Futures contracts of cotton fell on MCX today trackin weakness in cotton futures on ICE, and because of higher year-to-September 2018 output estimates. Progress of sowing across the country dampened the sentiment. Indian farmers had sown cotton across 1.22 mln ha as of Thursday, up 29.7% on year. On MCX, the June cotton contract was at 20,820 rupees per bale (1bale=170kg), down 0.5% from the previous close, while the most-active December contract on ICE was at 72.59 cents per pound, down 0.5%.
India coffee exports during Jan 1- Jun 2.
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.
NCDEX coriander up on short covering, high demand.
Futures contracts of coriander on the NCDEX were trading higher as investors covered their short positions after prices slipped to a four-and-a-half-year low of 4,535 rupees per 100 kg in early trade. The most active June contract was at 4,650 rupees per 100 kg, up 0.8% from the previous settlement. Prices of coriander also rose because of improved demand from stockists. Arrivals in Rajasthan were pegged at 6,500 bags (1bag=40kg), up from 2,800 bags on previous close.
South Africa To Reap Bumper Maize Harvest.
Farmers are set to produce over 15 million tons of maize, a 50% excess of the expected yield. Maize is a staple food in South Africa and the BBC reports that it is the country biggest harvest in more than thirty years. The bumper harvest follows months of above average rainfall in January and February.
Usda weekly crop progress improving conditions seen as slightly bearish for corn.
Corn planting and emergence were both slightly behind the five-year average while the overall condition of the crop improved from the previous week. 96% of U.S. corn planted, down from 97% a year ago and down from the five-year average of 97%. USDA also said 86% of U.S. corn was emerged, down from 88% a year ago and down slightly from the five-year average of 87% emerged. Sixty-eight percent of the corn crop was rated in good-to-excellent condition, up 3 percentage points from the previous week’s 65% good-to-excellent rating.
CBOT Corn update.
The most active corn futures fell 0.27 percent to $3.72 a bushel, after gaining nearly 0.1 percent in the previous session. The government rated 68 percent of the U.S. corn crop as good-to-excellent, up from 65 percent a week earlier and above an average of analyst expectations of 67 percent.
Dairy body buys maize at 1,751-1,844 rupee/100 kg.
The National Cooperative Dairy Federation of India bought 1,300 tonne maize in three lots at 1,751-1,844 rupees per 100 kg through an online auction.
India Prices of maize fall in Purnea due to higher supplies.
The good-quality crop was sold in Purnea, down 20-25 rupees from previous close, while average-quality maize was sold down 10-15 rupees. Arrivals at the market rose to 5,000 bags (1bag=100kg) from 4,000 bags on previous close. NCDEX most active June contract of rabi maize ended down 1.2% from the previous close. Mill-quality wheat was in Delhi, up 5 rupees fromprevious close. Arrivals to Delhi are slightly down.
Vexed with chilli, ryots turn to paddy, cotton this Kharif in Kothagudem Telangana.
With chilli bringing tears to the growers with its rock-bottom price, the farmers in Bhadradri- Kothagudem are now switching to other crops. This Kharif, the farmers are going to cultivate paddy in 41,728 hectares and cotton in 36,647 hectares along with other crops. The district Kharif plan also focuses on cultivation of maize in 5,741 hectares.
Rice, corn sown early in Thailand on good rains.
The cultivation of main crop rice and corn in Thailand is occurring much sooner than the year-ago period due to favourable rainfall and sufficient water reservoir levels. Thailand Royal Irrigation Department crop progress report indicated that approximately 300,000 ha main-crop rice has been planted in irrigated areas, compared to 4,800 ha in the year ago period. Thai rice exports during Jan-Apr (2017-18), was at 3.6 million tonne, up 2% on year. Exports of corn from the country in 2016-17 are revised up to 700,000 tonne, compared to 500,000 tonne in the previous forecast.
USDA arm sees India 2016-17 rice exports at 11 million tonne.
India wheat exports in 2016-17 marketing year (Oct-Sep) are likely to be at 11 million tonne, up from 10.2 million tonne a year ago. the country had exported 5.2 million tonne rice, up from 4.8 million tonne in the year ago period. Indian rice exports have risen due to strong demand for non-basmati rice from African countries and neighboring Bangladesh, a record production at home and international parity in prices.
Russian wheat prices rise on concerns over Black Sea crops.
Prices for the new crop for July-August delivery at $173-$177 a tonne, up $1.50, while IKAR put prices at $176, up $2 from the previous week. Russian wheat export prices have risen for a third consecutive week due to persistent concerns over wheat crops in Russia and Ukraine to be harvested this summer. Last week, Russia agriculture ministry downgraded its forecast for Russia 2017 grain crop to 100-105 million tonnes from a previous 110 million tonnes due to unfavourable weather. Russian prices have also been supported by demand from Egypt, the largest market for Russian wheat. Last week, Egypt state buyer agreed to buy 120,000 tonnes of Russian and 60,000 tonnes of Romanian wheat, for July 1-10 delivery.
US wheat prices firm as US pegs crop condition below market forecasts.
Wheat futures edged up as the U.S. Department of Agriculture pegged the condition of the domestic crop below market expectations, stoking fears of production losses following recent adverse weather. The most active wheat futures on the Chicago Board of Trade rose 0.35 percent to $4.31 a bushel, having closed little changed on previous close. The USDA rated 55 percent of the U.S. spring wheat crop in good-to-excellent condition, down from 62 percent a week earlier.
Extended dryness in Australia buoys spot wheat prices.
Offers for Australian premium white prices were trending higher than previous close, seen up about $3/mt in South Australia, as extended dryness and a bleak outlook propped up old crop prices. Production for the coming season could face downside risk given the unfavorable weather forecast and expectations of significantly lower yield. Australia is forecast to produce about 24 million-25 million mt of wheat in 2017-18 (October-September), down 30-32% from last season. Lower production in Australia could potentially help steady global wheat prices.
India Wheat procurement crosses 30 million tonnes; UP buys one-tenth.
FCI and state government agencies has crossed 30 million tonnes (MT) during the current rabi marketing season. This is seven MT more than the total quantity of grain purchased during the same period previous year. While Punjab, Haryana and Madhya Pradesh have procured almost three-fourth of the total stock, Uttar Pradesh has made remarkable improvement. Till Monday, UP procured little over three million tonnes against only eight lakh tonnes during the corresponding period during last year.
SEA wants 5% GST slab for blended edible oils, against proposed 18%.
SEA wants 5% GST slab for blended edible oils, against proposed 18%.
July Canola fell $16.90 or 3.2% while November fell $8.40 or 1.7%.
July Canola fell $16.90 or 3.2% while November fell $8.40 or 1.7%.
Jaipur mustard seed up on bargain buys, low supply.
Jaipur mustard seed up on bargain buys, low supply.
Soybean futures rise 0.2% to $9.23 a bushel.
Soybean futures rise 0.2% to $9.23 a bushel.
Soybean down around 2% on weakness in spot markets.
Soybean down around 2% on weakness in spot markets.