Grade-1 variety of superfine rice cost Rs 53 per kilo in Vizag as against the state’s average of Rs 46.45 per kg. Prices are higher at the supermarkets. At the Rythu Bazar, sell the rice below Rs 50.
Paddy distress sale in Jaleswar; Bengal traders make huge.
Despite adverse climatic condition, this agricultural district of Balasore has recorded bumper harvest of paddy this season. But farmers still resort to distress sale as the procurement process is yet to commence in this region. On the other hand, traders from West Bengal are set to make huge profit cashing in on the helplessness of the poor farmers. Though the government assessment has put the production at 50 quintals, some farmers have harvested more than 80 quintals per hectare. However, despite such bumper production, farmers are selling their produce at something around Rs 1,100 per quintal to traders of West Bengal against the government-fixed minimum support price of Rs 1,470 for fair average quality (FAQ) standard of paddy. It is not only paddy, farmers who have raised groundnuts, green gram and black gram, also suffer from distress sale.
Maize prices up on strong demand and low arrivals on rains in Bihar.
Prices of maize were up in the key wholesale markets of Purnea, Bihar, because of strong demand for the coarse grain. Demand was high as rainfall in the state raised concerns of damage in the harvested maize crop lying in farms. In Purnea, the mill quality of the grain was sold up nearly 20 rupees from previous close. Prices of the poor-quality maize also rose by 10-20 rupees per 100 kg. Arrivals of maize in Purnea were estimated at 9,000 tonne, higher than 8,000 tonne on previous close.
NCDEX maize futures up on concern over crop damage.
Futures contracts of maize on the NCDEX were trading higher due to concerns that rains in Bihar might damage the crop. The recent rainfall in the state is likely to damage the harvested crop lying in farms. In its third advanced estimate released last week, the government pegged India rabi maize output in 2016-17 (Jul-Jun) at 6.97 million tonne, slightly higher than 6.89 million tonne estimated earlier. Total production of maize in 2016-17 is pegged at 26.14 million tonne, slightly lower than 26.15 million tonne estimated earlier. Most active June contract of maize was trading up 0.8% from the previous close.
Food minister sees FY18 wheat buys falling 3 milion tonne short of target.
The government wheat procurement in the current marketing year that started April is likely to fall 3 million tonne short of its initial target of 33 million tonne. So far, govt. has procured 28.4 million tonne wheat and expect to buy 30 million tonne. Government had bought 5.9 million tonne wheat from farmers in Madhya Pradesh compared to a target of 8.5 million tonne. In Uttar Pradesh too, though the state government is eyeing procurement of 8.0 million tonne of wheat. actual procurement may even fall short of the central government initial estimate of 3.0 million tonne. Though procurement is seen lower than initial estimates, it has already topped last year total procurement of 23.0 million tonne, and would be enough to meet requirements under state-run welfare schemes this year.
India wheat up in spot market unchanged in indore.
Futures contracts of wheat traded higher on the National Commodity and Derivatives Exchange for the fourth consecutive session taking cues from gains in spot markets. The June contract of wheat on the NCDEX ended up 0.6% from the previous close. In the key wholesale market of Delhi, prices of wheat rose because of a fall in arrivals. The prices of wheat, however, were unchanged in Indore. Arrivals in Indore were also unchanged at 7,000-8,000 bags.
Wheat prices rise in Delhi as arrivals fall.
Wheat prices in Delhi were at 1,760 rupees per 100 kg, up 10 rupees per 100 kg from previous close, as arrivals of the grain fell. Arrivals of wheat from Uttar Pradesh fell as the state government is procuring wheat at better prices and farmers are not bringing the produce to Delhi. Arrivals in the state fell to 4,000 bags, each carrying 100 kg of the grain, from 5,000 bags on previous close.