The soybean harvest in the Brazilian state of Mato Grosso, the largest producer of the oilseed, reached 58.3% of the planted surface. In one week, there was an advance of 13.34 percentage points, but there is still a delay compared to the previous crop season. In one week, there was an advance of 13.34 percentage points, but there is still a delay compared to the previous crop season.
Russia decreased palm oil imports by 40%
In December 2017, Russian palm oil imports hit a seven-year low of 22.7 KMT, down more than 35% from the previous month. In the first four months of 2017/18, palm oil purchases decreased almost 40% to 224.7 KMT against 373.3 KMT a year. The current marketing year continues witnessing a downward trend in Russian palm oil imports, which have already dropped to an eight-year low.
Coriander up in Kota as demand rises amid low supply
Prices of coriander rose in Kota today due to a fall in arrivals coupled with an increase in demand from spice makers due to better quality of the crop. However, supplies are likely to gain pace in coming days with an increase in harvesting activity. The most active April contract of coriander on NCDEX traded 0.9% higher.
South Africa estimate set for 12.2 MMT corn crop.
South Africa estimate set for 12.2 MMT corn crop.
Indian corn production set for record, but soy and wheat fall.
Indian corn production set for record, but soy and wheat fall.
Weather concerns keep Rabobank bullish on U.S. wheat market.
Weather concerns keep Rabobank bullish on U.S. wheat market.
Corn beats expected US trade inspections, but soy and wheat lag.
Corn beats expected US trade inspections, but soy and wheat lag.
Erode turns corn hub as farmers dump turmeric over water shortage.
Erode turns corn hub as farmers dump turmeric over water shortage.
India govt considering raising wheat import duty.
India govt considering raising wheat import duty.
Early estimates expect 2018-19 wheat production to fall in the Black Sea.
Early estimates expect 2018-19 wheat production to fall in the Black Sea.
China lifts import ban on wheat from 6 Russia regions.
China lifts import ban on wheat from 6 Russia regions.
Maharashtra govt announced compensation for pest attacks paddy farmers in kharif.
Maharashtra govt announced compensation for pest attacks paddy farmers in kharif.
Soybean up in Indore on lower arrivals, CBOT cues
Prices of soybean in Indore were marginally up because of lower arrivals and gains in the global market. CBOT May soybean hit a one-year high of $10.5950 a bushel on Monday due to worries of persistent dry weather in Argentina, the largest exporter of soymeal and soyoil. India is one of the largest importer of soyoil from Argentina. The most active March contract on NCDEX was up 0.6%.
Mustard prices fall in Rajasthan on higher arrivals
Prices of mustard seed in Jaipur fell due to higher arrivals in Rajasthan. Expectation of likely increase in the arrivals of the oilseed after Holi and a better yield are also seen weighing on the prices. The most active April futures of mustard on the NCDEX fell 20 rupees.
CBOT soy hits 1-yr high on Argentina dry weather woes
The May contract of soybean on the CBOT hit a one-year high of $10.5950 per bushel on Monday because of lingering concerns of dry weather in Argentina, which may result in lower crop in the country. The contract, however, ended slightly lower because of profit booking at $10.46 a bushel, down 1.50 cents.
Malaysia CPO ends flat as weak CBOT soy offsets gains
Futures contracts of crude palm oil on the Bursa Malaysia Derivatives settled largely unchanged as gains due to a weak ringgit against the dollar were offset by weakness in soyoil contracts on CBOT. The most-active May contract of crude palm oil on the Malaysian bourse settled at 2,542 ringgits (42,186.83 rupees) per tn, up 2 ringgits from the previous close.
US share of China soy demand slumps as buyers head to Brazil
The US share of Chinese soybean demand in the first month of 2018 fell to its lowest level for years, with US farmers taking a 68% share of exports versus 88% a year earlier and 81% in 2016.
Ukraine early february’s stocks of all oilseeds down year-on-year
sunseed stocks in Ukraine totaled 5061.1 KMT on February 1, 2018, i.e. almost 7% less than on the same date last year (5439.3 KMT). This included 2649 KMT stored on farms (down 188.2 KMT, or 6.6% on the year) and 2412.1 KMT held by storage and processing companies (down 190 KMT, or 7.3%). As of February 1, 2018, crusher stocks of oilseeds were down 18.1% year-on-year at 667.6 KMT versus 815.4 KMT they had on February 1, 2017. At the same time, rapeseed stocks were down 24% year-on-year at 66.9 KMT versus 88 KMT on February 1, 2017.
NCDEX coriander up on bargain buys; spot prices flat
Futures contracts of coriander on the NCDEX rose as investors bought the commodity after prices fell to a near one-week low of 5,420 rupees per 100 kg. The most-active April contract was at 5,514 rupees per 100 kg, up 0.5% from the previous close. Higher arrivals from Gujarat and Madhya Pradesh, the other major producers, are likely to keep coriander prices under pressure in the near term.
Spices Board for import price floor of 60 rupee/kg on coriander
The Spices Board India has asked the government to impose a minimum import price of 6,000 rupees per 100 kg on coriander in addition to the existing import duty so as to support domestic prices of the spice. Recommended late last year and again sent a reminder to the commerce ministry to levy the minimum import price of 60 rupees a kg. Currently, prices are hovering around 5,600 rupees per 100 kg, while landed price of coriander imported from Ukraine and Russia is around 4,000 rupees even after paying 36.5% import duty which includes 5% integrated goods and services tax.