Weekly Agri-Commodities Highlights

  1. Maize:   Slight rise in maize arrivals in local markets and subdued demand from feed and bulk buyers resulted in lower prices compared to last week. In the past couple of days, high maize prices have resulted in offloading from stockists and farmers.
  2. Rice: Govt sells 815,380-ton rice so far under open market sales scheme. SEBI nod for basmati Pusa 1121 paddy futures on ICEX. Basmati rice export may hit a record level of Rs 30,000 cr this season.
  3. Barley: Prices of barley in Jaipur, Rajasthan, fell due to tepid demand from malt makers, and on expectations of a rise in import of the coarse grain from Argentina.  A rise in arrivals also weighed on prices.
  4. Pulses: Chana prices continued to rise, reaching 3 months high because of lower domestic supplies and firm demand
  5. Wheat: Wheat procurement gaining pace, 5700 tonnes procured in MP so far. Market prices remained under pressure because of increasing arrivals and subdued demand from millers. Despite record high sales of 8.2 million tonnes till 3rd week of March, GOI could miss their OMSS sales target of 10 million tonnes.
  6. Soybean:  Indian soymeal is not competitive in global markets because of the higher premium. Major buyers turning to Latin American countries for the cheaper commodity. The IGC raised their 18/19 soybeans world ending stocks estimate by 3 MMT to 52 MMT on slightly larger production and lower consumption than their previous numbers.
  7. Mustard:  The Haryana State Co-operative Supply and Marketing Federation Limited (HAFED) has decided to procure mustard crop directly from farmers from March 28 to May 10 limiting the role of commission agents in grain markets.
  8. Veg Oils: Market is expecting India March Soy oil import may near 300k MT and same in April month, there will be an abundance of stocks in the Indian market and prices may remain in the same way. North India ports edible oil stock rise further 45000 ton, palm oil stock near 250K MT, Soy oil at 81000 Ton. While Soy oil & Palm oil narrow spread in forward also creating lower demand for palm oil.
  9. Sugar: Higher than required supply, despite a marginal rise in demand. However, ICRA has revised downwards its sugar production target for 2019 to 30.7 million tonnes (mt) from its earlier estimate of 31.5 mt due to a decline in Uttar Pradesh, the largest growing State.
  10. Coriander:  Mostly market remain rangebound to higher sentiments, 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.
  11. Vegetable: onion prices were up to 100-150 Rs. on increased demand