Futures contracts of coriander traded higher on the NCDEX as traders bought more at low prices after the contracts fell nearly 4% in the past eight trading sessions. The most-active December contract was up 0.3% from the previous close. In earlier sessions, prices fell due to weak domestic and export demand. Prices of the spice were largely unchanged in spot markets on the back of weak demand and a fall in supply.
Ukraine Winter rape crops mostly in good condition.
In Ukraine, the beginning of November featured mostly warm weather with rain. Over the ten days, air temperatures peaked at +9-14°С, even at 17°С in Kherson region. Winter rape of optimum and late planting dates is at the stage of rosettes. Early- and ultra-early-sown winter rape hybrids of the intensive type are flowering. The general crop condition is mostly good. Precipitation in October and early November considerably increased moisture content in the topsoil and improved the condition of winter crops.
Gujarat farmers dispose Groundnut below MSP.
As the government delays procurement of Groundnut, farmers are selling Groundnut at an estimated average of Rs 3,500 per quintal in Saurashtra region of Gujarat at prices which are much below the minimum support price (MSP). About a month before poll dates were announced for Gujarat, the state government had announced it would procure Groundnut at Rs 4,500 per quintal and Rs 50 as bonus over and above the central minimum support price. Small and marginal farmers who need money immediately are preferring the open market because there are long waiting lists for sale to government, and the government also takes a couple of weeks for making payment.
CBOT soybean up on bargain buying post 6-week low
Futures contracts of soybean on the CBOT rose in the electronic trade due to bargain buying after the contract hit its six-week low. The most-active January contract of soybean on the CBOT was at $9.6825 per bushel, up 0.1% from the previous close.
Malaysia CPO ends lower on weak export data
Futures contracts of crude palm oil on the Bursa Malaysia Derivatives ended lower due to a month-on-month decline in the country’s palm oil exports during Nov 1-15. Cargo surveyor Intertek Agri Services today estimated Malaysia’s palm oil exports during Nov 1-15 at 660,465 metric tonne, down 4.3% on month. The most-active January contract of crude palm oil on the Malaysian bourse closed at 2,712 ringgits (42,377.25 rupees) per metric tonne, down 0.2% from the previous close.
NCDEX soybean falls 1% on high arrivals in spot
Futures contracts of soybean on the NCDEX fell nearly 1% mainly because of high arrivals in major spot markets. The most active November contract of soybean on the NCDEX was down 0.6% from the previous close. However, expectations of a hike in import duty on edible oils restricted further losses.
Rice production in South Korea hits 37-year low in 2017.
Rice production in South Korea hits 37-year low in 2017.
Bangladesh scraps rice deal with Cambodia
Bangladesh scraps rice deal with Cambodia
Amid bumper paddy yield, Punjab, Haryana procure 23.5 MMT.
Amid bumper paddy yield, Punjab, Haryana procure 23.5 MMT.
US winter wheat deteriorates, a little, amid reviving dryness.
US winter wheat deteriorates, a little, amid reviving dryness.
Indore wheat prices fall on improved sowing.
Indore wheat prices fall on improved sowing.
Smog delays Punjab wheat sowing, but farmers reluctant to blame straw burning.
Smog delays Punjab wheat sowing, but farmers reluctant to blame straw burning.
Japan offers to buy 125,611 MT food wheat via tender.
Japan offers to buy 125,611 MT food wheat via tender.
Ukrainian wheat market is under pressure of competition and low import demand.
Ukrainian wheat market is under pressure of competition and low import demand.
Egypt administrative court bans imports of Russian wheat with traces of fungus.
Egypt administrative court bans imports of Russian wheat with traces of fungus.
India wheat futures extend loss, down 1.07% on ample stocks.
India wheat futures extend loss, down 1.07% on ample stocks.
Wheat OMSS auction update.
Wheat OMSS auction update.
USDA cut its forecast for the sunseed crop in Ukraine
The USDA’s November report presented a raised forecast for Black Sea rapeseed production in the 2017/18 season. In November, the sunseed crop estimate for Ukraine was slashed to 13000 KMT (down 500 KMT). The USDA predicts the Black Sea countries to harvest a total 26900 KMT of this oilseed. The region’s rapeseed production expand due to a larger harvest in Russia, which is to reach 1500 KMT (up 100 KMT). The total rapeseed crop in the Black Sea region is estimated at 4225 KMT. The forecast for Black Sea soybean production was left unchanged at 7785 KMT.
India Soybean futures fall 1%, mustard 0.7%.
Futures contracts of all components in the edible oil basket declined on domestic exchanges as there was no fresh development on the anticipated hike in the import duty on oilseeds The industry had demanded a hike in import duty on edible oils to support the prices of home-grown oilseeds. Soybean on National Commodity and Derivatives Exchange ended around 1% lower because of higher arrivals of fresh crop in key mandis. India’s vegetable oil imports rose around 5% on year to 15.4 million metric tonne in the year-ended October. Palm oil imports rose marginally to 9.3 million metric tonne compared with 8.4 million metric tonne during the previous year.
SOPA says India Oct 1 soybean carryover stock view cut to 1.4 million metric tonne
India’s soybean carry-over stocks estimate as on Oct 1 has been revised lower to 1.39 million metric tonne from 1.59 million metric tonne. Soybean carry-over stocks has been revised lower on fresh export data of soymeal for August, thus updating total exports for Oct to August in 2016-17 to 1.97 million metric tonne. For the new season starting October, soymeal exports were pegged at 67,000 metric tonne as compared to 44,383 metric tonne a year ago. The output of soybean in the 2017-18 (Oct-Sep) is estimated at 9.15 million metric tonne down 16.8% on year.