ICRA sees India year to Sep 2018 cotton output up 6% at 36 million bales.
Ram Gopal Yadav (8 years ago)

India cotton production is likely to increase by 6% to around 36.0 million bales (1 bale = 170 kg) in 2017-18 (Oct-Sep), owing to higher acreage and forecast for normal monsoon due to a likely El Nino formation gradually waning. Expectations of higher output in the upcoming season may create a downward bias for cotton prices from July. Cotton sowing in the ongoing kharif season has already witnessed a rise in acreage compared with last year, and is likely to sustain in coming weeks. Cotton acreage in the country was up 30% on year at 2.47 million ha.

Coriander up in Ramganj on rise in domestic demand.
Ram Gopal Yadav (8 years ago)

Prices of coriander gained in Ramganj, a key wholesale market in Rajasthan, because of an increase in demand from domestic retailers and a fall in inventories at exchange warehouses. In Ramganj, the Badami variety was sold for 5,800-5,900 rupees per 100 kg, while the Eagle variety was sold at 6,200 rupees, both up 150-200 rupees from the previous day. About 6,200 bags (1 bag = 40 kg) arrived in Rajasthan today, up by 1,200 bags from previous close.

NCDEX coriander down nearly 3% on profit booking.
Ram Gopal Yadav (8 years ago)

Futures contracts of coriander on the NCDEX were down nearly 3% today as investors booked profits after prices hit a four-week high of 5,310 rupees per 100 kg on previous close. A 2,400 tonne decline in open interest in the July contract to 28,270 tonne indicated profit booking by participants. The most active July coriander contract on the bourse was at 5,144 rupees per 100 kg, down 2.7% from the previous close.

Thailand Ministry to keep rice prices steady.
Ram Gopal Yadav (8 years ago)

The Commerce Ministry is brainstorming policies to stabilise paddy prices ahead of the harvesting season in the third quarter of the year, when 24-26 million tonnes of paddy are due to flood the market and depress prices. Government plans to use the existing price supporting scheme, for which the state-owned bank offered soft loans with a 3% interest rate to millers and local traders to encourage them to stock up on paddy during the harvesting season, both helping farmers while preventing the crop from flooding the market.

Canadian farmers seed more corn.
Ram Gopal Yadav (8 years ago)

Canadian farmers seeded 3.6 million acres of grain corn in 2017, for an increase of 7.5 per cent from 2016. Manitoba set a new record for grain corn planted with 410,000 acres seeded this spring, an increase of 18.8 per cent from last year.

IGC trims 2017-18 global corn crop forecasts.
Ram Gopal Yadav (8 years ago)

The IGC forecast the 2017-18 global corn crop at 1.025 billion tonnes, down one million tonnes from last month estimate and well below the prior season 1.069 billion. Downward revisions for corn crops in China (213.2 million tonnes from 215.2 million) and the European Union (60.2 million from 61.0 million) were partially offset by an improved outlook for production in Argentina (41.8 million from 39.8 million).

Dairy body buys maize at 1,258-1,290 rupee/100 kg.
Ram Gopal Yadav (8 years ago)

The National Cooperative Dairy Federation of India on Friday bought 3,000 tonne maize in two lots at 1,258-1,290 rupees per 100 kg through an online auction. The commodity, which is used as cattle feed, was bought on behalf of the Karnataka Milk Federation. The federation, which has nearly 200 dairy cooperatives as its members, has developed an online trading platform to purchase feed stock and sell dairy products.

India Maize prices up on low supply.
Ram Gopal Yadav (8 years ago)

Maize prices rose in the key wholesale Purnea market in Bihar due to declining supply. Good quality grain was sold up 10 rupees from previous close. Maize arrivals from the rabi crop are declining in key wholesale markets as the harvesting has ended and most of the farmers have sold their crops. In the benchmark Purnea market, supplies have been reduced to nearly 1,000-1,500 tonne daily, lower than the average 2,000 tonne last week.

Russian wheat exports to Egypt hit a five-year high.
Ram Gopal Yadav (8 years ago)

Russia continued exporting wheat at a record pace in May 2017, when 1.92 MMT was shipped abroad. This is 46% more than exported in May 2016. This season exports of Russian wheat have gained almost 2 MMT (8.4%) against the same time last year and reached 25.74 MMT. Russian wheat exports to the Egyptian market have hit a five-year high in the current season. Russia supplied 6.63 MMT to Egypt in the eleven months of MY 2016/17. The previous record was registered in MY 2011/12 (roughly 7.35 MMT).

Ukraine Grain stocks are 11% up year-on-year.
Ram Gopal Yadav (8 years ago)

Ukraine reserves of grains and pulses totaled 8.84 MMT as of June 1, 2017 that is 10.8% more than at the same time last year (7.98 MMT). Wheat stocks decreased 22.3% to 3 MMT against 3.87 MMT reported as of June 1, 2016. Corn stocks are 49.5% up from last year, amounting to 4.59 MMT (3.07 MMT). Barley inventories are 1.3% up from last year, amounting to 519 KMT (512 KMT).

EU wheat sees technical bounce as U.S. rally offsets euro strength.
Ram Gopal Yadav (8 years ago)

European wheat futures rose sharply after a week-long slide, supported by a surge in U.S. prices that countered strength in the euro. Front month September milling wheat on Paris-based Euronext was settled 3.50 euros, or 2.1 percent, higher at 173.25 euros a tonne, after breaching chart resistance around 172.50 euros. European Union data showed EU soft wheat exports had reached 23.3 million tonnes by June 27, in the penultimate weekly data release for the 2016/17 season that ends on June 30. Soft wheat exports were down 26 percent from a year ago.

IGC trims 2017-18 global wheat crop forecasts.
Ram Gopal Yadav (8 years ago)

Global wheat production in 2017-18 was seen at 735 million tonnes, down one million tonnes from last month and below the previous season 754 million. Production in the United States was cut to 48.6 million tonnes from 49.6 million while the EU crop was put at 149.4 million, down from a previous forecast of 149.9 million.

India Wheat prices continue to fall ahead of GST rollout.
Ram Gopal Yadav (8 years ago)

Prices of wheat continued to fall in the major spot markets across the country due to lukewarm trade as dealers refrained from buying ahead of rollout of goods and services tax from Jul 1. In the benchmark market of Indore, Madhya Pradesh, the mill-quality wheat was traded down 5-10 rupees from previous close. In Delhi, a key wholesale market, wheat traded down 10 rupees from the previous day.

US Corn update.
Ram Gopal Yadav (8 years ago)

Corn futures on the Chicago Board of Trade closed higher, supported by surging U.S. wheat futures and a softening dollar. CBOT July corn settled up 3 cents at $3.59-3/4 per bushel, with new-crop December up 3-3/4 cents at $3.80. Forecasts called for warmer temperatures in the Midwest after the Fourth of July holiday, but rains in the next seven days should recharge soil moisture in central and southern portions of the crop belt. USDA reported export sales of U.S. corn in the latest week at 384,500 tonnes (old and new crop years combined).