Thailand to expand rice markets in Malaysia, Indonesia.
India rice basmati up on stockists buying.
India rice basmati up on stockists buying.
China buys record amount of Russian soybeans after canceling US orders
China has purchased record amounts of soybeans from Russia in recent months amid trade tensions with the U.S. Russian sold 850,000 metric tons of soybeans to China between July 2017 and mid-May this year. The record sales represent more than twice the 340,000 tons sold during the previous growing period. The move comes amid China’s halt on purchases from the U.S., the world’s largest producer of soybeans. China has cancelled multiple U.S. shipments in recent weeks ahead of tariffs, including a 62,690-ton purchase on April 19.
U.S. Soybeans weekly export sales continue to cool ending May 10
Soybean exports found 10.4 million bushels in old crop sales last week, plus another 8.3 million bushels of new crop sales, for a total of 18.6 million bushels. That was moderately lower than both the prior week’s total of 23.2 million bushels as well as trade estimates of 25.7 million bushels. The weekly rate needed to reach USDA forecasts still eased lower, to 15.9 million bushels. Soybean export shipments reached 24.0 million bushels last week, which was 39% ahead of the prior week and 30% above the four-week average. China regained its No. 1 position, with 4.8 million bushels, followed closely by the Netherlands, Egypt, Mexico and Indonesia.
Vietnam boosted rapeseed meal purchases from Ukraine
Monthly rapeseed meal exports from Ukraine are at a near-minimum level since November 2017. Ukraine exported 1 KMT of rape meal in March 2018 against 0.5 KMT in February 2018 and 1.2 KMT in March 2017. A total 64.5 KMT was supplied to foreign markets in July-March 2017/18, i.e. 16% less than at the same time a year ago (54.1 KMT). The top importer of Ukrainian rape meal is the European Union, which absorbs 78% of total exports from Ukraine. The second largest importer is Israel (9%). Traders exported 95.219 KMT of rapeseed to an amount of USD 41.368 Ml and imported 232 MT of the commodity valued at USD 1.009 Ml. At the time, soybean exports totaled 1028.776 KMT to an amount of USD 388.473 Ml. The commodity’s imports were at 1.849 KMT to an amount of USD 1.779 Ml.
Coffee Board cuts 2017-18 crop 9.8% from post-blossom view.
Coffee Board cuts 2017-18 crop 9.8% from post-blossom view.
U.S corn planting progress as of 13th May 2018.
U.S corn planting progress as of 13th May 2018.
Corn hits 6-day high as rains delay sowing.
Corn hits 6-day high as rains delay sowing.
US. Winter wheat production down 6%.
US. Winter wheat production down 6%.
India wheat April export update.
India wheat April export update.
India wheat remains weak on higher supply on 16 May.
India wheat remains weak on higher supply on 16 May.
Morocco to encourage the use of local wheat.
Morocco to encourage the use of local wheat.
Over 3,761 tonnes of paddy procured in Thoothukudi distt (Tamil Nadu).
Over 3,761 tonnes of paddy procured in Thoothukudi distt (Tamil Nadu).
Indonesia to import 500000 tons of more rice.
Indonesia to import 500000 tons of more rice.
Philippines sees Q2 paddy rice output down 3.1% y/y.
Philippines sees Q2 paddy rice output down 3.1% y/y.
Nepal may be hiked import duty to 15%.
Nepal may be hiked import duty to 15%.
Kota coriander up on improved demand for new crop
Prices of coriander rose in Kota, Rajasthan, due to improved demand from stockists for the crop harvested this year. Farmers have held back new crop in anticipation of a rise in prices and were bringing old crop to the market. Arrivals in Rajasthan were estimated at 13,000 bags (1 bag = 40 kg). Of the total arrivals, around 30% were of the old crop.
Russia soybean oil production hitting new highs
This season’s upward trend in monthly volumes of soybean oil production brings it to record levels. So, a record 426.6 KMT was produced during the first seven months of the 2017/18 season (September-March) that is up 15% on the year. Soybean crushing in Russia slowed down in March 2018. Soybean oil production decreased 9.5% that month against February 2018, to 56 KMT. However, this is up 27% from 44.1 KMT in March 2017 and an all-time high for this month. Despite of increase in soybean processing in the current season, Russian soybean shipments to foreign markets in MY 2017/18 (September-February) remained at the highest level. They totaled 465.3 KMT, i.e. 26% more than in the whole of MY 2016/17 (368.3 KMT). In the current 2017/18 season, Russia’s export trade in soybeans is focused on key importers. So, exports to China increased significantly. China’s share in total exports rose to 96% against 84% a year ago. Iran accounted for almost 4%. Russia started supplying soybeans to the Iranian market in MY 2016/17.
Malaysia CPO ends up on CBOT soy cues, weak ringgit
Crude palm oil futures on Bursa Malaysia Derivatives settled higher, tracking soyoil contracts on CBOT. The prices of crude palm oil and soyoil typically move in tandem. A weak ringgit against the dollar also supported crude palm oil prices, as weakness in the Malaysian currency makes the commodity cheaper for buyers holding other currencies. The most-active August contract of crude palm oil on the Malaysian bourse settled at 2,432 ringgits (41,499.40 rupees) per tn, up 0.8% from the previous close.
Jaipur mustard up on improved demand from crushers
Prices of mustard seed rose in the benchmark market of Jaipur because of higher demand from domestic crushers. There is good demand from oil millers, as well as steady export demand for the meal, which is seen pushing prices of the oilseed higher. The most active June futures on NCDEX, however, were down 12 rupees at 3,951 rupees per 100 kg, tracking weakness in soybean and strength in the rupee against the dollar. A firm rupee against the dollar is unattractive for exporters of mustard meal.