Over the last week, the air temperature in most of the country was a few degrees above its normal values. Precipitation of various intensities occurred all over Ukraine in the form of rain. From January 1 till April 10, many parts of Kherson, Odesa, Mykolaiv and Kirovohrad regions received at most 30-60% of normal precipitation rates for this time, therefore the recent week’s cold-spell turned out to be a beneficial factor curbing the drought development in these regions. The March-April weather conditions in Ukraine were generally favorable for crop planting and growth. The accumulated amounts of warmth and moisture supply in most of Ukraine’s crops were still at fair and optimum levels. As of today, over 70% of winter wheat crops are at the tillering stage. In fact, they have caught up with the fall lag caused by abnormally cold October and November. Roughly 30% of crops are in fair condition with a steady trend toward improvement.
MCX cotton up on global cues, low spot mkt arrivals.
Futures contracts of cotton rose on the MCX. Tracking a rise in cotton futures on ICE, and because of lower arrivals in spot markets, On the MCX, the April contract was at 20,800 rupees per bale (1bale=170kg), up 0.7% from the previous close. Most-active July contract on the ICE was at 78.23 cents per pound, up 0.08%. Strong demand for US cotton from overseas buyers lifted prices of the commodity higher on ICE. US cotton exports were at 307,200 bales in the week ended Apr 6, up 14% on week, Cotton arrivals in major spot markets across India were estimated at 81,800 bales (1bale=170kg) down from 88,800 bales on Friday.
India maize prices unchanged.
Maize futures on the domestic exchange rose. Taking cues from firm demand in spot markets on the NCDEX. The most active June contract of rabi maize ended 1.3% higher. Maize prices, remained unchanged in Bihar’s key Purnea market. As good demand from Stuckists offset high arrivals. In Purnea, the grain was sold at 1,300 rupees per 100 kg, around 1,000 bags (1 bag = 100 kg) of the coarse grain arrived in Purnea, largely unchanged from previous close. Prices were also unchanged in the benchmark market of Nizamabad, Telangana.
Govt FY18 wheat procurement 11.9 million tonne so far, up 13.7% on year.
The government has procured 11.9 million tonne wheat so far in the current marketing year that started April, 13.7% higher than in the year-ago period. Haryana tops the procurement list, with farmers in the state selling 4.7 million tonne wheat to the government, higher than 4.5 million tonne a year ago. In Punjab, the government has so far purchased 3.7 million tonne wheat from farmers, up 21.5% from a year ago. The government has purchased 3.1 million tonne wheat in Madhya Pradesh, up 8% on year, while in Uttar Pradesh, it has bought 156,004 tn so far, sharply higher than 48,639 tonne in the year-ago period. The Uttar Pradesh government has set a target to procure 8 million tonne wheat this year, way above the central government’s 3-mln-tn target for the state. Overall, the central government has set wheat procurement target for this marketing season at 33 million tonne, up from 22.9 million tonne a year ago.
India Wheat arrivals up in Madhya Pradesh.
In Indore, the grain was sold down 25 rupees from previous close. Around 750,000 bags (1bag=100kg) of wheat arrived in Madhya Pradesh up from 400,000 bags. In Delhi, another key wholesale market, 40,000 bags of wheat arrived dragging prices down 20 rupees. Futures contracts of wheat on the National Commodity and Derivatives Exchange ended higher due to bargain buying. The April contract of wheat ended up 0.2% from the previous close. Prices on the NCDEX had fallen earlier tracking a decline in spot markets on the back of an increase in supplies.