Indian govt says no plan to hike import duty on sugar.
India kharif sugarcane 2017-18, sowing 4.752 mln ha up 6.02% vs 4.482 mln ha LY as on 16 June.
India kharif sugarcane 2017-18, sowing 4.752 mln ha up 6.02% vs 4.482 mln ha LY as on 16 June.
NCDEX coriander up as demand exceeds supply.
The July coriander contract was up on the NCDEX because demand from domestic retailers exceeded the stocks available with farmers and stockists. The most-active July contract traded at 4,990 rupees per 100 kg, up 7 rupees from the previous close. India annual consumption of coriander is 320,000 tonne, and only half of it is left with stockists. In Kota, the benchmark market, the Badami variety of coriander traded at 5,700-5,850 rupees per 100 kg, while the Eagle variety was quoted at 5,900-6,000 rupees, both unchanged. Arrivals in Rajasthan were 3,800 bags (1bag=40kg), up 500 bags from previous close.
India coffee exports during Jan 1- Jun 15.
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.
MCX cotton hits a 5-month low on higher output forecast.
Futures contracts of cotton on the MCX hit a five-month low of 19,820 rupees per bale (1bales=170kg) in early trade due to expectations of higher domestic crop. Farmers in the country have sown cotton across 1.41 million ha as of Jun 8, up 42.4% on year. However, cotton June contract on the MCX recovered from the low and was trading at 19,960 rupees, up 0.5% from the previous close.
All-India cotton arrivals up at 29,600 bales.
About 29,600 bales (1 bale = 170 kg) of cotton arrived in major spot markets across the country on Thursday, higher than 27,600 bales on previous close.
India year to September 20117 cotton export tops govt view of 5 million bales.
India cotton exports in the year ending September are already at around 5.2 million bales, well above the Cotton Advisory Board estimate of 5.0 million bales for the whole year, though lower than 6.9 million bales the previous year. According to trade estimates, over 2.0 million bales have been shipped to Bangladesh, around 1.0 million bales to Pakistan, 900,000 bales to China, and 600,000 bales to Vietnam. the country still has 4 million bales of inventory and if prices fall below 20,000 rupees a bale, exports could gain pace in the coming months. As India is staring at a rise of at least 20% in output next year, prices are expected to fall sharply in the coming months.
US corn down 1.3 percente.
Corn gave up 1.3 percent on easing concerns over dryness in the U.S. The corn market is giving up gains as there is pressure on crude oil prices and the weather is looking better. Corn prices often track movements in the crude oil market with rising use of crops to make alternative fuels.
India Govt raises maize MSP by 60 rupees to 1,425 rupees/100 kg.
The government has increased the minimum support prices on major crops including paddy, maize, tur, urad, moong, soybean and cotton. Maize get a minimum support price of 1,425 rupees per 100 kg, 60 rupees higher than last year. This comes at a time when the country is facing a glut in major crops and vegetables, which had resulted in subdued prices, leading to widespread protests among farmers in major growing states.
Philippine Statistics Authority Rice inventory down 13% in May.
The country rice inventory as of May 1 declined by 13 percent to 3.21 million metric tons (MMT), from 3.69 MMT recorded a year ago. Of the rice inventory as of May 1, the PSA said 46.38 percent were with the households, 45.21 percent were in commercial warehouses, while 8.41 percent were in the NFA depositories. Nearly 75 percent of NFA stocks consisted of imported rice.
Vietnamese Rice prices up in domestic, foreign markets.
The price of Vietnamese rice has increased strongly in both domestic and foreign markets recently because of high demand and limited supply. In the world market, Vietnamese rice is only priced lower than that from Thailand. Jasmine rice is now priced at US$565-570 per tonne, $65-70 per tonne higher than three weeks earlier. VietNam 5 percent broken rice is selling at $410-420 per tonne, up $35-45 per tonne, while 25 per cent broken rice is fetching $25-30 per tonne higher at $370-375 per tonne. Rice prices have also increased in the domestic market by an average of more than VNĐ1 million ($44) per tonne.
India Govt ups MSP on paddy.
Govt ups common grade paddy MSP to 1,550 rupees/100 kg. Govt ups fine grade paddy MSP to 1,590 rupees/100 kg. This comes at a time when the country is facing a glut in major crops and vegetables, which had resulted in subdued prices, leading to widespread protests among farmers in major growing states.
Rabobank sees CBOT wheat prices rising by 10-15% in a year.
Wheat prices on the Chicago Board of Trade are likely to rise 10-15% to $5 per bushel in a year. The area under wheat has reduced in the US, leading to lower growth in stocks, while in the European Union, yields are not expected to reach the average of recent years due to unfavourable weather. On a global scale, the stocks-to-demand ratio for wheat has reached 33%, which Rabobank said was too high, adding that a high ratio would dampen prospects of a significant recovery in global wheat prices in the coming season.
US Wheat down on easing weather worries.
Chicago wheat futures slid on Monday as the market took a breather after rallying around 5 percent in the last two sessions on the back of dry weather hitting U.S. yields. Chicago wheat climbed to its highest in almost a year at $4.68-1/2 a bushel on previous close as dry weather threatened to reduce U.S. spring wheat crop production. Reports of disappointing yields in early harvesting of hard red winter wheat provided additional support. There have been weather concerns for corn as well as spring wheat in the U.S.
India Govt buys 3.6 million tonne of wheat in Uttar Pradesh for FY18, up 347%.
The Centre has procured 3.6 million tonne of wheat from Uttar Pradesh for the 2017-18 marketing year (Apr-Mar), a whopping 347% higher than the previous year. Wheat procurement has almost ended in all states, barring Rajasthan, where the government has extended the purchases till Jun 30. Overall, the Centre has purchased 30.6 million tonne wheat across the country, up 33.5% from a year ago.
India Govt says no plan to hike import duty on wheat.
The government has no plans to raise import duty on wheat, sugar, or edible oils as of now. A fall in prices of the commodities had led to speculation of hike in import duties. In March, the government had imposed 10% duty on import of wheat to stem the fall in domestic prices.
India Wheat prices unchanged in Delhi amid thin trade.
Wheat prices were unchanged in Delhi markets amid thin trade. In Delhi, mill-quality wheat was sold at 1,740-1,750 rupees per 100 kg. Demand for the grain has declined as buyers are cautious and do not want to hold inventories ahead of the goods and services tax regime. The July contract on the NCDEX was trading at 1,628 rupees per 100 kg, up 0.5% from the previous close.