Prices of maize were unchanged in the wholesale markets of Purnea in Bihar and Devangere in Karnataka because of thin trade. Arrivals in Purnea were estimated at 3,000 vehicles, each carrying 8-9 tonne of the coarse grain. Arrivals were unchanged at 1,000 bags, each with 100 kg of the coarse grain. Traders say that prices of maize are unlikely to rise in the near term as arrivals in the market are adequate. The farm ministry has pegged India maize output at 26.15 million tonne in 2016-17 (Jul-Jun), up from 22.57 million tonne in the previous year.
Bihar ups year to Jun maize output estimate to 1.7 million tonne.
Bihar has raised its output estimate for 2016-17 (Jul-Jun) to 1.72 million tonne from 1.66 million tonne. The state estimate for kharif maize output is 672,848 tonne, and that for the rabi crop is 1.05 million tonne. A nearly 4% upward revision in the state maize output estimate can be attributed to a rise in yield to 2,526 kg per ha from the earlier view of 2,286 kg.
India Maize prices down on NCDEX.
Maize prices fell on the NCDEX, taking cues from losses in spot markets. The most active June contract ended down 0.1% from the previous close. Prices fell in spot markets due to subdued demand for the coarse grain from major poultry and starch feed firms. In Nizamabad, maize was sold down 10-15 rupees from previous close.
Indore wheat prices tad up on poor supply.
Prices of wheat rose marginally in the market of Indore, Madhya Pradesh, due to lower arrivals. Arrivals were around 7,000 bags (1bag=100kg), down nearly 1,000 bags from the previous day. In Delhi, wholesale market, prices of wheat fell because of a rise in supplies from Uttar Pradesh. The most active June contract of wheat ended down 0.1% from the previous close. The May contract also ended 0.5% lower at 1,577 rupees.
Govt FY18 wheat procurement rises to 25.8 million tonne, up 20% on year.
The government wheat procurement rose to 25.8 million tonne up 19.6% on year. Procurement is up nearly one-fifth on year, its progress is slower than expected, and reaching the initial procurement estimate of 33 million tonne seems difficult, Procurement may be closer to 30 million tonne this year. The government had bought 23.0 million tonne wheat from farmers last year. The government has bought 5.4 million tonne wheat in Madhya Pradesh so far, an increase of 45% on year. Last year, procurement in the state had taken a big hit as the crop size was smaller. The government has bought 11.2 million tonne wheat so far in Punjab, up 10.0% on year, and 7.2 million tonne so far in Haryana, up 9.5%.