Source says govt may mull 60% sugar import duty if global prices low.
NCDEX coriander rises as supplies seen declining.
Futures contracts of coriander on the NCDEX were up as supplies in Rajasthan markets are likely to decline because stockists are holding on to their produce in anticipation of a rise in prices. The most active July contract was at 4,820 rupees per 100 kg, up 0.9% from the previous settlement. In Kota, the benchmark market, the Badami variety of coriander was sold at 5,700 rupees per 100 kg, while the Eagle variety was quoted at 5,900 rupees, both up 100-150 rupees from previous close.
India coffee exports during Jan 1- Jun 9.
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 tn. The board has estimated the output for 2016-17 at 316,700 MT tonne, down 9% on year.
MCX cotton down as India 2017-18 end-stocks seen up.
Futures contracts of cotton on the MCX fell as USDA raised its estimate for India cotton ending stocks for 2017-18 (Aug-Jul). On the MCX, the June contract was at 20,580 rupees per bale (1bale=170 kg), down 0.8% from the previous close. Higher acreage in Gujarat, the largest producer, further dampened sentiment. As on Jun 5, cotton acreage in Gujarat was at 49,500 ha, higher than 15,200 ha a year ago.
USDA ups India 2017-18 cotton ending stock estimate to 13.3 million bales.
USDA has scaled up its estimate for ending stocks of cotton in India for 2017-18 (Aug-Jul) to 13.34 million bales (1USbale=480pound) from 13.24 million bales projected in May. Global ending stocks of cotton for 2017-18 are seen at 87.71 million bales, up from 87.14 million bales estimated a month ago. The department has kept its estimate for the world largest producer of cotton, India year-to-July 2018 crop unchanged at 28.00 million bales, while it has lowered its forecast for exports to 4.2 million bales from 4.5 million bales estimated in May. Global cotton production in 2017-18 is seen at 114.73 million bales, against 113.22 million bales estimated earlier, due to higher output in Pakistan, China, and Mexico. For 2017-18, cotton imports by India are seen at 1.75 million bales, unchanged from the previous estimate.
All-India cotton arrivals down at 31,000 bales.
About 31,000 bales (1 bale = 170 kg) of cotton arrived in major spot markets across the country on Friday, down from 33,000 bales on previous close.
USDA improves forecast for corn harvest and exports from Ukraine in 2017/2018 market year by 500,000 tonnes.
USDA improved its forecast for corn yield in Ukraine in the 2017/2018 marketing year (MY, July-June) by 500,000 tonnes compared to the May forecast, to 28.5 million tonnes. The forecast for corn exports was also raised by 500,000 tonnes, to 20.5 million tonnes.
Ukraine Corn planting is 99% complete.
Planting of spring cereals and pulses was completed on an area of 7154 Th ha (99% of the plan). This is 1.2% less than planted at the same time last year (7242 Th ha). In particular, spring barley was sown on 1580 Th ha (96%) against 1824 Th ha in 2016, spring wheat on 176 Th ha (99%) against 169 Th ha in 2016, oats on 198 Th ha (96%) against 213 Th ha a year ago. Peas were seeded on 385 Th ha (116%) compared to 229 Th ha as of June 9, 2016. Corn planting in Ukraine is 99% complete. The crop was sown on 4474 Th ha as of the reporting date against 4411 Th ha as of June 9, 2016. Ukrainian farmers planted 151 Th ha of buckwheat (104% of the plan) against 142 Th ha by the same time last year. Millet planting is complete on 54 Th ha (66% of the planned) against 95 Th ha in 2016.
USDA weekly crop progress report is expected to show lower condition ratings for the US corn.
The department was likely to show 67 percent of the US corn crop rated in good to excellent condition. That would be down 1 percentage point from a week ago. As hot temperatures and limited rainfall in the central United States stressed developing corn and wheat plants.
Bangladesh delay Brazil GMO Corn Import permit.
Bangladesh authoritirs still not issuing permit for imported GMO corn from Brazil, imported vessels are due for July shipments. This is supporting the Indian maize market, as Bangladeshi buyers will eye towards Indian Non-GMO Corn.
India Erratic 2nd half of monsoon may hit rice.
Production of rice and soybean in the 2017-18 (Jul-Jun) kharif season may come down due to the possibility of an erratic second half of the southwest monsoon season. A poor and erratic monsoon in second half of the season may potentially bring down the production (of rice) by 5-8 million tonne from the normal level. Production of rice in 2016-17 kharif season is estimated at 96.09 million tonne. Skymet has predicted the southwest monsoon this year at 95%, with rainfall declining in the second half of the season. Acreage of the grain in the ongoing kharif season is expected to be near normal at around 39.3 million hectares, due to the timely onset of the monsoon season.
India Rice down in Punjab on weak demand.
Prices of rice fell in a key wholesale market of Amritsar due to weak demand from Iran and expectations of a larger crop this year.Steam variety of Pusa 1121 basmati rice was quoted at 6,800 rupees per 100 kg and parboiled variety at 5,700 rupees per 100 kg, both down 100 rupees from previous close. The Permal raw variety of non-basmati rice was quoted at 2,500 rupees per 100 kg in Amritsar, down 50 rupees.
Egypt purchased Russian and Romanian wheat via tender.
Egypt purchased 360 KMT of milling wheat from Russia and Romania for shipment during July 10–20, 2017 at an average price of USD 205.51/MT C&F. The price in the previous tender equaled USD 202.61/MT C&F. In the previous tender, on May 31, 2017, Egypt took 180 KMT of milling wheat from Russia and Romania for shipment during July 1–10, 2017.
US Wheat Update.
Wheat futures settled with losses of 1 to 4 cents in the KC and CBT contracts, as MPLS was up mostly a penny to 2 1/2 cent in the front months. The Commitment of Traders report had managed money lowering last week net short position in Chicago wheat futures and options by 7,624 contracts, to 106,136 contracts. They added 4,510 contracts in the MPLS wheat future and options contracts to a net long position of 9,486 contracts as of June 6. All wheat production for 2017 was hiked 4 mbu at 1.824 bbu over May crop production report. Winter wheat production saw a 4 mbu shift up to 1.250 bbu, as HRW was at 743 mbu up 6 mbu, with SRW at 298 mbu. US ending stocks for 2016/17 were at 1.161 bbu, showing a 2 mbu shift from May on larger imports, as 2017/18 stocks rose 10 mbu in this month’s report to 924 mbu. World ending stocks for 2016/17 were updated to 256.43 MMT, with 2017/18 stocks up 2.9 MMT to 261.19 MMT.
Israel buy 30,000 tonne wheat.
A group of Israeli private buyers issued international tenders to purchase up to 30,000 tonnes of feed wheat and 20,000 tonnes of feed barley all of optional origins. Tenders close on June 13.
EU wheat down with Chicago, hefty supplies weigh.
European wheat prices fell following a sharp drop in U.S. prices on abundant global supplies and improved weather forecasts, and pressured by low export demand. December milling wheat on Paris-based Euronext, was down 0.7 percent at 172.00 euros a tonne.
Saudi Arabia bought 805,000 tonnes hard wheat.
Saudi Arabia main state wheat buying agency the Saudi Grains Organization bought 805,000 tonnes of hard wheat in an international tender. The purchase comprises 13 consignments to be shipped to the ports of Jeddah, Dammam and Jazan. Arrival dates range from August 1 to October 20. The purchase was made at an average price of $216.66 a tonne c&f.
US spring wheat rating declinig on hot temperature.
USDA weekly crop progress report is expected to show lower condition ratings for spring wheat crops. Spring wheat was expected to be rated 53 percent in good to excellent condition, off 2 percentage points from last week as hot temperatures and limited rainfall in the central United States stressed developing corn and wheat plants. The winter wheat harvest likely advanced to 22 percent done, up from 10 percent a week ago.
USDA cuts India FY18 wheat output estimate by 1 million tonne to 96 million tonne.
The US Department of Agriculture has reduced its forecast for India wheat production in 2017-18 marketing year (Apr-Mar) to 96.0 million tonne. In the previous forecast released in May, the US agency had projected wheat production of 97 million tonne in India. Production is still seen at a record high and over 10% higher from 87 million tonne a year ago. The government has estimated India wheat output in the 2016-17 crop year ending June to a record 97.4 million tonne. Despite the record crop and a custom duty of 10%, the department sees India wheat imports in 2017-18 at 4.0 million tonne.
India wheat unchanged in spot markets.
Wheat prices remained unchanged in major wholesale markets. The key market of Indore remained shut due to unrest in Madhya Pradesh.