Soybean prices in the benchmark market of Indore were up as arrivals slipped due to heavy rains. A pick-up in demand from oil millers and stockists, and slow progress of kharif sowing in the state also supported prices.
Demand for Vietnam rice to be stable in the third quarter of the year.
Demand for Vietnam rice to be stable in the third quarter of the year.
Malaysia CPO down on profit booking, CBOT soy cues.
Futures contracts of crude palm oil fell on the Bursa Malaysia Derivatives as investors booked profits after prices hit a four-month high of 2,692 ringgits per tonne previous close. The most-active October palm oil contract was down 0.75% at 2,657 ringgits (39,859.66 rupees) per tonne. Decline in soyoil contracts on CBOT also weighed on palm oil prices. Prices of crude palm oil and soyoil move in tandem as both are used in the production of bio-fuels.
India kharif maize sowing 6.91 mln ha (down 5.21%) ha vs 7.3 mln ha.
India kharif maize sowing 6.91 mln ha (down 5.21%) ha vs 7.3 mln ha.
US 15% of corn and soybean production areas are experiencing drought.
soybean-growing states face extremely dry conditions. About 15% of corn and soybean production areas are experiencing drought, USDA.
India maize 2016-17 4th estimate 0.55 MMT, up 11.9% vs 0.5 MMT in LY.
India maize 2016-17 4th estimate 0.55 MMT, up 11.9% vs 0.5 MMT in LY.
NCDEX chana futures hit lowest level since relaunch.
Chana futures were down for the second day in a row on the NCDEX and hit the lowest level since their launch as weak demand from dal millers continued to pull down prices. The most-active September contract on the NCDEX was down 0.4%.
Brazil second season corn crop harvested upto 63% or 63.34 MMT.
Brazil second season corn crop harvested upto 63% or 63.34 MMT.
NAFED procures 56,583 tonne of 2016-17 rabi chana crop for buffer.
The pace of procurement is slow now, but could pick up if the rains take a break. The agency had started procuring the pulse last month when prices fell below the minimum support level of 4,000 rupees per 100 kg, including a bonus of 200 rupees. Procurement is being carried out in Rajasthan, Madhya Pradesh, Uttar Pradesh and Haryana. Around 42,580 tonne of the pulse has been procured in Rajasthan, 12,730 tonne in Madhya Pradesh, 967 tonne in Uttar Pradesh, and the rest in Haryana.
China sold 1.51 MMT of the 3.66 MMT of corn offered from state reserves on 28 July.
China sold 1.51 MMT of the 3.66 MMT of corn offered from state reserves on 28 July.
india Tur set to hit 6-year low as Africa crop may worsen glut.
A sharp rise in supply from overseas–largely Myanmar and some African countries like Malawi, Mozambique and Tanzania–is seen pulling down the already-low prices in a couple of months, to levels last seen in 2011. Africa tur production is expected to jump to 450,000-500,000 tonne in 2017-18, from the 350,000 tonne crop of last year. 70-80% of the African output making its way to India in the absence of other destinations. A record domestic crop, pegged around 4.5 million tonne or almost double of last year crop compounds the supply glut. Tur prices falling further, maybe towards 3,000 rupees per 100 kg in the next two months.
U.S corn exports reached 50.22 MMT in 2017-18 MY.
U.S corn exports reached 50.22 MMT in 2017-18 MY.
India Centre wants states to procure pulses.
The Centre is considering pulling out of the procurement of pulses at minimum support price (MSP), and instead ask states to procure the key farm produce. As per the proposal, the Centre would bear about 30% of the amount spent for procurement on account of loss that agencies of state governments would incur during storage and release of pulses. Centre failed to procure enough pulses at MSP post the bumper harvest, which has resulted in distress sale by farmers. Secondly, the Centre is also struggling to dispose off the old stock of about 1.8 million tonnes of pulses since states are not picking them up from the central pool. the central outgo for compensating the states for their loss is estimated about Rs 1,800-Rs 2,000 crore. The proposal, which was presented to a committee of secretaries headed by Cabinet secretary, was recently discussed with state food secretaries.
Around 15,000 ha cotton crop in Haryana affected by whitefly attacks.
Around 15,000 ha cotton crop in Haryana affected by whitefly attacks.
Wheat prices drop despite fears for U.S. spring crop.
Wheat prices drop despite fears for U.S. spring crop.
MCX cotton down on report of higher imports from US.
MCX cotton down on report of higher imports from US.
India govt sells nearly 1,500 tn wheat under OMSS last week.
India govt sells nearly 1,500 tn wheat under OMSS last week.
Argentina has planted 92% of the estimated 13.34 million acres of wheat.
Argentina has planted 92% of the estimated 13.34 million acres of wheat.
IGC pegs India 2017-18 rice output at record high of 110 mln tn.
IGC pegs India 2017-18 rice output at record high of 110 mln tn.
Centre-South Brazil Jul 1-15 sugar output 3.10 million tonne, up 9% on year.
Mills in Brazil Centre-South region produced 3.10 million tonne of sugar during the first fortnight of July, up 9.1% from 2.84 million tonne in the year-ago period. Of the total cane crushed, around 48% was used for sugar production, while the remaining was used to make ethanol. Mills in the region are likely to produce 35.2 million tonne of sugar this season, compared with 35.6 million tonne in 2016-17 (Apr-Mar).