Soybean oil exports in 2017/18 (September-March) reached a record 104.2 KMT that is up 3.3% on the year (100.9 KMT). Ukrainian soybean oil exports totaled 19.6 KMT in March 2018. This is as much as in the previous month but down 17.3% from March 2017, when export supplies from Ukraine hit an all-time high of 23.7 KMT. UkrAgroConsult expects 2017/18 soybean oil exports at record high level of 160 KMT.
Strength in soy crush margins ‘down to more than Argentine drought
The rebound in soybean crushing margins is down to more than Argentine drought. The drought in Argentina certainly contributed to the increasing soy crush margins.
India coriander down on high imports
The trend for futures contracts of jeera, mentha oil and turmeric in the next five trading sessions is seen bullish, while coriander and cardamom contracts may post losses. On the National Commodity and Derivatives Exchange, prices of coriander may continue to decline as demand is very poor and imports are on a rise. Imports may rise from Ukraine as the country’s production is likely to double to 14,000-16,000 tn this year.
Rain damages wheat, hits purchase in Moga (punjab).
Rain damages wheat, hits purchase in Moga (punjab).
Egypt’s local wheat buying surges in first two weeks of harvest.
Egypt’s local wheat buying surges in first two weeks of harvest.
Indonesian Mill Buys 60,000 tobbe Of Black Sea Wheat For August Shipment.
Indonesian Mill Buys 60,000 tobbe Of Black Sea Wheat For August Shipment.
India spot demand lifts maize futures.
India spot demand lifts maize futures.
Brazil drought hits second-corn, dry spell persists.
Brazil drought hits second-corn, dry spell persists.
India rice basmati falls on muted demand.
India rice basmati falls on muted demand.
Odisha paddy in 2,017 hectares damaged in binka block.
Odisha paddy in 2,017 hectares damaged in binka block.
Rice Exporters Association of Pakistan status for rice sector can lift export by 30%.
Rice Exporters Association of Pakistan status for rice sector can lift export by 30%.
Dairy body to buy 3,000 tn de-oiled rice bran.
The National Cooperative Dairy Federation of India will buy 3,000 tn of de-oiled rice bran and 1,000 tn of maize through an e-auction on May 9. The commodities will be bought on behalf of The Erode District Cooperative Milk Producers’ Union Ltd. The National Cooperative Dairy Federation, which has about 200 dairy cooperatives as members, has developed an online trading platform to purchase feed stock and sell dairy products.
Mustard seed at 2-wk low in Jaipur on high arrivals
Prices of mustard seed hit a two-week low in Jaipur, Rajasthan, due to a rise in arrivals amid lacklustre demand from domestic oil millers and stockists. Prices of mustard seed hit a two-week low in Jaipur, Rajasthan, due to a rise in arrivals amid lacklustre demand from domestic oil millers and stockists.
NCDEX soybean down around 1% on low demand for meal
Soybean contracts on NCDEX fell about 1% because of lower export demand for soymeal. The most-active May contract was down 0.8%.
Russia sunseed inventories in Russia fell to 0.9 MMT
Russian growers held 1629.1 KMT of oilseeds as of April 1, 2018 that is 64 KMT (3.8%) less than at the same time last year (1693.1 KMT). Oilseed inventories reduced by 491.3 KMT in March. Farmer sunseed stocks totaled 871 KMT – down 186.7 KMT (17.6%) from the same time last year (1057.7 KMT). Sunseed inventories reduced by 344 KMT in March.
Drought reducing soybean output in Uruguay
Due to the recent devastating drought, soybean production in Uruguay is forecast to drop to 1.7 million tonnes in 2017-18. This is a drop of 43% compared to the USDA’s original estimate of 3 million tonnes. Soybean crush for 2017-18 is revised down to 60,000 tonnes — a 20% decline from the previous crop year due to lower soybean supplies. The USDA forecasts a recovery for both soybean production and crush in 2018-19. It predicts output of 3 million tonnes and crush at 80,000 tonnes, which is a return to pre-drought historical levels.
Lag in US spring sowings grows by more than 1.6m acres in a week.
US farmers, tackling a late start to spring, have fallen even further behind on sowings, with the lag expanding by a further 1.6m acres last week, although an improved weather outlook is raising hopes for playing catch-up. Farmers seeded a little over 27m acres of the 219m acres they intended to plant with 10 major spring crops, such as corn, cotton, soybeans and spring wheat. However, a small lag, equivalent to 270,000 acres, opened up in cotton too, while the delay in oat plantings expanded, in percentage terms, to 25 points, equivalent to nearly 700,000 acres in area.
NCDEX coriander at 6-mo low on high imports.
Futures contracts of coriander extended Friday’s loss and hit a six-month low of 4,686 rupees a 100 kg on NCDEX today on reports of continuous imports from Ukraine and other countries. On NCDEX, the most-active May contract was at 4,711 rupees per 100 kg, down 1.8% from previous close. Record-high carryover stocks in India also added to the losses. The prices fell despite lower supplies.
Maize prices dn in Purnea, near-term outlook bearish
Prices of maize fell in Purnea, Bihar, because arrivals rose. Prices of feed-quality maize remained unchanged at 1,100-1,110 rupees. Arrivals of the coarse grain rose. Arrivals are seen rising in the coming days as harvest is in full swing.
Philippines SMC seeks 50,000 mt corn for late May/June loading.
Philippines conglomerate SMC is tendering for 50,000 mt of corn to be delivered to its Golden Bay grain terminal in Batangas, with the tender set to close on Friday.