Moong down in Jaipur on low demand from millers.
India coffee exports during Jan 1- Jun 5.
The Coffee Board of India has finalised its crop estimate for 2015-16 at a record-high of 348,000 tn, up from 327,000 tn produced a year ago, but down from previous estimate of 350,000 tn. The board has estimated the output for 2016-17 at 316,700 MT tn, down 9% on year.
All-India cotton arrivals down at 36,500 bales.
Cotton arrivals at major spot markets across the country were at 36,500 bales (1bale=170kg) on monday, down from 37,400 bales on previous close.
NCDEX cotton oilcake down as IMD ups monsoon view.
Futures contracts of cottonseed oilcake on NCDEX fell from the intraday high of 1,664 rupees per 100 kg after the India Metrological Department raised the south-west monsoon forecast for 2017. IMD today revised its southwest monsoon forecast for 2017 to 98% of long period average from 96% predicted earlier. June cottonseed oilcake contract traded at 1,632 rupees, down 0.6%, while the most-active July contract was down 0.5% at 1,704 rupees. Cheaper alternatives for cattle feed has hit demand for cottonseed oilcake, and this further weighed on sentiment.
India rice prices unchanged.
Prices of rice remained unchanged in the key wholesale market of Kapurthala. The steamed variety of Pusa 1121 basmati rice was sold at 7,000-7,200 rupees per 100 kg in Kapurthala, while the parboiled variety was sold at 6,000-6,100 rupees. Prices of 25% broken non-basmati rice were unchanged at 2,300 rupees per 100 kg.
USDA estimates India on pace for record rice procurement.
Riding on expected record harvest, India rice procurement already has surpassed the previous record of 36 million tonnes in market year 2009-10. The country rice procurement is estimated at 36.9 million tonnes compared to 32.6 million tonnes during the corresponding period last year. With additional procurement of rabi and summer rice expected to continue in eastern and southern states, India rice procurement in market year 2016-17 is likely to touch a record 38 million tonnes, about 4 million tonnes higher than last year. The USDA estimates India market year 2016-17 rice production at a record 108 million tonnes.
South Africa expects a record maize harvest 2017 15.6 million tonnes.
South Africa, exporting some 160,000 tonnes of white maize annually to Namibia, is forecast to harvest a record 15.6 million tonnes of maize in 2017, double last year output after favourable weather conditions lifted yields. The white maize futures contracts for July delivery settled at N$1,735 per tonne on the JSE commodity derivatives market last week. This was down considerably from N$5,000 per tonne just over a year ago.
South Africa to target Asian maize buyers as African supply jumps.
South Africa need to target Asian markets to boost maize exports this year after bumper crops at home and in neighbouring countries depressed prices and dampened demand in Africa. This season South Africa hopes to export most of its maize surplus for the first time to Asia and the Middle East, where buyers use it for animal feed rather than human consumption. South Africa is expected to harvest a record 15.6 million tonnes of maize this year, double last year output.
U.S. Corn up for third day.
Corn rose for a fourth consecutive session on concerns over dry weather in the U.S. Midwest. Corn added 0.5 percent to $3.79 a bushel, having gained 1.1 percent in the previous session.
India Maize futures end down nearly 2% on better monsoon.
NCDEX Maize futures ended nearly 2% lower today as India weather bureau revised upwards its forecast for monsoon rains this year, thereby adding to the bearish sentiment. The July maize contract on the NCDEX ended at 1,287 rupees per 100 kg, down 1.9% from the previous close. Good monsoon rains in the country are likely to boost maize production and increase supplies in domestic markets. Though prices were unchanged from Monday, overall sentiment for maize is bearish.
India Maize weakens on subdued demand.
Maize prices softened by Rs 5 per quintal due to muted demand from consuming industries against adequate stocks. Sluggish demand from consuming industries against sufficient stocks position mainly weighed on maize prices. In the national capital, maize declined by Rs 5 to Rs 1,410-1,420 per quintal.
Wheat near 2-week high as adverse weather hits U.S. crops.
Chicago wheat gained more ground, trading near last session two-week high on worries about dry weather threatening production of high-protein wheat in the United States. CBOT most-active wheat contract rose 0.7 percent to $4.38-3/4 a bushel, having climbed to $4.40-3/4 a bushel, the highest since May 22. Spring wheat damage and poor conditions for the hard-red winter wheat in the U.S. because of harsh weather.
Turkey expected 2017 wheat production to rise 6 percent.
Agriculture Minister Turkey expected wheat production to rise 6 percent in 2017 from a year earlier, while barley production was seen up 12 percent this year. Turkish Grain Board (TMO) begin purchases as of Tuesday with the aim of meeting producers storage and financing needs.
Japan offers to buy 159,610 tonnes food wheat via tender.
Japan Ministry of Agriculture is seeking to buy a total of 159,610 tonnes of food quality wheat from the United States, Canada and Australia in a regular tender. Japan keeps a tight grip on imports of the country second-most important staple after rice, and buys majority of the grain for milling via tenders typically issued thrice a month.
US wheat lowest offer in Iraq 50,000 T wheat tender.
The lowest price offer submitted in the tender from Iraq state grains board to buy at least 50,000 tonnes of hard wheat was $264.66 a tonne c&f free out for wheat sourced from the United States. A multinational trading house offered a total of 300,000 tonnes of US wheat in the latest tender at between $264.66 and $284.70 a tonne c&f free out. One Middle Eastern trading house offered 50,000 tonnes of US wheat at $279.50 a tonne c&f free out. A second Middle Eastern trading house offered 50,000 tonnes of US or Canadian wheat at the much higher price of $415.00 a tonne c&f free out.
EU wheat rebounds as U.S. weather rally offsets strong euro.
European wheat futures rose, recovering from a two-month low in the previous session, as a U.S. rally fuelled by poor weather for spring wheat offset strength in the euro and improving crop conditions in western Europe. Front-month September milling wheat on the Paris-based Euronext market unofficially closed 0.7 percent higher at 166.75 euros a tonne after rising as high as 167.50 euros. However, the trend remains bearish with improving crop prospects after the recent rain. The euro was firm against the dollar to trade close to a near seven-month high.
Govt FY18 wheat buys exceed target in Uttar Pradesh at 3.07 million tonne.
Government has so far procured 3.07 million tonne wheat from Uttar Pradesh for the 2017-18 (Apr-Mar) season, beating the initial target of 3.0 mln tn. Government purchases are still in progress in the state and procurement may touch 3.5 million tonne this year. Overall, the government has purchased 30.1 million tonne wheat across the country, up 31.3% from a year ago. Apart from Uttar Pradesh, procurement operations are still underway in Uttarakhand and Rajasthan.
NCDEX coriander hits 4% upper cap on short covering.
Futures contracts of coriander on the NCDEX hit the 4% upper circuit today as investors covered their short positions after prices slipped to a four-and-a-half-year low of 4,535 rupees per 100 kg. The most-active June contract was at 4,807 rupees per 100 kg, up 3.7% from the previous settlement. Decline in supply in the physical markets also boosted sentiment. Arrivals in Rajasthan were 4,300 bags (1bag=40kg) down 2,200 bags from the previous day.