Govt FY18 wheat procurement ends at 30.8 million tonne, up 34.1%.
Ram Gopal Yadav (9 years ago)

The government wheat procurement for 2017-18 marketing year (Apr-Mar) has ended at 30.8 million tonne, 34.1% higher than 22.9 million tonne procured in the previous year. The procurement is in line with expectations as wheat output in 2016-17 (Jul-Jun) was at a record high of 97.4 million tonne.

India NCDEX wheat end up on low arrivals in spot market.
Ram Gopal Yadav (9 years ago)

Wheat futures on the National Commodity and Derivatives market ended higher due to low supplies in spot markets. The August wheat contract on the NCDEX ended up 0.3% from the previous close. Supplies in spot markets are down, as most farmers have sold their crop to traders and the government. At the spot market in Delhi, prices of mill-quality wheat rose by 5-10 rupees. In Indore, however, prices were unchanged.

Thailand rice export prices fall.
Ram Gopal Yadav (9 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 (9 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 (9 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 (9 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.