Maize futures on the NCDEX fell as concern about the weather in Bihar. June contract of rabi maize ended down 0.4% from the previous close. Prices of the coarse grain in spot markets remained unchanged.
CBOT Maize futures traded higher.
Corn futures on the CBOT traded higher as rains in the US have posed a threat to the yield of corn, in addition to fears that sowing may be hampered. July corn contract on the CBOT was at $3.73 a bushel, up 0.5% from the previous close.
Japan buys 117,800 tonnes of food wheat via tender.
Japan Ministry of Agriculture bought a total of 117,800 tonnes of food quality wheat from the United States and Australia in a regular tender that closed late on Thursday.
European Union wheat climbs in step with Chicago as euro weakens.
European wheat futures rose as a weaker euro and gains in Chicago futures lent support to prices. December milling wheat on the Paris-based Euronext exchange was up 0.25 euro or 0.15 percent at 171.50 euros a tonne. Trade was thin due to a public holiday in parts of Europe. The International Grains Council lowered its forecast for European Union production in the 2017/18 season by 0.4 million tonnes to 149.9 million tonnes. The revision was mostly due to a 1 million tonne cut in output for Spain, although higher production in France, Germany, Romania and Britain helped offset the bulk of the decline.
CBOT wheat futures traded higher.
July wheat contract on CBOT was at $4.3375 a bushel, up 0.3% from the previous close, due to concern about the quality of the crop in the growing regions in the US. Rains in the US over the last few weeks have triggered concerns of lower yield and high moisture content in the crop.
Wheat fall on NCDEX, unchanged in spot markets.
June contract of wheat ended down 0.3% from the previous close, due to high supplies in wholesale markets and weak demand from stockists and bulk buyers. Most of the bulk buyers have already built their stocks, so demand for wheat is weak while supplies across the country are high. Delhi price unchanged and daily arrivals in Delhi are at about 50,000-60,000 bags (1bag=100kg), a large share of which is from Uttar Pradesh and Haryana. Market in Indore was shut because Amavasya.
India non-basmati rice exports likely to grow at 5% in FY18.
India exports of non-basmati rice are likely rise 5% in 2017-18 (Apr-Mar) from about 6.63 million tonne last year, due to high availability in country a bumper crop in 2016-17 (Jul-Jun). India non-basmati rice output in 2016-17 (Jul-Jun) is estimated at a record high of 103 million tonne. Higher supplies in the country have dragged the prices down, which has made Indian rice cheaper than its competitors. In global markets, 25% broken non-basmati rice from India is available at $415 a tonne while that from Thailand is sold at $544 a tonne and from Pakistan at $435 a tonne.
Vietnam prices hit 13-month high; Thailand up on lower supply.
Vietnam rice hit its highest level in over a year this week on potential export deals and prices in Thailand firmed up as supply eased, while the Indian variety gained on growing demand from Africa. Strong demand from top importing countries such as Bangladesh and the Philippines are fuelling the uptrend in Vietnam and Thailand rice prices. Vietnam 5-percent broken rice RI-VNBKN5-P1 was quoted at a level unseen since April last year, at $360-$380 a tonne, FOB Saigon, up from $365-$370 last week. Thailand benchmark 5-percent broken rice RI-THBKN5-P1 firmed this week to $411-$412 a tonne, free-on-board (FOB) Bangkok, from $385-$411 last week, the highest in nine months.
Bangladesh to speed up rice imports in wake of flooding.
Local rice prices have reached record highs and state reserves are at six-year lows in the wake of flooding in April that wiped out around 0.7 million tonnes of output. Plans to import 0.6 million tonne of rice soon amid low stocks. To keep tariffs on private imports to protect farmers. Vietnamese prices hit 13 month high on strong demand from top importing countries such as Bangladesh and the Philippines.
MANILA NFA had enough rice in Marawi City.
NFA in Marawi City had 38,000 bags of rice, enough to feed the whole province of Lanao del Sur for five days. Combined with commercial rice supply, the stocks can feed the whole province for 15 days. NFA rice stocks for the whole of Mindanao currently stands at 15 million bags.