East Africa maize prices fall after bountiful harvest.
U.S. corn condition second highest on record.
U.S. corn condition second highest on record.
Uttar Pradesh govt looking to boost production of millets, maize.
Uttar Pradesh govt looking to boost production of millets, maize.
NCDEX maize down more on high supply, weak demand om 31 May.
NCDEX maize down more on high supply, weak demand om 31 May.
NCDEX soy down as area may rise, monsoon progress good
Soybean contracts on NCDEX fell on expectation that farmers may sow more of the oilseed this kharif season lured by better returns and government procurement. The most-active June contract was down 1.1%. Meanwhile, the crucial southwest monsoon current has advanced into interior parts of Karnataka and will advance further into other states, boosting sowing prospects.
Argentina imports of soybean to double, stocks to fall 40%
Argentina’s imports of soybeans are expected to reach 4 million mt this crop year, double the previous volume.
Russian soybeans will trade on the Moscow Exchange
The Moscow Exchange started trading soybeans on May 23. It plans to trade the commodity in deliverable forward contracts and swap contracts, with at least a three-day delay in settlement of transactions. At the initial stage, exchange trades will be held on a delivery basis of LLC Bureyskoye Grain Plant, which is the first accredited basis all over the Far East. It is planned to expand the geography of trade in the future through involving accredited delivery bases in other regions.
NAFED may ask mills to crush 400,000 tn groundnut, offer oil in PDS
The National Agricultural Cooperative Marketing Federation of India is planning to divert 400,000 tn of groundnut seeds, procured under the price support scheme in Gujarat, to millers so that the resultant edible oil could be distributed under state-run welfare schemes. NAFED procured over record 800,000 tn of groundnut alone in Gujarat. Of which half would be diverted to crushers so that the oil could be provided to the beneficiaries of welfare schemes like public distribution system and mid-day meal. Rest groundnut seed would be sold in open market to the traders.
GAPKI says Indonesia’s palm oil exports down 4% YoY in Jan-Apr
Indonesia’s palm oil exports including biodiesel, oleofood and olechemicals, fell 4% on year to 10.24 mln tn in Jan-Apr as demand from major buying countries declined. In April, the country’s palm oil exports totalled 2.40 mln tn, 5% lower than 2.53 mln tn in the previous month. The drop in palm oil exports was due mainly to the decline in demand from major importing nations such as India, China, the EU and the US, even though demand increased from Bangladesh, West Asian countries and Pakistan. In April, crude palm oil prices averaged at $662.2 per tn, lower than $676.2 per tn in March.
Kota coriander down on cheap import, poor local demand
Coriander prices fell in Kota, Rajasthan due to continued imports at lower prices and subdued local demand. Coriander imports from Russia and Bulgaria are 6-9 rupees per kg cheaper than the local crop even after paying an import duty of 36.5%.
High arrivals weigh on mustard seed prices in Jaipur
Prices of mustard seed fell in Jaipur, Rajasthan, due to a rise in arrivals of the oilseed amid subdued demand from domestic oil millers and crushers. In Jaipur, the oilseed was sold down 20-25 rupees. Weak export demand for mustard meal also weighed on prices in the domestic market. On NCDEX, the most-active June contract was down 0.23%.
Philippine govt issues rules for importation of 805,000 MT of rice under MAV.
Philippine govt issues rules for importation of 805,000 MT of rice under MAV.
Spot wheat prices rise in Kota, unchanged in Indore.
Spot wheat prices rise in Kota, unchanged in Indore.
Traders dumping maize from Uganda for quick, handsome profits.
Traders dumping maize from Uganda for quick, handsome profits.
U.S corn planted higher by 2% compared to last year.
U.S corn planted higher by 2% compared to last year.
India exports 69,160 MT of maize during the month of Apr2018.
India exports 69,160 MT of maize during the month of Apr2018.
India maize edges up on increased offtake.
India maize edges up on increased offtake.
SOPA has indicated a tight supply position of soybean
SOPA has indicated a tight supply position of soybean with carry forward stock projected to be only one lakh tonne at the end of oil year 2017 18. The country’s soybean meal and soy product exports volume has been revised upwards to 15 lakh tonne from earlier estimate of 12.5 lt for 2017- 18 which has led to lowering of ending stocks. India’s soybean imports this year are likely to touch a record high of around 1 lakh tonne as domestic supply tightened due to low production.
Mustard seed down in Jaipur on low buys from millers.
Prices of mustard seed were down in Jaipur as demand from domestic oil millers and crushers was subdued. In Jaipur, the oilseed was sold down 20-25 rupees. A rise in arrivals also weighed on the oilseed prices.
Farm panel for hike of 440 rupees/100 kg in 2018-19 groundnut MSP
The Commission for Agricultural Costs and Prices has recommended a hike of 440 rupees per 100 kg in the minimum support price of groundnut for 2018-19. For 2017-18, the government had fixed the support price of groundnut at 4,450 rupees per 100 kg, including a bonus of 200 rupees. For cotton, another major kharif crop, the panel has recommended a sharp hike of 1,130 rupees per 100 kg. It has suggested increasing the support price of medium-staple cotton to 5,150 rupees per 100 kg from 4,020 rupees a year ago, and that of long-staple cotton to 5,450 rupees from 4,320 rupees.