Drought, floods to halve Sri Lanka’s Yala 2017 rice crop.
Philippine to compensate for extension of quantitative restriction (QR) on rice.
Philippine to compensate for extension of quantitative restriction (QR) on rice.
Vietnam Food Association set the target for rice export at 5.7 MMT this year.
Vietnam Food Association set the target for rice export at 5.7 MMT this year.
Pakistan could eat India’s share of basmati rice exports.
Pakistan could eat India’s share of basmati rice exports.
Assam kharif rice sowing down 33% on yr as of 12 July.
Assam kharif rice sowing down 33% on yr as of 12 July.
WASDE RICE OUTLOOK:
WASDE RICE OUTLOOK:
WASDE WHEAT OUTLOOK:
WASDE WHEAT OUTLOOK:
Russia wheat update.
Russia wheat update.
Govt sets aside 15% of 60-bln rupee Sampada plan for grain mills.
Govt sets aside 15% of 60-bln rupee Sampada plan for grain mills.
Indian govt Jul 1 wheat stock at 32.3 mln tn, 2 mln tn above buffer norm.
Indian govt Jul 1 wheat stock at 32.3 mln tn, 2 mln tn above buffer norm.
CBOT soybean down on profit booking by investors.
After hitting a four-month high of $10.3250 per bushel in electronic trade on the CBOT, soybean contracts were down because of profit booking by investors. The most active August contract on the CBOT was at $10.2275 per bushel, down 0.6% from previouse close. Unexpected overnight rains across parts of mid-west US as well as over the Great Plains, coupled with forecast of more showers in the coming week led investors to book profits.
USDA estimates 2017-18 Brazil soybean output at 105 million tonne, down 8%.
The US Department of Agriculture Brasilia post has estimated Brazil soybean output at 105 million tonne in 2017-18 (Mar-Feb), down around 8% from 114 million tonne last year. The fall in the soybean production despite record area under the crop is primarily due to poor yields in 2017-18. Sowing of soybean in 2017-18 is seen at a record 34.4 million ha and it is over 1% higher than last year level in the country. The post forecasts soybean exports for 2017-18 at 62 million tonne, down about 3% compared to the previous year due to lower exportable supplies of the oilseed because of weak output and higher domestic consumption.
Jaipur mustard seed up on improved domestic demand.
Prices of mustard seed in Jaipur, the benchmark market for the commodity, rose for the third consecutive day due to higher demand from domestic oil millers and stockists. In Jaipur, the oilseed was sold up 10 rupees from previous close. Lower arrivals also supported prices of the oilseed. Supplies have declined because farmers are holding on to their produce, as they expect prices to rise in the coming days.
MP will procure soybean on MSP.
In a move to quell simmering anger among farmers after last month violent protest, Madhya Pradesh chief minister Shivraj Singh Chouhan announced plans to procure soybean from farmers at minimum support price ( MSP ). Govt have been procuring moong (green gram), urad (black gram) and arhar (pigeon pea) from farmers at MSP. Instead attempts should be made to ensure that the farmers get proper price for their produce. The state government move to procure soybean at MSP is an attempt to reach out to large number of farmers in Malwa region, the hub of soybean cultivation in the country.
Rajasthan 2016-17 mustard crop seen up 21% on year.
The agriculture department in Rajasthan has estimated mustard output in 2016-17 (Jul-Jun) to rise by 21% on year to 3.94 million tonne because of higher yields. According to the fourth advance estimate, output of guar in Rajasthan, the largest producer of the crop, may fall 37% on year to 1.4 million tonne in 2016-17.
Indore soybean prices up 20 rupees on slow progress of sowing.
The rise in prices was also because of lower arrivals, as the ongoing period is a lean season for soybean arrivals.
India kharif soybean area seen down 10% as farmers shift to cotton.
India soybean acreage is likely to fall by around 10% in the ongoing kharif season as farmers may have switched to more profitable crops due to poor realisation from the oilseed, and on weather vagaries. Around 8-10% shift in sowing of soybean is expected this year. Farmers are not much interested in growing soybean and they are shifting mostly to cotton. For the 2017-18 (Jul-Jun), the minimum support price for medium staple cotton is 4,020 rupees per 100 kg and for long staple cotton at 4,320 rupees, both up 160 rupees on year, while that for soybean is 3,050 rupees.
Chana prices down in Delhi on higher supplies.
Prices of chana were down in Delhi because of increase in supplies amid sluggish buying from the dal millers. Chana was quoted lower in the key markets despite reports of re-launch of the pulse on the NCDEX. Although arrivals are unchanged, they have been higher over the last three-four days compared to beginning of the month, which is seen creating bearish sentiment.
NCDEX to relaunch chana trade Fri, shifts delivery centre to Bikaner.
The National Commodity and Derivatives Exchange is set to relaunch futures trade in chana on Friday, after the Securities and Exchange Board of India gave its approval in this regard. According to the new contract, Bikaner in Rajasthan would be the main delivery centre, as opposed to Delhi in the previous contract.
Gulbarga tur down on low buys, weakness across pulses.
Prices of tur fell in Gulbarga, Karnataka, due to weak demand. Weakness across the pulses band, especially chana, also weighed on the prices.