Soybean futures posted losses of 13 to 14 cents in the front months
India soybean area up 6% on year at 11 mln ha.
India soybean area up 6% on year at 11 mln ha.
NCDEX soybean settles 1% higher on cues from CBOT.
NCDEX soybean settles 1% higher on cues from CBOT.
The Cabinet is set to approve 25% increase in the price for ethanol
The Cabinet is set to approve 25% increase in the price for ethanol
Export curbs Tomato prices crash in Maharashtra.
The suspension of trade via roads between Pakistan and India and the consequent supply glut has sent local tomato prices crashing. Wholesale prices have crashed to some Rs 2-3/kg at Pimpalgaon Baswant and Lasalgaon. Even top quality tomatoes are now being sold at just Rs 6-7 per kg. In Nashik district, the prices crashed to a third in just over a week. Pakistan used to import nearly 50,000 tonnes of tomatoes from India annually and Bangladesh up to 35000 tonnes. While political tension between India and Pakistan led to the suspension of exports via land to Pakistan, exports to Bangladesh are hit after Dhaka increased the import duty on agricultural produces to 48%.
Onion exports rise by 15% as global prices turn competitive for traders.
Onion exporters see shipments increasing by about 15per cent from a year ago with prices turning competitive in the international market on the back of a government incentive scheme and potential of good domestic production. After the government extended the Merchandise Export from India Scheme (MEIS) to onion growers, the freight-on-board (FOB) price of the Indian variety declined to $195/tonne (from $220 per tonne earlier), giving competition to the produce from China, where a good crop is seeing producers take advantage of high prices in neighbouring nations. The average price in the wholesale markets of Maharashtra is now around Rupee10/kg.
Barley prices rise in Jaipur as supply weak.
Prices of barley were up in Jaipur due to weak supplies and higher demand from domestic stockists and poultry feed sector. In Jaipur, the benchmark market, the coarse grain was sold at 1,590 rupees per 100 kg, up 10 rupees. Supplies are negligible as stocks held by farmers are almost over and new crop arrivals are likely to commence only from March.
India Spot maize a tad lower.
Prices of maize in Purnea, a key market in Bihar, eased by around 4 rupees from previous close to 1,321 rupees per 100 kg amid steady arrivals of around 2,000 tn. Spot price of the coarse grain eased after rising in the last few sessions on the back of good demand from poultry and starch sector. Expectation of higher maize production in Karnataka, a key growing state, weighed on prices. Karnataka has pegged its maize output for 2018-19 (Jul-Jun) at 3.53 mln tn, up 26% on year.
JAPAN TO RAISE IMPORTED WHEAT PRICES TO MILLERS BY 2.2 PCT.
Japan will sell imported wheat to domestic millers at an average price of 55,560 yen ($498) per tonne in October to March, up 2.2 percent from the previous six-month period. The move reflects higher wheat prices in its main suppliers and higher shipping rates due to oil prices.
Bulgaria Expects Wheat Crop of 5.4 Million Tonnes.
The expected wheat production this year is 5.4 million tonnes. There is enough bread wheat despite concerns. The industry has similar data – an average yield of about 4,600 kg/ha. Its quality is different – it is high in areas with no rainfall during the harvest, but in the rest pre-harvest sprouting is observed. Wheat prices are about 25% higher this year. On average, bread wheat is traded at BGN 354 a tonne compared to BGN 270 a tonne in 2017, while feed wheat is sold on average for BGN 318 a tonne compared to BGN 254 last year.
Australia’s wheat output in 2018-19 season seen down 10% at 19.1 mil mt.
Australia was expected to produce 19.1 million mt of wheat in the 2018-19 (October-September) season, down 10% from 21.2 million mt in 2017/18. The decline in estimate is primarily attributed to reduced crop prospects from exceptionally unfavourable seasonal conditions in Queensland, New South Wales and parts of Victoria and South Australia. In New South Wales, the well below average rainfall during the planting window resulted in much less area planted to winter crops than was initially intended. As a result, wheat production is forecast to fall by 44% to 2.5 million mt in 2018-19.In Queensland, the dry conditions and low levels of soil moisture reduced potential yields with wheat production forecasted to be around 525,000 mt, down 23% from the previous harvest. South Australian wheat production is forecasted to fall by 10% to 3.7 million mt due to 13% decline in average yield. Timely rainfall in early spring will be critical to ongoing crop development in many cropping regions in eastern states (including South Australia) because of low levels of soil moisture.
Dec 18 CBOT Wheat closed at $5.18 3/4, down 9 1/2 cents.
Wheat futures saw Turnaround losses of 8 to 9 1/2 cents in the CBT and KC contracts, with MPLS down 4 to 6 cents. September showed thin trade. Crop Progress report indicated that 93% of the US spring wheat crop was harvested as of Sunday, 8% faster than the average. The winter wheat crop was shown at 5% planted, even with the normal pace and last year. Ahead of the monthly USDA report, projecting the USDA will trim new crop world ending stocks for wheat by 1.37 MMT to 257.58 MMT. The French wheat crop is estimated at 34.55 MMT, down 5.5 MMT from their August number.
FCI sold 115,200 tn of wheat in 8th open mkt sale FY19.
Food Corp of India sold 115,200 tn of wheat in the eighth round of auctions under the open market sales scheme for 2018-19 (Apr-Mar). The state-run agency had offered 1.8 mln tn of the grain at the auction.
India Spot wheat prices up in Indore, Kota.
Prices of wheat increased around 25 rupees per 100 kg in the key wholesale market of Indore in Madhya Pradesh due to good demand from flour mills and bakery product manufacturers. Wholesale price of mill quality wheat in Indore was at 2,025 rupees per 100 kg. In Kota market, price of the food grain was at 1,900-1,925 rupees per 100 kg, up 10-15 rupees from the previous session. Food Corp of India sold 115,200 tn of wheat in the eighth round of auctions under the open market sales scheme for 2018-19 (Apr-Mar).
USDA arm sees Myanmar 2018-19 pulses output down 14% at 3.8 mln tn.
The US Department of Agriculture’s Foreign Agricultural Service sees Myanmar beans and pulses 2018-19 output down 14.2% on year at 3.8 mln tn. Output of the pulses in the country is estimated to decline as the Myanmar government has urged the farmers to reduce production of some pulses such as urad and tur and shift to other crops such as seed corn, soybeans, green gram, dry season rice and sesame. About 80-90% of the total tur production and 60-70% of urad is exported to India, and the domestic wholesale prices depends mostly on India’s demand. In March last year, India had imposed a 10% customs duty and in August imposed quantitative restriction of 200,000 tn on tur and 300,000 tn on urad and moong annually, to curb cheaper imports. The restrictive policy by the Indian government has led to a sharp drop in the exports of pulses from Myanmar.
Moong acreage up 7.3% on year at 3.4 mln ha.
Area under moong crop across the country was at 3.40 mln ha, up 7.3% on year, largely due to a rise in acreage in Rajasthan and Karnataka. In Rajasthan, the largest grower, area under the crop jumped 22.5% on year to 1.92 mln ha. The rise in overall acreage this year is due to the steep hike of 50% in the minimum support price for moong for 2018-19. In Karnataka, the area under moong cultivation rose 16.2% on year to 423,000 ha.
Urad acreage down 12.5% on yr at 3.8 mln ha
Farmers in the country have sown urad across 3.80 mln ha this kharif season, down 12.5% on year. In Madhya Pradesh, the largest grower of urad, acreage was down 16.7% on year at 1.49 mln ha as farmers shifted to paddy and soybean in search for lucrative returns. For 2018-19 (Jul-Jun), the government has increased the minimum support price for paddy by up to 13% and for urad by 3.7%. Last year, many farmers opted for urad instead of soybean due to scattered rains and low realisations from the latter, which resulted in a jump in urad acreage. The country produced 2.84 mln tn of urad during the last kharif season.