO have remained more or less the same, encouraging more import at cost of CPO. However the spread between palm oil & soft oil reduced.
Sugar: Higher than required supply, despite a marginal rise in demand on account of Holi, prices came back to down side of medium-grade sugar in Delhi and Muzaffarnagar markets. India’s sugar output in 2018-19 (Apr-Mar) has been pegged at 31.5 mln tn, while annual consumption is at 25-26 mln ton.
Coriander: Mostly market remain on higher side despite slow trading activity in the market. This year’s crop is expected to be down by 25% from last year which may keep prices in higher side. However, old stocks is also high in the key markets.