ICRA says GST to have neutral impact on sugar sector.
India coffee exports during Jan 1- May 31.
The Coffee Board of India has finalised its crop estimate for 2015-16 at a record-high of 348,000 tonne, up from 327,000 tonne produced a year ago, but down from previous estimate of 350,000 tonne. The board has estimated the output for 2016-17 at 316,700 MT tonne, down 9% on year.
NCDEX cotton oilcake ends down 2% on subdued demand.
Futures contracts of cottonseed oilcake on NCDEX ended 2% lower as cheaper alternatives for cattle feed have hit demand for the commodity. The most active June contract of cottonseed oilcake on NCDEX was at 1,755 rupees per 100 kg, down 2% from previous close. Futures also declined due to weakness in spot prices. In Akola, cottonseed oilcake sold for 1,800 rupees per 100 kg, down 50 rupees from previous close.
MCX cotton up on global cues, low spot market arrivals.
Futures contracts of cotton rose on MCX tracking a rise in cotton futures on ICE, and because of lower arrivals in spot markets. On MCX, the June cotton contract was at 21,090 rupees per bale (1bale=170kg), up 0.4% from the previous close, while the most-active July contract on ICE was at 77.18 cents per pound, up 0.2%. Arrivals of cotton at major spot markets across the country were at 39,300 bales (1bale=170kg), down from 39,600 bales on previous close.
NCDEX coriander up on short covering; spot rate unchanged.
Futures contracts of coriander were up on the NCDEX as investors covered their short positions after prices slipped to a four-and-a-half-year low of 4,730 rupees per 100 kg on previous close. The most-active June contract traded at 4,749 rupees per 100 kg, up 0.4% from the previous settlement. At Kota, the benchmark market for coriander in Rajasthan, the Badami variety and the Eagle variety both unchanged from previous close. Arrivals in Ramganj and Kota markets were at 3,800 bags (1bag=40kg) down 900 bags from the previous day.
Bangladesh firm inks deal for Philippine developed rice hybrid.
Philippine-based rice research company SL Agritech Corp. on Wednesday signed a collaboration agreement with Bangladesh firm EnP Solutions Ltd. for the seed production of SL-18H variety of hybrid rice. SL-18H is a high-yielding rice hybrid which could withstand both dry and wet climate. SL Agritech will sell 20 to 50 tons of SL-18H hybrid rice seedlings to EnP Solutions annually. This will cover 5 to 10 hectares of rice fields. With 163-million population and decreasing scope of arable land, the rice hybrid is expected to increase Bangladesh rice production.
NFA gets OK to import 250,000 MT of rice via government-to-private sector scheme.
The interagency National Food Authority Council (NFAC) has approved the recommendation of the National Food Security Committee (NFSC) to allow the NFA to import 250,000 metric tons (MT) of rice. NFA needs to import at least 752,560 MT of rice to meet its Legislative-Executive Development Advisory Council (Ledac)-mandated stock requirement of 30 days at the onset of the lean months. The national daily rice requirement is pegged at 32,720 MT. NFA imports committee is set to finalize and approve the guidelines for the importation of 805,000 MT of rice by private traders under the 2017 minimum access volume (MAV) scheme of the World Trade Organization. The NFA imports rice to augment its buffer stock during the lean months of July to September, when palay harvest significantly goes down due to harsh weather.
India rice fall in major spot markets on weak demand.
Rice prices fell in the key wholesale market of Kapurthala due to slowdown in export demand. The steamed variety of Pusa 1121 basmati rice was sold at 7,000-7,200 rupees per 100 kg in Kapurthala, while parboiled variety was sold at 6,000-6,100 rupees per 100 kg. Prices of both varieties were down 100 rupees from previous close. Prices of 25% broken non-basmati rice were unchanged and the grain was sold at 2,300 rupees per 100 kg.
The USDA released the April Grain Crushing report.
Showing 432.75 million bushels were crushed during April. That is down 6% from March, but 8% larger than the previous April. This morning EIA report showed average daily production of 1.02 million barrels, up 10,000 barrels per day from the previous week. Ethanol stocks rose just 79,000 barrels to 22.763 million barrels. The monthly EIA report showed 1.037 million barrels per day average production during March, up 11,000 barrels per day from February. Analysts are estimating the USDA will announce 450,000-650,000 MT for old crop corn sales in the Friday edition of the Export Sales report, with 0-200,000 MT for new crop.
Bulgaria Corn export prices strengthened following the world market.
Trading activity in Bulgaria grain market remains sluggish. The corn market is flat. The demand is weak both from traders and millers. Despite the price decline in the domestic market, export prices for Bulgarian corn somewhat strengthened following the world market. Bulgarian traders continue working with old-crop wheat, though this season exportable inventories have run out. Bulgaria exported 3.95 MMT of wheat by May 19. Bulgaria continues supplying small volumes of wheat both to the EU market and beyond its borders.
India maize unchanged in spot market.
Maize prices remained unchanged in Purnea, Bihar, with good quality grain sold at 1,220-1,225 rupees per 100 kg and low quality at 1,100-1,120 rupees per 100 kg. With improving weather conditions, supply of good quality maize is increasing. On NCDEX, most active June maize contract ended almost flat at 1,301 rupees per 100 kg.
Egypt purchased 180 KMT of milling wheat from Russia and Romania in a tender.
Egypt purchased 180 KMT of milling wheat from Russia and Romania with shipment during July 1–10, 2017 at an average price of USD 202.61/MT C&F. The price in the previous tender equaled USD 207.91/MT C&F. In the previous tender, on May 17, 2017 Egypt bought 295 KMT of milling wheat from USA, Russia, Ukraine and Romania with shipment during June 15–24, 2017.
Russia Sowing progress of cereals and pulses.
Planting of spring cereals and pulses was completed on an area of 24.839 million hectare (80% of the plan). This is 4.7% less than planted at the same time last year (26.077 million ha). Spring barley was sown on 6.517 million ha (84.6%) against 6.897 million ha in 2016, spring wheat on 10.250 million ha (75.6%) against 11.496 million ha in 2016, rice on 0.157 million ha (74%) against 0.172 million ha a year ago. Corn planting in Russia is 90% complete. The crop was sown on 2.747 million ha against 2.508 million ha 2016.
India Wheat fall in major spot markets on weak demand.
Wheat prices fell 10 rupees in the wholesale markets of Delhi and Kota due to high supplies amid weak demand. Markets are flooded with wheat supplies as the country had a bumper harvest this year but demand from bulk buyers is weak. Although the government made high purchases to support prices and build their stocks, procurement has slowed now and this is further creating bearish sentiment in the market. NCDEX June contract ended down 0.1% from the previous close.