FAO has increased the estimate for global rice output in 2018-19.
Ram Gopal Yadav (7 years ago)

The organisation has increased the estimate for global rice output in 2018-19 to record 511.4 mln tn, from 511.3 mln tn seen last month and 504.6 mln tn produced last year. Global utilisation of rice has been pegged at 509.5 mln tn, up from 509.3 mln tn projected earlier, and 504.3 mln tn last year. Following rise in the estimate for global rice consumption, the agency has lowered its projection for 2018-19 ending stocks to 173.7 mln tn from 173.8 mln tn projected earlier. Global trade in rice is seen at 47.5 mln tn, 0.1 mln tn higher than the earlier estimate, but lower from 47.8 mln tn last year.

Japan buys 79,770 tonnes of food wheat via tender.
Ram Gopal Yadav (7 years ago)

Japan’s Ministry of Agriculture bought 79,770 tonnes of food-quality wheat from the United States and Australia in a regular tender that closed late on Thursday. it has suspended its tender and sale of wheat from Canada after grain containing a genetically modified trait was discovered last summer in Canada’s Alberta province.

FAO lowers 2018-19 global wheat output estimate by 18 mln tn.
Ram Gopal Yadav (7 years ago)

The United Nations Food and Agriculture Organization has cut its forecast for global wheat output for 2018-19 by 18 mln tn to 736.1 mln tn. The lower forecast follows a cut in estimate for output in the European Union, Russia and Ukraine. The agency has also lowered outlook for global ending stocks to 264.2 mln tn from a record 283.4 mln tn estimated last month. Global wheat utilisation has also been slashed to 741.1 mln tn from 743.5 mln tn projected earlier.

Govt plans to sell 8 mln tonnes wheat at 1,890/qtl to bulk consumers.
Ram Gopal Yadav (7 years ago)

Saddled with huge stock, the government plans to offload 7-8 million tonnes of fresh wheat in the open market at Rs 1,890 per quintal rate for meeting the demand from flour millers and other bulk consumers. The food ministry is likely to sell 7-8 million tonnes of wheat grown in 2017-18 crop year that ended last month. The rate at which the grain will be offloaded would be around Rs 100 per quintal higher than the last year. Last year, the OMSS rate for wheat was fixed at Rs 1,790 per quintal – ex-Ludhiana. As on June 1, the government was holding a wheat stock of 44 million tonnes. Its procurement agency FCI has purchased 35.5 million tonnes of fresh wheat in 2017-18.

Mustard seed futures prices rise on spot demand.
Ram Gopal Yadav (7 years ago)

Mustard seed prices looked up by Rs 9 to Rs 4,073 per quintal in futures trade as traders created fresh positions in sync with higher physical markets sentiment. Pick up in demand from oil mills amid halt in arrivals from growing belts in the spot markets, encouraged traders to build up exposure, which reflected the upturn in mustard seed futures prices. At the National Commodity and Derivatives Exchange, mustard seed delivery for July went up by Rs 9, or 0.22 per cent, to Rs 4,073 per quintal.

Brazil may buy upto to 1 million metric tons of U.S. Soybeans.
Ram Gopal Yadav (7 years ago)

Brazil, the world’s largest soybean exporter, may have to import up to 1 million tonnes of the oilseeds from the United States by the end of this year to satisfy demand from local processors. If China’s demand for Brazilian soy rises amid a trade war with the United States, local processors may have to resort to imports from the United States.

Soybean prices down in Indore as arrivals may rise.
Ram Gopal Yadav (7 years ago)

Prices of soybean were down in Indore on expectations of a rise in arrivals in the coming days amid subdued demand from crushers. In Indore, the benchmark market, soybean was sold at 3,500-3,550 rupees per 100 kg, down 50 rupees. Arrivals of soybean in Madhya Pradesh were estimated at 40,000 bags (1 bag = 100 kg), up from 33,000 bags. Arrivals are likely to rise to 100,000 bags in two-three weeks after sowing completes in the state. An increase in minimum support price for the oilseed in the kharif season by 349 rupees per 100 kg was below expectations as traders expected a 500-rupee hike. About 70% of sowing has been completed in Madhya Pradesh.

India oilmeal exports gain 9% in June quarter
Ram Gopal Yadav (7 years ago)

The export of oilmeals during June 2018 has dropped by 33.56% as compared to June 2017 even though the overall export during April to June 2018 is reported at 654,774 tons compared to 599,346 tons during the same period of last year, up by 9%. The ongoing trade dispute between USA and China has created a lot of uncertainty and forcing China to look out to other origins for their requirements of soybean and oilmeals. This has compelled China to relook its ban imposed for importing of oilmeals from India since 2012. This will open up Chinese market for India. Of course, this is subject to clarification about phytosanitory certificate for export of oilmeals from India. During April – June 2018 Vietnam imported 116,839 tons of oilmeals (compared to 86,458 tons); consisting of 7,160 tons of soybean meal. South Korea imported 10,303 tons of soybean meal.

China to Cancel More US Soy Shipments.
Ram Gopal Yadav (7 years ago)

Chinese companies are expected to cancel most of the remaining soybeans they have committed to buy from the U.S. in the year ending Aug. 31 once the extra tariff on U.S. imports takes effect from Friday. China is the world’s top soybean buyer and has yet to take delivery of about 1.14 million metric tons of U.S. soybeans booked for the current marketing year. China had resold some 123,000 tons of committed deliveries to Bangladesh and Iran.