India Gate, the country largest selling rice brand, is exempt from paying goods and services tax (GST) because the company did not get the brand name registered under the Trade Marks Act 1999. This is to further clarify, declare and certify that India Gate, Indian Farm, Lotus and Unity brands are owned by KRBL Ltd but since they are not registered in Class 30 under Trade Marks Act, 1999. Hence NIL GST rate is applicable on it, KRBL Ltd, which sells India Gate packaged rice.
Mexico May Sales were $1.04 billion, down 6.7 percent from a year earlier.
U.S. corn shipments to Mexico are faltering and the country is no longer the biggest importer, a sign that trade tensions are driving it into the arms of other suppliers. Sales to Mexico through May were $1.04 billion, down 6.7 percent from a year earlier, the U.S. Department of Agriculture said in a monthly update. That contrasts with the 32 percent increase for the overall value of U.S. corn exports in the period, during which the average dollar value of the commodity was little changed. Japan boosted its purchases 53 percent to $1.19 billion to become the largest importer of American corn.
India Maize prices rise in Purnea as stocks decline.
Prices of maize in Purnea, Bihar rose as stocks with farmers are declining. The premium quality crop and the low-end variety both prices up 20-30 rupees from previous close. The stock of rabi maize is declining and supplies have also been hit by recent heavy showers. Demand from Telangana, Maharashtra, Madhya Pradesh and Andhra Pradesh also supported the prices.
China think tank raises 2017 wheat output estimate.
China wheat output larger than previously expected in 2017. It forecast output of 129.9 million tonnes, up 0.8 percent from a year earlier and up slightly from last month’s estimate of 129.2 million.
EU Paris wheat futures fell.
Paris wheat futures fell, pressured by a sharp pullback in U.S. prices after a weather-fuelled surge, while European traders continued to assess harvest prospects. December milling wheat, the most active contract on the Paris-based Euronext exchange, settled 2.75 euros, or 1.5 percent, lower at 184.25 euros a tonne. It earlier touched its lowest in almost a week at 183.50 euros, as it moved away from an 18-month high of 189.00 euros hit during the previous session. But Euronext held up better than U.S. futures which shed more than 3 percent in a retreat from two-year highs on previous close.
CBOT wheat futures decline post 6-day rise.
Wheat futures fell nearly 3% on the CBOT as traders booked profits after prices rose in the last six sessions. The most active September contract had hit a two-year high of $5.60 a bushel. September wheat contract was at $5.4275 a bushel, down 3.1% from previous close. Wheat prices had risen earlier due to concerns over crop damage following drought like conditions in the mid-east US Prices were further supported by lower wheat acreage in the country as farmers are switching to soybean.
FAO cuts 2017-18 global wheat output view by 3.3 million to 739.9 million tonne.
The Food and Agricultural Organization has cut its estimate for global wheat production for 2017-18 to 739.9 million tonne from 743.2 million tonne projected earlier. The decline in output is primarily on account of lower production in Ukraine and European Union due to dry weather conditions prevailing there. The estimate for overall supply has been cut to 987.0 million tonne from 990.6 million tonne. The estimate for global wheat stocks has been lowered to 255.8 million tonne, down from record high of 257.4 million tonne projected earlier. The FAO has slightly raised its estimate for global wheat trade in 2017-18 to 171.8 million tonne from 171.0 million tonne forecast earlier. The agency has forecast global coarse grain production in 2017-18 to be slightly higher at 1.35 billion tonne.
India Wheat prices up in Delhi as supplies fall, demand firm.
Prices of wheat rose 20 rupees in the key wholesale market of Delhi owing to falling supplies and firm demand. About 600-700 tonne of wheat arrived into the market, down 100 tonne from previous close. NCDEX August wheat contract on the NCDEX ended up 0.4% from the previous close.
All-India cotton arrivals at 12,500 bales.
Around 12,500 bales (1 bale = 170 kg) of cotton arrived in the major spot markets across the country on Tuesday.