Prices of mustard were up in Jaipur, Rajasthan, because demand for the seed has increased from the meal and oil producers. Mustard in Jaipur, the benchmark market for the oilseed, was up 25 rupees at 4,075-4,080 rupees per 100 kg. The arrivals of mustard in Rajasthan were unchanged at 90,000 tn. Lower imports of edible oil in May are likely to increase the demand for the oilseed in the local market which is seen supporting the sentiment. The import of edible oil in May was down 8.9% on month at 1.37 mln tn. The most active July contract of mustard on the NCDEX was up.
Chinese soybean stocks extend record high.
Soybean stocks at major crushers in China rose again last week to hit a fresh record high of 8.54 million mt. China is expected to import 97 million tonnes of soybeans from all origins in the marketing year ending Aug. 31. The country imported more than 36 million tonnes of U.S. soybeans in the 2016/17 season.
Brazil’s soybean exports to Argentina near 250,000 mt
Crushers in Argentina, which is experiencing its worst drought in decades, have imported 245,000 mt of Brazilian soybeans so far this year, more than the last seven years combined, and the total is expected to rise. From Brazil, exports to Argentina reached 109,000 mt last month, taking the total to nearly a quarter of a million tonnes so far this year. Argentina, the world’s third largest producer and exporter of soybeans and the largest exporter of soymeal and soyoil, has suffered a dry summer that has baked its crop and slashed soybean production by almost 40% to about 35 million mt. In order to keep crushers running and meet contractual commitments to sell soymeal and soyoil, Argentina’s crushers have bought almost 500,000 mt from the US. But while that is for delivery in the next crop year, starting in September, crushers had been seeking more immediate purchases from Brazil.
Soybean up in Indore on delay in progress of monsoon.
Soybean prices in Indore rose because of reports of delay in the progress of southwest monsoon in the interior parts of the country. Most Madhya Pradesh markets were closed because of Amavasya. The most-active July contract on NCDEX were up 31 rupees at 3,449 rupees per 100 kg.
China plans to import rice from India.
China plans to import rice from India.
Thailand rice production is likely to up by 4% in MY-2018-19.
Thailand rice production is likely to up by 4% in MY-2018-19.
Maharashtra farmers advised by IMD to drain paddy fields.
Maharashtra farmers advised by IMD to drain paddy fields.
Rain Provides Relief to Wheat in West Australia.
Rain Provides Relief to Wheat in West Australia.
Ukraine 2018/19 wheat, barley harvest and exports to fall on drought.
Ukraine 2018/19 wheat, barley harvest and exports to fall on drought.
Japan offers to buy 131,070 tonnes of food wheat via tender.
Japan offers to buy 131,070 tonnes of food wheat via tender.
Egypt’s GASC amends wheat purchase terms to ease costs for suppliers.
Egypt’s GASC amends wheat purchase terms to ease costs for suppliers.
Egypt imports 420000 tons of wheat from Russia, Romania.
Egypt imports 420000 tons of wheat from Russia, Romania.
India wheat up on increased offtake on 12 June.
India wheat up on increased offtake on 12 June.
US corn inspected for export falls 9.4% on week, up 31.3% on year.
US corn inspected for export falls 9.4% on week, up 31.3% on year.
USDA says 152000 MT of corn sold to Mexico.
USDA says 152000 MT of corn sold to Mexico.
Andhra Pradesh Markfed to sell 8,300 tn maize via NCDEX e-Markets.
Andhra Pradesh Markfed to sell 8,300 tn maize via NCDEX e-Markets.
Warmer climate may dramatically increase likelihood of global corn crop failure.
Warmer climate may dramatically increase likelihood of global corn crop failure.
Ukraine completes 2018 maize sowing.
Ukraine completes 2018 maize sowing.
Sowing of soybean is lagging behind previous year
The area coverage under soybean is reported as on 1st week of june down 70% at 0.05 lakh hectares compared to 0.17 lakh hectares at the same period last year. The total sown area under kharif oilseeds is higher compared to the previous year’s level which is up by 3.67% at 0.93 lakh hectares compared to 0.90 lakh hectares during the corresponding period last year. The total sown area under kharif oilseeds is higher compared to the previous year’s level which is up by 3.67% at 0.93 lakh hectares compared to 0.90 lakh hectares during the corresponding period last year.
India oil meal export falls in may.
As per SEA, India’s oil meal exports in May fell 33% from a year ago to 97,036 tonnes as shipments of soymeal and rapeseed meal dropped. Soymeal exports during May 2018 were reported down at 41,452 tonnes from 48,900 tonnes a year ago. The government is likely to raise import duty on soy oil to send positive price signals to farmers. Currently the import duty on crude soy oil is 30% import tax while that on refined soy oil is 35%.