World corn stocks cut to four-year low, thanks to China ethanol drive.
Ukraine palm oil imports doubled in September.
Palm oil imports to Ukraine totaled 33.9 KMT in September 2016/17. This is 14.2% less than in the previous month (39.5 KMT), but a record high for September. So, imports almost doubled against September 2016 (17.9 KMT).
Global 2017-18 carryover maize stock seen down 14%.
Global 2017-18 carryover maize stock seen down 14%.
NCDEX coriander up 1% as stocks fall in warehouses.
Futures contracts of coriander rose nearly 1% on NCDEX due to a decline in inventory of the spice in exchange-accredited warehouses. The most-active November contract was up 0.7% from the previous close. In the NCDEX-monitored warehouses, stocks of coriander stood at 7,935 tonne down from 8,463 tonne previous day. Further, concerns over a fall in area under the spice in the upcoming sowing season also supported prices. Current low prices and likely low soil moisture content due to poor rainfall in Gujarat, Rajasthan and Madhya Pradesh in the past few weeks are seen leading to lower sowing of coriander this year.
Coriander prices rise in Kota as arrivals decline.
Prices of coriander rose in the key wholesale market of Kota due to a fall in arrivals during the day. The anticipation of a fall in area under the spice crop in the upcoming sowing season also supported the prices.
Sugar prices to decline as UP, Maharashtra begin cane crushing.
Sugar prices are likely to decline by five per cent with the arrival of new-season output. Crushing of new-season cane is scheduled to begin this week, with dozens of mills in Uttar Pradesh starting the procuring from farmers. The first of this sugar is scheduled to hit the market by the end of this month. The carryover stock of cane for the new sugar year (it began on October 1) is about four million tonnes. The market expects a rise in sugar output of 24 per cent this year.
MSP hike lifts wheat prices in key spot mkts
Wheat prices rose in key wholesale markets today as the government has raised minimum support price of the grain for 2018-19 (Apr-Mar) marketing year.Following the hike in MSP, prices of mill quality wheat have risen by nearly 50 rupees in Delhi in the last two days.News of hike in MSP (minimum support price) has given a little support to wholesale prices of wheat.
Online portal for marketing sugar.
Marketing of sugar by the mills this season may see an important change with the National Federation of Cooperative Sugar Factories (NFCSF) and the Indian Sugar Mills Association (ISMA) jointly introducing an online platform. This platform allows millers to float their tenders online and buyers from across the country able to access the same.
Most seen up on export demand; coriander down
Futures contracts of all spices, except coriander, are expected to trade higher on domestic exchanges next week due to a rise in export demand.Bucking the trend, contracts of coriander NCDEX are expected to decline because of huge inventories of around 8 mln bags from the last season. Regular imports of coriander from Russia, Ukraine, and Bulgaria, due to higher domestic prices, will also weigh on sentiment.
Sugarcane SAP hiked by Rs.10 from Rs 320 to Rs 330.
Chief Minister Manohar Lal Khattar announced a hike of Rs 10 per quintal, from Rs 320 to Rs 330, in the state advisory price (SAP) of sugarcane. This benefit farmers to the tune of Rs 86 crore.
Coriander up on NCDEX tracking spot markets
Futures contracts of coriander on the NCDEX ended over 2% higher tracking gains in key spot markets of Rajasthan. Prices of the spice rose in the state because of lower arrivals and a likely decline in acreage this rabi season. Total arrivals of the spice in Rajasthan were pegged at 6,000 bags down around 2,000 bags from the previous day.
Raw sugar slips as Brazil currency resumes decline.
Raw sugar futures fell as speculative selling emerged against a backdrop of a weaker Brazilian currency, while a weaker British pound boosted London cocoa prices. March raw sugar was down 0.10 cent, or 0.7 percent, at 14.08 cents per lb, reversing earlier gains as the Brazilian real resumed its downtrend.
Nizamabad maize steady after recent fall in prices
Prices of maize in the benchmark Nizamabad market were steady, after declining in the last few days.Maize prices have fallen by 60-70 rupees over the last few days as arrivals started reaching the markets in other states such Madhya Pradesh and Maharashtra.
India Soybean ends tad higher; CPO up on Malaysian cues.
Futures contracts of the most components of the edible oil basket, barring mustard, traded higher on domestic exchanges due to firm demand in spot markets. After plunging to an over-three-month low, soybean on the National Commodity and Derivatives Exchange closed a tad up due to a pick-up in demand.
Bangladesh to purchase 100,000 tn rice from India
Bangladesh has approved purchase of 100,000 tn parboiled rice from India at $455 per tn under a government-to-government deal.The price includes shipping, insurance, and discharge costs.The rice is to be shipped within 60 days after signing the deal, which is likely to happen soon. Bangladesh, the world’s fourth largest rice producer is importing rice aggressively as floods in the country have hit its rice crop as well as stocks.
India Extractors body seeks hike in import duty on edible oils.
Solvent Extractors’ Association of India (SEA) has once again requested the Centre to increase the import duty on edible oils. The demand for a hike in import duty comes in the backdrop of the Gujarat government’s groundnut procurement at ₹900 per 20 kg.
Malaysia CPO ends up tracking gains in CBOT soyoil.
Futures contracts of crude palm oil ended higher on the Bursa Malaysia Derivatives, tracking gains in soyoil contracts on the CBOT. The contracts ended higher for the second straight day due to an on-month rise in Malaysia’s palm oil exports during Oct 1-25. A strong ringgit against the dollar, however, capped the gains. The most-active January contract of crude palm oil on the Malaysian bourse hit an over one-month high of 2,816 ringgits (43,108 rupees) per metric tonne.
NCDEX soybean hits over 3-month low as arrivals rise.
Futures contracts of soybean on the NCDEX hit an over-three-month low of 2,816 rupees per 100 kg as arrivals rose in major spot markets.
NAFED procures 2,317 metric tonne soybeans from farmers.
The National Agricultural Cooperative Marketing Federation of India has procured 2,317 metric tonne of soybean harvested in the kharif season under the price support scheme from farmers in Rajasthan, Telangana, and Maharashtra. NAFED begun procurement operations after market prices fell below the minimum support price of 3,050 rupees per 100 kg.
Rabi crop total acreage rises to 3.9 million ha vs 3.1 million ha year ago.
India’s rabi sowing has started with the total area under key crops of the season rising to 3.86 million ha till last week from about 3.10 million ha around the same time last year. Sowing of rabi crops is higher this year because late rain over different parts of the country has boosted soil moisture level that supported planting. India had produced 137.2 million metric tonne foodgrain in the rabi season of 2016-17 (Jul-Jun). The total area under rabi pulses was around 1.1 million ha and that under oilseeds was 900,000 ha.