PEC Ltd has floated a tender to sell 500,000 tonne of non-basmati rice (white or parboiled rice) from the crop of 2016 or later. The tender will close on Friday. The entire quantity will be shipped in 3-4 months from the date of conformation of supply by PEC.
India Govt procures 38.6 million tonne rice since Oct, up 13.4% on year.
The central government has procured 38.6 million tonne rice so far in the 2016-17 (Oct-Sep) marketing year, up 13.4% on year. The Centre is buying rice from farmers at a minimum support price of 1,470 rupees per 100 kg. Procurement has been the highest in Punjab, where the government has purchased 11.1 million tonne of the food grain, up 18.2% on year. In Chhattisgarh, 4.7 million tonne rice has been procured so far, up 35.4% on year, and in Haryana, government agencies have bought 3.6 million tonne rice, up 25.2% from a year ago. Procurement has been higher year-on-year in most states as India rice output in 2016-17 (Jul-Jun) is estimated at a record high of 109.15 million tonne.
Maharashtra farmers asked to transplant paddy in a week.
National Agromet Advisory services has recommended farmers in Maharashtra to transplant paddy till the end of next week. The progress of southwest monsoon is likely to be good in Maharashtra in the coming days, with western Maharashtra likely to see heavy rains accompanied with thunderstorm, the IMD said.
CME Group to launch Australian wheat futures in Jul.
CME Group has announced it launch Australian wheat FOB (Platts) futures contracts on Jul 24 and available for trading on CME Globex. FOB or free on board indicates that the supplier pays the shipping costs. The contract listed with and subject to the rules and regulations of the CBOT. The financially-settled contracts take reference from the Platts daily assessment of the Australian Premium White wheat spot prices. This new contract helps international traders and give them exposure to Australian prices without having to take physical delivery.
USDA arm sees Kazakhstan 2017-18 wheat output down 13%.
Kazakhstan wheat production is likely to decline by 2 million tonne to 13 million tonne in 2017-18 (Sep-Aug) as acreage under wheat is expected to fall. The country wheat exports, however, are seen slightly higher in 2017-18 at 7 million tonne against 6.8 million tonne in 2016-17 due to an increase in closing stocks. As on Jun 1, Kazakhstan had 5.6 million tonne stock of wheat, compared with 4.3 million tonne a year ago.
U.S. Wheat up, weather concerns support.
Chicago wheat futures rose for a third consecutive session with prices underpinned by dry weather threatening to reduce U.S. spring crop production. The wheat market has been supported as crop conditions in the northern U.S. Plains spring wheat region have deteriorated sharply in the last month due to hot and dry weather. Analysts expect the U.S. Department of Agriculture on Friday to lower its estimate of U.S. spring wheat plantings for 2017.
India Govt FY18 wheat buys touch 30.8 million tonne as purchases on in Rajasthan.
With wheat purchases still on in Rajasthan, the government total procurement of the food grain for the current marketing year ending March, has touched 30.8 million tonne, up 34.1%. The government wheat procurement has ended in the major producing states, except Rajasthan, where 1.24 million tonne wheat has been procured so far, up 62.8% from a year ago.
Delhi wheat prices fall on low demand ahead of GST.
Prices of wheat fell in Delhi as buyers refrained from purchasing the grain due to lack of clarity on goods and services tax, to be implemented from Jul 1. In Delhi, mill quality wheat was sold down 10 rupees from previous close. Traders are not buying now, as they fear holding stocks ahead of GST as once they get a clear idea, they start accounting once again. Unbranded wheat is kept under the 0% tax slab under the new tax regime, while packaged and branded wheat is at 5%.
India Govt sells 77,000 tonne wheat under open market sale plan so far FY18.
The government has sold 77,000 tonne wheat under the open market sales scheme in the current fiscal year so far. For 2017-18 (Apr-Mar), the government has set the average price at 1,790 rupees per 100 kg for procuring states and in non-procuring states, the reserve price rises by an amount equal to ex-Ludhiana railway freight. Higher prices have kept buyers away so far, and the quantity sold was only 19% of 409,100 tonne offered. The first tender was floated on Jun 15, offering 355,950 tonne for sale, of which only 36,000 tonne was sold. The second tender was released on Jun 22, and offered 373,100 tonne wheat but only 41,000 tonne was sold.
NCDEX coriander up 2% on low stock, domestic demand.
Futures contracts of coriander on the NCDEX rose over 1% due to a fall in inventories at exchange warehouses and rise in demand from domestic retailers. The most active July contract was up 1.1% from the previous close. Coriander stocks at NCDEX-accredited warehouses were at 30,388 tonne, down by 148 tonne from the previous week. In Kota, the Badami variety was sold for 5,600-5,800 rupees per 100 kg, while prices of the Eagle variety were at 5,800-6,000 rupees, both unchanged from the previous day. About 5,000 bags (1bag=40kg) arrived in Rajasthan, up 500 bags from previous close.