Futures contracts of coriander on the NCDEX were up as investors covered their short positions after prices fell to a five-week low of 6,900 rupees per 100 kg on Tuesday. A 2,420-tn decline in open interest in the May contract indicated short covering. The most active May contract on the NCDEX traded up 0.2% from the previous close.
Maize prices rise in key spot markets.
Maize futures on the NCDEX ended higher due to good demand from buyers for the new crop. The May contract of rabi maize ended at 1,407 rupees per 100 kg, up 0.8% from previous close.
Maize prices tad up in Purnea on good demand.
Prices of maize rose marginally in the key market of Purnea in Bihar, as demand from other states as well as Stuckists rose. In Purnea, maize was sold up 10-15 rupees from previous close. Demand from companies such as Godrej, Cargill and Sugna was firm Arrivals in the market were pegged at 3,000 tonne unchanged from previous close. Arrivals of the coarse grain are likely to reach 5,000-6,000 tonne by the end of this month the most active June contract of maize on the NCDEX was up 0.6% from the previous settlement.
Higher yields driving rice output in Bangladesh.
Rice production in Bangladesh is expected to increase 0.4% to 34.7 million tonnes in the 2017-18 marketing year, driven by higher yields in the region. Planted area for the country is forecast down 0.3%, to 11.7 million hectares, on lower Boro and Aus rice planted area. Farmers are reportedly switching to more profitable crops like maize, potato, jute, pulses and oilseeds. planted area for Aman rice (planted in July/August and harvested in November/December) rise to meet staple food demand and to avoid switching crops during the monsoon season. Rice imports for 2017-18 are forecast at 125,000 tonnes, up from 100,000 tonnes in 2016-17, on expectations of better pricing from regional suppliers.
In 2016, Ukraine exported more than 5.5 mln tonnes of wheat.
In 2016, Ukraine exported more than 5.5 millon tonne of wheat and 841 thousand tonnes of oilseeds to Egypt, or over 12% of the general Ukrainian exports of the reporting products. Ukraine has a very responsible approach to the phytosanitary condition of grains for exports. And Egypt is one of the main countries-importers of Ukrainian grains. Ukraine takes the leading positions in global grain exports, due to its geoclimatic conditions and active rates of agricultural development. In 2016, Ukraine managed to increase the exports of grains and oilseeds by over 7% compared with the previous year – to 44.4 millon tonne.
Adverse weather slowed planting of wheat in Ukraine.
Severe cold came to Ukraine early this week. Due to an intrusion of arctic air, night air temperatures dropped to subzero values, even snowfalls occurred in the eastern regions. Because of the deterioration of weather conditions, planting of spring cereals in Ukraine slowed down. Early spring cereals and pulses had been sown on 2228 thosand hactare by April 18 – this is 3.5% less than at the same time last year. Planting of spring wheat lags slightly: 155 thousand hactare planted to date against 156 thousand hactare in 2016.
USDA sees Bangladesh year to 2018 wheat output up.
Production of wheat in Bangladesh is expected to be higher in 2017-18 (May-Apr). Production of wheat is rising in the country by 2.3% to 1.3 millon tonne because of higher acreage, which may grow by 5,000 ha to 420,000 ha.
Govt buys keep wheat prices stable in key spot markets.
Wheat prices in major wholesale markets across the country were stable despite high arrivals, as government procurement restricted any fall. Mill-quality wheat was being sold unchanged from previous close. A total of 20,000-30,000 bags (1bag=100kg) of wheat arrive in Punjab daily and arrivals are likely to double by the end of April. Wheat prices were unchanged in other major markets of Uttar Pradesh and Haryana. Prices of the grain fell by 20-30 rupees in Delhi market due to high arrivals from Punjab and Madhya Pradesh. As of Tuesday, the government had procured 11.9 million tonne wheat for the current marketing year that started April, 13.7% higher than in the year-ago period. The May wheat contract on the NCDEX ended at 1,650 rupees per 100 kg, up 0.4% from previous close.
Madhya Pradesh 2016-17 wheat crop seen record 23 millon tonne.
Madhya Pradesh is likely to produce a record 22.5 millon tonne wheat in the crop year ending June due to higher acreage and better yield. The second largest producer of wheat is 22% higher on year and even above the previous estimate of 21.0 millon tonne pegged in January. Higher minimum support price has also encouraged farmers to grow more wheat this year. Adequate showers during monsoon led to better yields for and wheat this year.
Govt officials say no plans to hike import duty on wheat to 25%.
The government does not plan to hike import duty on wheat to 25% from the current 10%. There was no immediate need to raise the duty, as prices were above the minimum support price in most market. Procurement was progressing well and the harvest this year was also good. The government had on Mar 28, imposed 10% customs duty on import of wheat to prevent fall in prices following a bumper crop in the country this year.