The National Commodity and Derivatives Exchange on Friday marked 5,150 tonne cottonseed oilcake, and 1,700 tonne mustard seed for staggered delivery in the May contract. The May derivative series will expire on May 19, Under the staggered delivery mechanism, sellers can indicate intention of delivery to the exchange during the tender period, which is 10 days before the contract expires.
NCDEX coriander hits 3% lower cap on weak demand.
Futures contracts of coriander hit their 3% lower circuit on the NCDEX because of subdued demand from overseas buyers and the spice industry. A rise in arrivals also weighed on the prices. The most active June contract was down 3% on the NCDEX. Arrivals in Kota, the benchmark market, were at 13,000 bags (1bag=40kg) up from 10,000 bags on previous close. In Kota, the Badami variety and the Eagle variety both down 200 rupees from the previous trading day.
India rice unchanged in spot market.
Wholesale prices of rice were unchanged in major spot markets. The steam variety of basmati rice Pusa 1121 was sold at 6,800-6,900 rupees per 100 kg in Amritsar, while non-basmati variety Permal Raw sold for 2,900-3,000 rupees per 100 kg.
Bangladesh rice crisis imminent after poor harvest.
Agriculture Ministry estimates say the average per hectare Boro production in Bangladesh is about 4 tonnes. The nation’s food supply is likely to face a threat from the loss of Boro production in the current season from early flash-floods in the Haor wetlands, as well as pest attacks on paddy crops across the country. Rice prices are already unusually high and market insiders fear that the worst is yet to come. The government is now scrambling to make a quick response and has agreed the first rice imports for six years, ordering 600,000 tonnes.Government rice reserve came down to 262,000 tonnes on May 7. In May, last year the reserve was about 678,000 tonnes. Traders are also have very little rice in reserve.
At Rs 53/kilo, Visakhapatnam gets highest price for rice.
Grade-1 variety of superfine rice cost Rs 53 per kilo in Vizag as against the state’s average of Rs 46.45 per kg. Prices are higher at the supermarkets. At the Rythu Bazar, sell the rice below Rs 50.
Paddy distress sale in Jaleswar; Bengal traders make huge.
Despite adverse climatic condition, this agricultural district of Balasore has recorded bumper harvest of paddy this season. But farmers still resort to distress sale as the procurement process is yet to commence in this region. On the other hand, traders from West Bengal are set to make huge profit cashing in on the helplessness of the poor farmers. Though the government assessment has put the production at 50 quintals, some farmers have harvested more than 80 quintals per hectare. However, despite such bumper production, farmers are selling their produce at something around Rs 1,100 per quintal to traders of West Bengal against the government-fixed minimum support price of Rs 1,470 for fair average quality (FAQ) standard of paddy. It is not only paddy, farmers who have raised groundnuts, green gram and black gram, also suffer from distress sale.
Maize prices up on strong demand and low arrivals on rains in Bihar.
Prices of maize were up in the key wholesale markets of Purnea, Bihar, because of strong demand for the coarse grain. Demand was high as rainfall in the state raised concerns of damage in the harvested maize crop lying in farms. In Purnea, the mill quality of the grain was sold up nearly 20 rupees from previous close. Prices of the poor-quality maize also rose by 10-20 rupees per 100 kg. Arrivals of maize in Purnea were estimated at 9,000 tonne, higher than 8,000 tonne on previous close.
NCDEX maize futures up on concern over crop damage.
Futures contracts of maize on the NCDEX were trading higher due to concerns that rains in Bihar might damage the crop. The recent rainfall in the state is likely to damage the harvested crop lying in farms. In its third advanced estimate released last week, the government pegged India rabi maize output in 2016-17 (Jul-Jun) at 6.97 million tonne, slightly higher than 6.89 million tonne estimated earlier. Total production of maize in 2016-17 is pegged at 26.14 million tonne, slightly lower than 26.15 million tonne estimated earlier. Most active June contract of maize was trading up 0.8% from the previous close.
Food minister sees FY18 wheat buys falling 3 milion tonne short of target.
The government wheat procurement in the current marketing year that started April is likely to fall 3 million tonne short of its initial target of 33 million tonne. So far, govt. has procured 28.4 million tonne wheat and expect to buy 30 million tonne. Government had bought 5.9 million tonne wheat from farmers in Madhya Pradesh compared to a target of 8.5 million tonne. In Uttar Pradesh too, though the state government is eyeing procurement of 8.0 million tonne of wheat. actual procurement may even fall short of the central government initial estimate of 3.0 million tonne. Though procurement is seen lower than initial estimates, it has already topped last year total procurement of 23.0 million tonne, and would be enough to meet requirements under state-run welfare schemes this year.
India wheat up in spot market unchanged in indore.
Futures contracts of wheat traded higher on the National Commodity and Derivatives Exchange for the fourth consecutive session taking cues from gains in spot markets. The June contract of wheat on the NCDEX ended up 0.6% from the previous close. In the key wholesale market of Delhi, prices of wheat rose because of a fall in arrivals. The prices of wheat, however, were unchanged in Indore. Arrivals in Indore were also unchanged at 7,000-8,000 bags.
Wheat prices rise in Delhi as arrivals fall.
Wheat prices in Delhi were at 1,760 rupees per 100 kg, up 10 rupees per 100 kg from previous close, as arrivals of the grain fell. Arrivals of wheat from Uttar Pradesh fell as the state government is procuring wheat at better prices and farmers are not bringing the produce to Delhi. Arrivals in the state fell to 4,000 bags, each carrying 100 kg of the grain, from 5,000 bags on previous close.
Groundnut seed at 2-week low in Gondal on weak demand.
Groundnut seed at 2-week low in Gondal on weak demand.
Jaipur mustard seed up on rising demand, low supply.
Jaipur mustard seed up on rising demand, low supply.
Soybean ends 1% down in line with weakness on CBOT .
Soybean ends 1% down in line with weakness on CBOT .
Soybean prices up in Indore on demand from crushers.
Soybean prices up in Indore on demand from crushers.
Spot urad prices up on demand from stockists.
Spot urad prices up on demand from stockists.
Tur prices up in Akola on govt buys, low arrivals.
Tur prices up in Akola on govt buys, low arrivals.
Chana prices at 3-week high in Delhi as supplies halve.
Chana prices at 3-week high in Delhi as supplies halve.
Barley prices up in Jaipur on fall in supplies.
Barley prices up in Jaipur on fall in supplies.
Govt reallocates quota for import of 23,798 tonne duty-free raw sugar.
The Directorate General of Foreign Trade has reallocated quota for the import of 23,798 tonne raw sugar for mills in the south and west zones. The Directorate General of Foreign Trade had earlier allotted a quota of 9,858 tonne raw sugar to NCS Sugar.