Futures contracts of coriander were trading lower as the bourse, on Thursday, marked 2,260 tonne of the spice for staggered delivery in the May contract. Sentiment for the spice was dampened as high delivery marked by the exchange would result in rise in supply in the physical market. The front-month May contract had hit 3% lower circuit earlier. The most-active June contract traded down 0.94% from previous close. Staggered delivery for the contract, which expire on May 19, started Thursday.
Ukraine Corn planting lag reduced to 2%.
Planting of spring cereals and pulses was completed on an area of 6223 thousand hactare (86% of the plan). This is 3.7% less than planted at the same time last year (6465 thousand hactare). Spring barley was sown on 1557 thousand haactare (95%) against 1811 thousand hactare in 2016. Spring wheat on 169 thousand hactare (95%) against 164 thousand hactare in 2016, oats on 197 thousand hactare (95%) against 212 thousand hactare a year ago. Peas were seeded on 379 thousand hactare (115%) that is up 67.7% year-on-year (226 thousand hactare as of May 11, 2016). Corn planting in Ukraine is 84% complete. The lag in its progress reduced to 2%. The crop was sown on 3782 thousand hactare as of the reporting date against 3861 thousand hactare at the same time last year.
NCDEX maize futures end up; spot price unchanged.
Futures contracts of maize also ended higher on the NCDEX due to concerns over crop damage following rains in Bihar. The June maize contract ended up 0.6% from the previous close. Prices of the coarse grain remained unchanged in the spot markets and good-quality maize containing 14% moisture was sold at 1,200 rupees per 100 kg in Bihar Purnea market, at 1,400 rupees in Maharashtra Jalgaon, and at 1,560 rupees per 100 kg in Telangana Nizamabad market.
Purnea maize price unchanged; arrivals up, demand strong.
Prices of maize were steady in the key wholesale market of Purnea, in Bihar, as strong demand from stockists kept prices from falling even though arrivals nearly doubled. Arrivals of maize at the market nearly doubled to 8,000 bags (1bag=100kg) from Thursday. On Thursday, rainfall in the region kept arrivals in the market subdued. Arrivals increased, but demand for maize from stockists and other states was good, and this kept price steady. On the NCDEX, the most-active June contract of maize traded up 0.6% from the previous close.
Dairy body buys 600 tonne rice polish via e-auction.
The National Cooperative Dairy Federation of India bought 600 tonne rice polish through an online auction on Thursday. The commodity, used as cattle feed, was bought on behalf of the Kerala Co-operative Milk Marketing Federation. Rice polish is the outer layer of a kernel of rice which is removed during polishing. The National Cooperative Dairy Federation of India, which has nearly 200 dairy cooperatives as members, has developed an online trading platform to purchase feed stock and sell dairy products.
Grain exports from Ukraine exceeded 37 MMT.
Ukraine exported 37.2 MMT of grains in 2016/17 by May 3, or 9% more than shipped abroad at the same time a year ago (34.2 MMT). This volume included 15.8 MMT of wheat (+11% year-on-year), 16.1 MMT of corn (+4%) and 5.1 MMT of barley (+22%). In the same period, exporters also shipped abroad 303 KMT of flour, including 301.7 KMT of wheat flour and 1.2 KMT of flour from other cereals.
Madhya Pradesh may miss FY18 wheat procurement target by 1.5 million tonne.
Madhya Pradesh is likely to miss the 8.5-million-tonne wheat procurement target for 2017-18 (Apr-Mar) by 1.5 million tonne, due to lower turnout of farmers at procurement centres following delay in payments. Target of 8.5 million tonne now seems difficult. Madhya Pradesh is the second-largest wheat growing state in the country with output this year seen at a record 23 million tonne. since the procurement began in the state late March, around 6 million tonne of wheat has been procured, while another 1 million tonne is expected to flow into government reserves till early June. Delay in payment from cooperative banks due to cash crunch has irked farmers, pushing them to sell the grain in spot markets for instant payments.
NCDEX wheat futures end up; spot price unchanged.
Wheat futures on the National Commodity and Derivatives Exchange ended higher for the third consecutive session due to the disparity between prices in spot and futures markets. The June wheat contract on the NCDEX ended up 0.6% from the previous close. In Delhi, mill-quality wheat was unchanged from previous close.
NCDEX cotton oilcake recovers on bargain buying.
Futures contracts of cottonseed oilcake on the NCDEX recovered due to increased buying after prices hit a 17-month low of 1,845 rupees per 100 kg on Thursday. The most-active June contract was up 1.8% from the previous close. Gains in cotton futures on the MCX also contributed to the rise. The May contract traded up 1.6%. Cottonseed oilcake, a derivative of cotton, is used as animal feed. In Akola, Maharashtra, the benchmark market, cottonseed oilcake was sold at 1,900 rupees per 100 kg, while in Kadi, Gujarat, the commodity was sold at 1,960 rupees, both unchanged from the previous day.