Futures contracts of cotton on the MCX traded higher, tracking a rise in benchmark cotton contract on the ICE, where lower estimates for global 2017-18 ending stocks pushed prices higher. The US Department of Agriculture has cut its estimate for global ending stocks of cotton for 2017-18 to 87.14 million bales (1USbale=480pound) from 89.52 million bales projected in 2016-17. On the MCX, the June contract was at 21,270 rupees per bale (1bale=170kg), up 0.3% from the previous close, while the most active July contract on the ICE was at 77.35 cents per pound, up 0.3%.
NCDEX cotton oilcake extends losses on weak demand.
Futures contracts of cottonseed oilcake on the NCDEX extended their fall and hit a fresh 17-month low of 1,802 rupees per 100 kg due to sluggish demand. Cheaper alternatives for cattle feed weakened the demand for cottonseed oilcake. The most active June contract of cottonseed oilcake on the NCDEX traded at 1,813 rupees per 100 kg, down 0.48% from the previous close. In Akola, cottonseed oilcake was sold at 2,000 rupees per 100 kg, steady.
All-India cotton arrivals down at 40,100 bales.
Arrivals of cotton at major spot markets across the country were at 40,100 bales (1bale=170kg), down marginally from 40,500 bales previous close.
Thailand govt to liquidate 18 million tonne rice from reserves.
Thailand Prime Minister has asked the commerce ministry to sell 18 million tonne of stocked rice to save the huge cost of maintaining inventories. The government has already sold 13 million tonne of rice procured from farmers at a minimum support price. The government took three years to sell the rice stock and it fetched lower prices but deteriorating quality of the grain made the sale necessary. Thailand competes with India in the global rice export market.
Grain exports from Ukraine exceeded 40 MMT.
Ukraine exported 40.11 MMT of grains in 2016/17 by May 24, or 11.6% more than shipped abroad at the same time a year ago (35.95 MMT). Included 16.54 MMT of wheat (+8.1% year-on-year), 18.19 MMT of corn (+12.3%) and 5.15 MMT of barley (+21.3%). In the same period, exporters also shipped abroad 330 KMT of flour, including 328.6 KMT of wheat flour and 1.3 KMT of flour from other cereals.
USDA corn exports rises.
USDA corn export 1.195 MMT for the week ending May 25. That is an improvement of 2.28% over last week and 51.9% above the same week last year. With the short week, the EIA weekly ethanol report will be released on Thursday.
USDA corn Crop progress.
The national corn crop was 73% emerged, last year was 75%. The initial corn condition rating was released, with 65% of the crop at good/excellent vs. last year 72%. The Brugler500 index puts the rating at 365 vs. 379 last year.
CBOT corn down 2 to 3 cents per bushel.
Lower on drier-than-expected conditions in the U.S. Midwest and improving forecasts for the coming week. Trade continues to debate how much U.S. corn will need to be replanted following widespread rains this month. CBOT July corn was last down 2-3/4 cents at $3.71-1/2 a bushel.
Maize prices fall in Bihar due to poor demand.
In Purnea, the cattle feed quality of maize was sold down 10 rupees the previous day. Mill quality maize was sold down 5-10 rupees per 100 kg. Because poor demand for the coarse grain after rains hit the state. Prices fell due to low demand from industrial feed makers, as quality of the crop deteriorated after recent rains in Bihar. In line with spot markets, maize futures also fell on the NCDEX. The most active June contract was trading at 1,293 rupees per 100 kg, down 0.3% from the previous close.
USDA wheat exports increase 21%.
USDA wheat exports of 602,913 MT for the week of May 25. That is an increase of 21.33% over last year but down 11.88% from last week.
USDA Wheat Crop progress.
Indicating that 80% of the US winter wheat crop was headed. Individual state data showed TX was 22% harvested, vs. the average of 15% for this date. Winter wheat conditions were down 2% g/e to 50%, but only lost 1 point on the Brugler500 index to 340. Spring wheat is 96% planted and 79% is emerged, with both now ahead of their 5-year averages but behind last year. The crop is rated 62% g/e, vs. last year at 79%.
CBOT wheat down 2 to 3 cents per bushel.
Lower on technical selling and profit-taking after Friday 1.7 percent climb in the CBOT July contract, and spillover weakness from corn. Traders continue to monitor unfavorably wet conditions this month in the southern U.S. Plains and Midwest winter wheat regions. CBOT July soft red winter wheat was last down 3 cents at $4.35-1/4 per bushel, K.C. July hard red winter wheat last down 3-3/4 cents at $4.33-3/4 and MGEX July spring wheat last down 1-1/2 cents at $5.67-1/4.
US Quarter of Kansas wheat in poor, very poor condition.
The latest government update shows a quarter of the winter wheat crop in Kansas is in poor to very poor condition. 30 percent of the state wheat is rated in fair condition. About 38 percent is in good and 7 percent in excellent condition. Wheat coloring is at 39 percent. Hail in northwestern Kansas has damaged some wheat and recently planted spring crops. The southern half of the state was mostly dry this past week while areas in the north got up to two inches of rain.
India wheat procured 29.7 million tonne, up 29.6% on year.
Overall, the Centre has procured 29.7 million tonne wheat across the country, up 29.6% on year but short of its initial target of 33 million tonne. In Uttar Pradesh, the largest wheat producing state, the the government has procured 2.7 million tonne wheat, close to target of 3.0 million tonne. In Punjab, the government has crossed the target of 11.5 million tonne and as of Monday, the procurement was at 11.7 million tonne, up 9.9% from a year ago. The government has procured 7.4 million tonne wheat in Haryana, up 10.1% on year, almost achieving the target of 7.5 million tonne.
Wheat prices fall in Indore as govt buying ends.
In Indore, good-quality grain was sold down 5-10 rupees per 100 kg, while mill-quality wheat down 5-10 rupees per 100 kg. Now that government buying has stopped, farmers are bound to bring even the superior quality wheat to markets, leading to rise in supply. So, there is a steeper fall in superior quality wheat. The government has bought nearly 6.7 million tonne wheat from Madhya Pradesh. As of now, the government had no plans to extend the procurement scheme.
Latest Report on Wheat Daily | Wheat_Daily 20170530.pdf
Latest Report on Wheat Daily | Wheat_Daily 20170530.pdf
Latest Report on Maize Daily | Maize_Daily 20170530.pdf
Latest Report on Maize Daily | Maize_Daily 20170530.pdf
Latest Report on Rice | Rice Daily 20170530.pdf
Latest Report on Rice | Rice Daily 20170530.pdf
Mentha oil prices down in Sambhal as arrivals rise.
Mentha oil prices down in Sambhal as arrivals rise.
Groundnut acreage at 11,000 ha up 124% on year.
Groundnut acreage at 11,000 ha up 124% on year.