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.
Malaysia CPO ends up as CBOT soybean gains overnight.
Malaysia CPO ends up as CBOT soybean gains overnight.
USDA arm raises India 2017-18 cotton crop estimate to 37.2 million bales.
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.
Mustard seed down in Jaipur on subdued demand.
Mustard seed down in Jaipur on subdued demand.
Zambia FRA to sell 100,000 tonnes of maize.
FOOD Reserve Agency (FRA) has designated to sell 100,000 tonnes of maize from the national strategic food reserve during the 2016/17 season to create space for the commodity to be purchased later this year. Zambia is expected to harvest 3.6 million tonnes of maize this season but FRA only buy 500,000 tonnes of maize and 2,100 tonnes of paddy rice during the 2017/18 crop-marketing season.
India soybean area 1.5 mln ha as on 30 june, down 19% on year.
India soybean area 1.5 mln ha as on 30 june, down 19% on year.
Maharashtra plans to e-auction 5,966 tonne paddy from 2015-16 crop.
Maharashtra has decided to sell 5,966 tonne unmilled paddy from 2015-16 crop. The state government has appointed a panel which oversee and complete the e-auction within 30 days. The state had procured 15,102 tonne paddy from Thane, Raigad and Singhudurg districts out of total 343,168 tonne it had purchased in the entire state under price support scheme in 2015-16. Around 9,135 tonne paddy, procured in Konkan region, had already been milled and 5,966 tonne of unmilled paddy would now be sold via electronic auction.
Adani Wilmar takes delivery of 15,000 tn of soybean on NCDEX in June.
Adani Wilmar takes delivery of 15,000 tn of soybean on NCDEX in June.
China donates over 2500 tonnes of rice to Gambia.
The People Republic of China donated 2,568 metric tonnes of rice to the Gambia government for free distribution in the seven administrative regions of the country. Another consignment of 1,260 metric tonnes of donated Chinese rice is due in Banjul before end of July.
CBOT soybean up over 1% on less-than-expected sowing.
CBOT soybean up over 1% on less-than-expected sowing.
NCDEX coriander down over 1% on profit booking.
Futures contracts of coriander on the NCDEX were down over 1% as investors continued to book profits for the third straight day, after prices hit a four-week high of 5,310 rupees per 100 kg. A 510-tonne decline in open interest in the July contract to 22,190 tonne indicated profit booking. The July contract was at 4,958 rupees per 100 kg on the NCDEX, down 1.5% from the previous close. Prices at spot markets in Rajasthan were unavailable today as the market was shut due to a strike called by traders to protest the implementation of the goods and services tax.
NCDEX mustard seed down on weak export demand for oil.
NCDEX mustard seed down on weak export demand for oil.
Cotton area up over 2-fold on year at 4.6 million hectares.
Cotton acreage was more than two-fold higher on year at 4.6 million ha as of Thursday. The acreage was also higher than the normal of 3.4 million ha for the corresponding period, based on the average of last five years. The acreage is sharply higher than last year due to a huge shift from pulses to cotton as it offers lucrative prices. Good progress of monsoon has also aided cotton sowing across the country. In the largest producer Maharashtra, acreage was 62-fold up on year at 1.2 million ha. In another major grower Telangana, sowing was 53.2% higher than a year ago at 881,000 ha.
Mustard seed prices unavailable as market shut.
Mustard seed prices unavailable as market shut.
India coffee exports during Jan 1- Jun 30.
The Coffee Board of India has finalised its crop estimate for 2015-16 at a record-high of 348,000 tonne, up from 327,000 tonne produced a year ago, but down from previous estimate of 350,000 tonne. The board has estimated the output for 2016-17 at 316,700 MT tonne, down 9% on year.
Sunflower area halves on year on low rains in Karnataka.
Sunflower area halves on year on low rains in Karnataka.
Industry estimates Tamil Nadu to produce 1-1.5 MMT of Sugar in 2016-17.
Industry estimates Tamil Nadu to produce 1-1.5 MMT of Sugar in 2016-17.
India groundnut area 0.92 mln ha as of 30 june, up 17% on year.
India groundnut area 0.92 mln ha as of 30 june, up 17% on year.
Govt planning to raises import duty on sugar.
Govt planning to raises import duty on sugar.
Spot sugar prices rise as pent-up demand emerges.
Spot sugar prices rise as pent-up demand emerges.