CBOT soybean futures erase all losses, up 0.3%.
Ram Gopal Yadav (8 years ago)

Futures contracts of soybean on the CBOT traded higher due to concerns over poor growth of the sown crop amid dry weather in the US. The most active August contract on the CBOT traded at $9.89 per bushel, up 0.3% from the previous close. Futures of the oilseed had declined in the electronic trade because of profit booking by investors, after prices hit a three-month high, and due to a firm dollar against the euro.

India June mustard crushing 550,000 tonne, down 23% on month.
Ram Gopal Yadav (8 years ago)

Oil mills in the country crushed 550,000 tonne mustard seed in June, 23% lower from the previous month. Mills had crushed about 712,500 tonne the oilseed in May. Oil mills have crushed about 2.9 million tonne mustard since the start of the crushing season since Feb 15, as against total arrivals of 3.4 million tonne during the period.

India likely to increase sugar import tax to 50%.
Ram Gopal Yadav (8 years ago)

India is likely to raise import duty on the sweetener to 50 percent from 40 percent in an attempt to restrict the cheaper flow of the commodity from overseas. The government in April allowed the duty-free import of 500,000 tonnes of sugar by the end of June to keep a lid on prices after local production fell by a fifth from a year ago. However, in 2017/18 marketing year starting from October 1, India sugar output is expected to jump a quarter from the previous year to 25 million tonnes. There have been some apprehensions of cheaper imports flooding the Indian market. That’s why the government is likely to raise the duty to 50 percent.

Sugar stocks up on hope of duty hike.
Ram Gopal Yadav (8 years ago)

Sugar stocks rose by up to 20 per cent on expectation of an increase in customs duty to curb cheaper imports and estimates of lesser production than previous projections. The share price of Shree Renuka Sugars jumped the highest, to close at ~15.66. Bajaj Hindusthan and Simbhaoli Sugars surged by 9.3 per cent and 7.3 per cent, to close at ~16.36 and ~31.45, respectively. Also, monsoon rain has been sporadic in major cane growing areas, prompting analysts to forecast less output than previous estimates.

Philippines NFA opens bidding for supply of 25,000 MT of rice.
Ram Gopal Yadav (8 years ago)

In a notice to prospective suppliers, the NFA invited all interested bidders, whether foreign or local, as long as they complied with conditions of eligibility as spelled out in the implementing rules of the Government Procurement Reform Act or Republic Act No. 9184. The agency has earmarked about P5.64 billion for the entire package, which would be divided into at least five lots with maximum volume of 50,000 tons each.

Rice prices fall in Asia on weak demand, Bangladesh steps up imports.
Ram Gopal Yadav (8 years ago)

In Thailand, benchmark 5-percent broken rice RI-THBKN5-P1 was quoted at $420-$430 a tonne, free-on-board (FOB) Bangkok, down from $432-$440 a tonne last week. Weak overseas demand and a falling baht have led traders to quote lower prices to attract buyers. In Vietonneam, the benchmark 5-percent broken rice RI-VNBKN5-P1 dropped to $405-$410 a tonne this week, FOB Saigon, down from $410-$415 last week. There were also concerns over the quality and production of the grain in the harvest period. India 5 percent broken parboiled rice prices RI-INBKN5-P1 eased by $2 per tonne to $419 to $422 on faltering demand from buyers in Africa. Bangladesh is buying 200,000 tonnes of Vietonneamese white rice at $430 a tonne and 50,000 tonnes of parboiled rice at $470 a tonne in a state-to-state deal – at rates much higher than in the previous three tenders.

Bangladesh rice prices falling on supply glut after duty cut.
Ram Gopal Yadav (8 years ago)

The import in the first four days of July was 60,000 tonnes, which is nearly half of the total import made last fiscal year. Wholesale prices of local rice dropped by Tk 1 to Tk 1.5 per kilogram. Imported rice prices were down by Tk 2 to Tk 2.5 a kg. The Trading Corporation of Bangladesh (TCB), claims coarse rice prices have dropped by Tk 2 to Tk 3 per kg and the fine varieties by Tk 1 to Tk 2. The government announced the cut in duty on rice import from 28 percent to 10 percent before the Eid-ul-Fitr to rein in the prices and to encourage the private importers.

Nepal Late monsoon delays paddy transplantation.
Ram Gopal Yadav (8 years ago)

Transplantation had been completed on 21.41 percent of the 1.55 million hectares of paddy fields. During the same period last year, the transplantation rate was 36.75 percent of the total land available. Last year, paddy fields totalled 1.42 million hectares. The paddy acreage increased to 1.55 million hectares at the end of the transplantation season because farmers planted paddy on more land due to abundant rainfall. This year, the monsoon entered Nepal on June 12, two days after the normal onset date.

Coriander rises 2.23 pc on spot demand.
Ram Gopal Yadav (8 years ago)

Coriander prices rose by Rs 100 per quintal in the national capital in view of increased buying by retailers and stockists amid low stocks. fall in supplies from producing belts and firming trend in futures market also supported the upside.

NCDEX coriander up over 2% on short covering.
Ram Gopal Yadav (8 years ago)

Futures contracts of coriander on the NCDEX rose over 2% as investors covered their short positions after prices fell to a three-week low of 4,711 rupees per 100 kg on previous close. On the NCDEX, the July contract was at 4,907 rupees per 100 kg, up 2.5% from the previous close. In Baran, a key wholesale market, the Badami variety was sold for 5,125 rupees per 100 kg, while the Eagle variety was sold at 5,375 rupees, both unchanged from previous close. Supply in Rajasthan was steady at 4,500 bags (1 bag = 40 kg).