The Punjab government aims to reduce paddy acreage by nearly 8% in the state in the crop year starting June, and has been motivating farmers to switch to other crops.
Indian coffee exports (in tonne).
The Coffee Board of India has finalised its crop estimate for 2015-16 at a record-high of 348,000 tonne, up from 327,000 tonne produced a year ago, but down from previous estimate of 350,000 tn. The board has estimated the output for 2016-17 at 316,700 MT tonne, down 9% on year.
MCX cotton futures down on spot cues, likely higher output.
Futures contracts of cotton on MCX fell for the third consecutive trading session, tracking weakness in spot prices. The most-active May contract of cotton was at 20,940 rupees per bale (1bale=170kg), down 0.7% from previous close. Subdued demand for cotton across spot markets kept prices under pressure. Cotton output in Punjab, among the largest producers in the country, is likely to rise a whopping 220% on year to 1.26 million bales in 2016-17 (Jul-Jun), while in Haryana, output is seen up 106% on year at 2.04 million bales, according to third advance estimates of the state farm departments. For the rest of the day, cotton futures are likely to trade down due to selling pressure amid thin volumes.
All-India cotton arrivals down.
Cotton arrivals at major spot markets across the country were pegged at 73,300 bales (1 bale = 170 kg) on Monday, marginally down from 73,800 bales on previous close.
NCDEX coriander hits 6-week low on muted demand.
Futures contracts of coriander extended previous close losses and hit a six-week low on the NCDEX because of muted demand from domestic consumers. The fall in prices was also triggered by a 765-tn rise in inventories at exchange-designated warehouses to 22,167 tonne on previous close. The most-active May contract on the NCDEX was down 4 rupees from the previous close. In Kota, market in Rajasthan, the Badami variety and the Eagle variety of coriander both down 100 rupees from previous close. Arrivals in Kota were pegged at 3,000 bags (1bag=40kg) down 2,000-3,000 bags from the previous day.
Indian maize up in Nizamabad.
Maize prices rose in Telangana Nizamabad market, the benchmark market for the coarse grain, because of a firm demand and low supply. In Telangana, the coarse grain was sold up 10 rupees from previous close. Around 2,000 bags (1bag=100kg) of maize arrived in Nizamabad down from 2,100 bags on previous close. On the National Commodity Derivatives Exchange, the June contract of maize fell as investors booked profits after prices hit a near four-month high on previous close. On NCDEX, the contract ended down 1.3% from the previous close.
India 2017-18 food grain output target 273 million tonne.
The government aims food grain output of 273 million tonne in 2017-18, up from a record high of 271.98 million tonne estimated for this year.
Ukraine boosts grain exports by 52 % in March.
Ukraine boosted its grain exports to 4.54 million tonnes in March up 52 percent from 2.98 million tonnes in February. Exports of wheat rose to 1.05 million tonnes from 840,000 tonnes a month earlier. A stronger harvest would likely raise the 2017/18 grain export forecast to 39.5 million tonnes from 38.8 million tonnes. Ukraine’s agriculture ministry forecasts grain exports for the period at a record 42 million tonnes.
Wheat unchanged in Delhi, Indore.
Prices of wheat were unchanged in wholesale markets of Indore. Arrival of the grain in Indore was at 10,000 bags (1bag=100kg), also unchanged from previous close. The government procured 3.6 million tonne wheat in Madhya Pradesh, up nearly 15% on year. In Delhi, wholesale market, prices remained unchanged in a thin trade because of steady demand and arrivals. Nearly 40,000 tonne wheat has been arriving daily in the Delhi market. At Kota in Rajasthan, prices of the grain fell. The mill quality wheat was sold down 20 rupees from previous close. On an average, 30,000-40,000 bags of wheat arrive in Kota daily. The most active May contract of wheat on the NCDEX ended down 0.2% from the previous close.
India wheat output exceed the government official estimate at 98-99 million tonne.
India wheat output exceed the government official estimate of 96.6 million tonne and rise to 98-99 million tonne in the ongoing season that ends June. In 2015-16 (Jul-Jun), the country had produced 92.3 million tonne of wheat.