Thailand rice export prices fall.
Ram Gopal Yadav (8 years ago)

Export prices of most rice varieties in Thailand fell in the week. The prices fell due to poor demand from Iran, a major importer, as domestic rice harvest began in the west Asian country. The prices of the 5% and 25% broken white rice fell by $6 and $4 per tonne to $455 and $427 per tonne, respectively, in the week. Thailand is India competitor in global rice exports.

NCDEX coriander down nearly 2% on low domestic buys.
Ram Gopal Yadav (8 years ago)

Futures contracts of coriander on the NCDEX were down nearly 2% because of weak demand from domestic retailers. The July contract was at 4,828 rupees per 100 kg on the NCDEX, down 1.6% from the previous close. Trade in the spot market of Kota was subdued, as participation was low following a three-day strike by traders, who were protesting the implementation of the goods and services tax. In Kota, the Badami variety was sold for 5,600-5,800 rupees per 100 kg, while prices of the Eagle variety were at 5,800-6,000 rupees, both unchanged from previous close. Supply in the benchmark market Kota was also steady at 1,200 bags (1 bag = 40 kg).

MCX cotton falls as 2017-18 output seen higher.
Ram Gopal Yadav (8 years ago)

Futures contracts of cotton on the MCX fell due to expectations of higher output in 2017-18 (Oct-Sep). The US Department of Agriculture Foreign Agricultural Services has raised its forecast for India cotton production in 2017-18 to 37.2 million bales (1bale = 170 kg) from 35.9 million bales estimated in June. On the MCX, the most active July cotton contract was at 19,870 rupees per bale, down 0.9% from the previous close.

USDA arm raises India 2017-18 cotton crop estimate to 37.2 million bales.
Ram Gopal Yadav (8 years ago)

US Department of Agriculture Foreign Agricultural Services has raised its forecast for India cotton production in 2017-18 (Aug-Jul) to 37.2 million bales (1 bale = 170 kg) from 35.9 million bales estimated in June. Rise in production is likely to lower import of the country to 1.9 million bales from 2.24 million bales estimated in the June report. Mills buy more from the domestic market as likely rise in production would make local cotton prices cheaper. Consumption of mills is seen at 30.8 million bales in 2017-18, while exports are seen at 5.4 million bales. Closing stock at the end of 2017-18 is pegged at 18.6 million bales, up from 17.1 million bales estimated by USDA in its previous report.

India maize up on low arrivals in spot market.
Ram Gopal Yadav (8 years ago)

Supplies in the benchmark Purnea in Bihar, the largest producer of rabi maize in the country, are falling. Most farmers have already sold their crops and the remaining supplies were being hit by rains. Maize futures on the NCDEX also ended higher, as supplies from the kharif crop are months away, while those from the rabi crop were getting over. The most active August maize contract on the NCDEX ended up 0.7% from the previous close. In Purnea, prices rose by 5 rupees.

Food crisis in Africa may worsen as fall armyworm hits maize crop.
Ram Gopal Yadav (8 years ago)

The food crisis in African countries, caused by two consecutive years of drought, may aggravate further as a migratory pest, fall armyworm, has hit the maize crop in the southern regions of the continent. According to media reports, the pest has affected maize production in half of the African countries, especially in southern Africa. So far, around 1.5 million ha of land in 25 African countries has been infected by the pest which mostly attacks rice, wheat, sweetcorn, sorghum, soybean, and potato crops other than maize. Fall armyworm is believed to originate from America and was first detected in Africa in 2016. Higher demand for maize from Africa may lift the prices in global markets and may make imports less viable for India.