Futures contracts of cottonseed oilcake were down over 1% on the NCDEX because of a rise in quantity of stocks which expire in the May contract. The most active June contract of cottonseed oilcake on the NCDEX was down 1.3%. About 10,535 tonne of cottonseed oilcake expire in the May contract and available in the spot market. Sufficient availability of the oilcake in the local market, along with expectations of an early onset of the monsoon in Kerala and subsequently, to the interior parts of the country, is seen weighing on prices of cottonseed oilcake.
NCDEX coriander hits 4% lower cap as inventories up.
Futures contracts of coriander hit 4% lower circuit on the NCDEX because of a rise in inventories at exchange-accredited warehouses. Stocks rose to 31,794 tonne on Monday, up by 1,498 tonne from a week ago. Prices also fell as the bourse marked 3,050 tonne of coriander for staggered delivery in the May contract till now. Sentiment for the spice was weak as high delivery marked by the exchange would push up supply in the physical market. The most active June contract was down 4% on the NCDEX. In Kota, the benchmark market for the commodity, the Badami variety and the Eagle variety both unchanged from previous close. Arrivals at Kota and Ramganj markets in Rajasthan were 9,000 bags (1bag=40kg) down by 4,000 bags from the previous day.
Dairy body buys 900 tonne maize.
The National Cooperative Dairy Federation of India on Monday bought 900 tonne maize in three lots at 1,765-1,851 rupees per 100 kg through an online auction. The commodity, which is used as cattle feed, was bought on behalf of the Kerala Cooperative Milk Marketing Federation. The federation, which has nearly 200 dairy cooperatives as its members, has developed an online trading platform to purchase feed stock and sell dairy products.
India Maize down in spot markets on low demand.
Wholesale prices of maize fell in the key market of Purnea, Bihar, due to poor demand after severe rains recently. The mill-quality maize was sold at around down 40 rupees from previous close. Heavy rains recently have hit the harvested crop lying in the fields and led to higher moisture content in the grain, thus reducing demand. Prices of the grain to fall further due to a likely bumper crop along with subdued demand.
Purnea maize down on low demand for rain-hit crop.
Prices of maize in the key market of Purnea, Bihar, fell due to poor demand for the crop after recent rains in the region. Mill-quality maize was sold at around down 40 rupees from previous close. Recent heavy rains have hit the harvested crop lying in fields and led to higher moisture content in the grain. This had reduced demand. At around 5,000 tonne, arrivals were down compared with 9,000 tonne on previous close.
Govt offer 4 million tonne wheat under open market sales scheme FY18.
The Centre is likely to allocate 4 million tonne of wheat for the open market sales scheme during the 2017-18 (Apr-Mar) marketing year. During 2016-17, the government sold 4.6 million tonne wheat across the country at a base price of 1,640 rupees per 100 kg compared to the initial plan of selling 6.5-7.5 million tonne. The quantum of wheat offered under the open market sale scheme is lower this year because of tight government stocks. Carryover stocks at the beginning of the season were at 7.4 million tonne, which when added to the expected procurement of 30 million tonne wheat this year will take total stocks in government reserves to 37.4 million tonne.
India wheat flat in spot markets.
Prices of wheat in the key wholesale markets were largely unchanged amid thin trade. Arrivals in Indore were pegged at 15,000 tonne (1bag=100kg), up from 14,000 bags. Arrivals are increasing as procurement by the government is nearing an end. The most-active June wheat contract on the National Commodity and Derivatives Exchange ended up 0.1% from the previous close.
Govt procures 28 million tonne wheat so far in FY18, up 24% on year.
The government has procured 28.0 million tonne of wheat so far in the 2017-18 (Apr-Mar) marketing year, up nearly 24% on year. In Madhya Pradesh, where 6.2 million tonne wheat has been purchased so far, the total procurement is likely at 7.0 million tonne against the target of 8.5 million tonne. In Uttar Pradesh, where the state government had set an ambitious target of 8.0 million tonne against the centre estimate of 3.0 million tonne, only 1.8 million tonne has been purchased so far. The government crossed its procurement target in Punjab where 11.6 million tonne has been bought so far, up 9.8% from a year ago. In Haryana, another major wheat producing state, 7.4 million tonne has been bought so far, up 10.1% on year and close to the target of 7.5 million tonne.
Soybean down in Indore on low demand from crushers.
Soybean down in Indore on low demand from crushers.
NCDEX soybean down nearly 1% due to poor demand.
NCDEX soybean down nearly 1% due to poor demand.
Traders say 60% soybean mills in Madhya Pradesh have shut operations.
Traders say 60% soybean mills in Madhya Pradesh have shut operations.
NAFED procures 3,853 tonne rabi masur.
NAFED procures 3,853 tonne rabi masur.
Official says food ministry not in favour of hike in tur import duty.
Official says food ministry not in favour of hike in tur import duty.
Food minister says allowed states to scrap stock limits on pulses.
Food minister says allowed states to scrap stock limits on pulses.
Barley down on NCDEX taking cues from spot market.
Barley down on NCDEX taking cues from spot market.
Jaipur barley down on low demand after quality woes.
Jaipur barley down on low demand after quality woes.
Uttar Pradesh Oct 1-May 15 sugar output 8.74 million tonne, up 28.4% on year.
Mills across Uttar Pradesh produced 8.74 million tonne sugar during Oct 1-May 15, up 28.4% on year. Total sugar production by mills in Uttar Pradesh in the year-ago period was 6.81 million tonne. Mills in the state have crushed 82.36 million tonne cane so far, compared with 64.18 million tonne in the year-ago period. Average sugar recovery in Uttar Pradesh was at 10.6%, unchanged on year. With five mills in Uttar Pradesh still operating, market participants expect sugar output in the state this season to touch an all-time high of 8.75 million tonne, surpassing the previous high of 8.47 million tonne in 2006-07. Mills, which are still running, are likely to wind up crushing operations by next week.
India Sugar prices flat in key markets, seen bullish near term.
Prices of sugar were unchanged in key wholesale markets of Mumbai and Delhi today in thin trade. Sugar prices had risen last week in spot markets of north India due to increase in retail demand because the wedding season. Prices are seen falling in north India due to higher-than-expected sugar output in Uttar Pradesh. Mills in Uttar Pradesh produced 8.74 mln tn sugar during Oct 1-May 15, up 28.4% on year the most-active May contract was up 0.5%. Prices of sugar are seen up in the near term as demand for the commodity is likely to rise ahead of Ramzan. On NCDEX, the most active July contract of sugar was down 0.2% from previous close.
Tamil Nadu year to Sep 2018 sugar output seen down 45% at 600,000 tonne.
Sugar output in Tamil Nadu is seen falling more than 45% to 600,000 tonne in 2017-18 (Oct-Sep) from an estimated 1.1 million tonne this year. Last year, mills in the state had produced 1.37 million tonne of sugar. Sugar output next season is seen declining because of successive years of meagre rainfall in the state and a drop-in cane acreage. Tamil Nadu received 62% below-normal rainfall during the key northeast monsoon season in Oct-Dec. Back-to-back years of deficit rainfall and a severe drought this year have also dragged groundwater to abysmally low levels in the state. The state has a capacity to produce around 3 million tonne sugar annually.
MCX cotton up 1% on firm demand in spot markets.
Futures contracts of cotton rose nearly 1% on the MCX because of higher demand in the spot markets, and tracking benchmark contracts on the ICE. May contract of cotton on the MCX traded up 0.8% from the previous close. The June contract also traded 0.7% higher at 21,390 rupees. On the ICE, the most-active July contract traded at 77.53 cents per pound. However, prospects of a higher acreage for cotton, amid reports of an early onset of the southwest monsoon in India, prevented any further rise in prices.