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.
ICE Canada canola futures rise.
ICE Canada canola futures rise.
Mustard seed up in Jaipur as supply down, demand up.
Mustard seed up in Jaipur as supply down, demand up.
CBOT soybean up due to poor crop conditions in US.
CBOT soybean up due to poor crop conditions in US.
Madhya Pradesh farmers asked to begin soybean sowing.
Madhya Pradesh farmers asked to begin soybean sowing.
Canada May pea exports at 201,700 tn, up 30% on year.
Canada May pea exports at 201,700 tn, up 30% on year.
Madhya Pradesh extends moong, urad procurement deadline till July 31.
Madhya Pradesh extends moong, urad procurement deadline till July 31.
Tur area seen falling 40% as farmers shift to more profitable crops.
Tur area seen falling 40% as farmers shift to more profitable crops.
Tur price down in Akola, Gulbarga as demand subdued.
Tur price down in Akola, Gulbarga as demand subdued.
Chana down in Bikaner on thin trade, flat in Delhi.
Chana down in Bikaner on thin trade, flat in Delhi.
Centre South Brazil June 1-15 sugar output doubles YoY to 2.38 mln tn.
Centre South Brazil June 1-15 sugar output doubles YoY to 2.38 mln tn.
Sugar rise in north India on high demand, unchanged in Maharashtra.
Sugar rise in north India on high demand, unchanged in Maharashtra.
Sugar co-op body asks Centre to buy sugar for welfare schemes.
Sugar co-op body asks Centre to buy sugar for welfare schemes.
Food minister says no plan to raise import duty on sugar as of now.
Food minister says no plan to raise import duty on sugar as of now.
Bajra acreage up 61.46% on year on good monsoon progress.
India Bajra acreage was up 61.46% on year at 0.466 million hectares due to good progress of monsoon rains across major growing regions. Southwest monsoon rains have been near normal so far and according to the India Meteorological Department, the currents are likely to cover most parts of the country in the next two to three days. Typically, monsoon covers the entire country by Jul 15.
No coffee auction on cloud over GST rate, unlikely next week too.
The weekly coffee auction in the city was cancelled as traders remained uncertain about the goods and service tax rate applicable on the commodity. Auction of coffee may not be conducted next week as well. Unless clarification emerges, no seller or buyer would take part. Government has only given the final draft, a gazetted order is yet to be circulated.
India coffee exports during Jan 1- Jun 28.
The Coffee Board of India has finalised its crop estimate for 2015-16 at a record-high of 348,000 tonne, up from 327,000 tonne produced a year ago, but down from previous estimate of 350,000 tn. The board has estimated the output for 2016-17 at 316,700 MT tonne, down 9% on year.