Futures contracts of coriander on the NCDEX were down 2% as investors continued to book profits for the second day after prices hit a four-week high of 5,310 rupees per 100 kg. A 2,180-tn decline in open interest in the July contract to 24,220 tonne indicated profit booking. The July contract was at 5,050 rupees per 100 kg on the NCDEX, down 2% from the previous close. Prices at spot markets in Rajasthan were unavailable today, as the market was shut due to a strike called by traders to protest the implementation of the goods and services tax.
Buying rice in Indonesia is over double the international standard price.
Buying rice in Indonesia is over double the international standard price, despite the country being a major rice producer. Last year, Indonesia rice price was around US$1 per kilogram, while the international standard had it around US$0.4 per kilogram. As of March, this year, FAO recorded the average price of rice per kilogram in Indonesia at around US$0.79. This is one of the highest figures around the region, with other ASEAN members paying far less — Cambodia pays US$0.42 per kg, Thailand pays US$0.33 per kg, Vietonneam pays US$0.31 and just US$0.28 per kg in Myanmar. Limited space is also a factor contributing to high prices, with growers in Indonesia harvesting on average 0.3 hectares compared to two hectares in Vietonneam or Thailand.
India Paddy crops lost due to flooding after rain in haryana & Punjab.
Rains have left thousands of acres of agricultural land inundated, causing extensive damage to cotton, paddy and vegetables in several villages of Hisar, Bhiwani and adjoining districts. Despite best efforts by farmers to try and stop water inundating their fields, an overflowing Sirhind canal Kurd distributary has caused waterlogging in over 15,000 acres of farm land in nine villages of Barnala district. Around 5,000 acres in villages of Hisar, Bhiwani and adjoining districts of haryana.
Zambia clinches $100 million maize export deals.
ZAMBIA has signed grain export trade deals for 400,000 metric tonnes worth US$100 million with Eastern Africa.
India maize price declined.
Prices of wheat and rice were down in spot markets ahead of the rollout of goods and services tax at midnight. Rice buyers are cautious of the impact it would have on market demand. The new tax regime does away with value added tax, sales tax and inter-state movement tax on wheat but imposes 5% tax on branded flour and branded rice.
US Wheat jumps 4 percent to highest in nearly two years.
U.S. wheat prices jumped 4 percent to hit their highest in nearly two years as forecasts for continued dry weather in key U.S. growing regions stoked fears over possible production losses. The most active wheat futures on the Chicago Board of Trade had risen 4 percent to $5.47-1/4 a bushel, the highest since July 20, 2015.
Russian wheat prices continued to grow last week due to strong demand and concerns on 2017 crop.
Price growth persisted in Russia new-crop wheat market last week. In Novorossiysk port, export prices for Russian milling wheat closed the week up another $2-3/MT at $185‑187/MT FOB for 12.5%-protein wheat and $177‑180/MT FOB for 11.5%-protein wheat.
Global rally may turn up the heat on domestic wheat prices.
The recent rally in prices of wheat in the global market has caught the Indian market by surprise. Market players, who were banking on cheaper imports to meet demand in the lean arrival season, would now have to turn to the domestic market to source wheat and that could effectively push up wheat prices by about 200 rupees per 100 kg over the next couple of months. Wheat prices usually start ascending by Jul-Aug as arrivals come to a grinding halt and government winds up procurement operations. The government offer price under the open market sale scheme usually acts as a benchmark for wheat prices during the lean season.
IGC cuts 2017-18 global wheat output view by 0.8 million tonne to 735.1 million tonne.
International Grains Council has cut its estimate for global wheat output in 2017-18 to 735.1 million tonne from 735.9 million tonne forecast a month ago. The downgrade may be attributed to fall in output in the US, European Union and Australia, the report showed. The losses were, however, limited by higher production in Russia. The council has pegged global wheat consumption in 2017-18 at 735.5 million tonne, sharply down from 737.8 million tonne estimated earlier. Global ending stocks of wheat in 2017-18 are estimated at 241.2 million tonne, up from 238.6 million tonne forecast in May.
India Prices of wheat slipped.
Prices of wheat were down in spot markets ahead of the rollout of goods and services tax. Wheat buyers are waiting for the implementation of the tax reform as it would do away with state taxes. Prices in Delhi have fallen by 30-40 rupees in last 10-15 days. NCDEX the most-active August wheat contract ended down 0.1% from previous close.