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.
India coffee exports during Jan 1- Jun 29.
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.
India Prices of wheat slipped.
Prices of wheat were down in spot markets ahead of the rollout of goods and services tax. Wheat buyers are waiting for the implementation of the tax reform as it would do away with state taxes. Prices in Delhi have fallen by 30-40 rupees in last 10-15 days. NCDEX the most-active August wheat contract ended down 0.1% from previous close.
Bajra acreage up 49% on year on good monsoon progress.
India Bajra acreage was up 49% on year at 1.261 million hectares due to good progress of monsoon rains across major growing regions.
IGC cuts 2017-18 global wheat output view by 0.8 million tonne to 735.1 million tonne.
International Grains Council has cut its estimate for global wheat output in 2017-18 to 735.1 million tonne from 735.9 million tonne forecast a month ago. The downgrade may be attributed to fall in output in the US, European Union and Australia, the report showed. The losses were, however, limited by higher production in Russia. The council has pegged global wheat consumption in 2017-18 at 735.5 million tonne, sharply down from 737.8 million tonne estimated earlier. Global ending stocks of wheat in 2017-18 are estimated at 241.2 million tonne, up from 238.6 million tonne forecast in May.
Global rally may turn up the heat on domestic wheat prices.
The recent rally in prices of wheat in the global market has caught the Indian market by surprise. Market players, who were banking on cheaper imports to meet demand in the lean arrival season, would now have to turn to the domestic market to source wheat and that could effectively push up wheat prices by about 200 rupees per 100 kg over the next couple of months. Wheat prices usually start ascending by Jul-Aug as arrivals come to a grinding halt and government winds up procurement operations. The government offer price under the open market sale scheme usually acts as a benchmark for wheat prices during the lean season.
Russian wheat prices continued to grow last week due to strong demand and concerns on 2017 crop.
Price growth persisted in Russia new-crop wheat market last week. In Novorossiysk port, export prices for Russian milling wheat closed the week up another $2-3/MT at $185‑187/MT FOB for 12.5%-protein wheat and $177‑180/MT FOB for 11.5%-protein wheat.
US Wheat jumps 4 percent to highest in nearly two years.
U.S. wheat prices jumped 4 percent to hit their highest in nearly two years as forecasts for continued dry weather in key U.S. growing regions stoked fears over possible production losses. The most active wheat futures on the Chicago Board of Trade had risen 4 percent to $5.47-1/4 a bushel, the highest since July 20, 2015.
India maize price declined.
Prices of wheat and rice were down in spot markets ahead of the rollout of goods and services tax at midnight. Rice buyers are cautious of the impact it would have on market demand. The new tax regime does away with value added tax, sales tax and inter-state movement tax on wheat but imposes 5% tax on branded flour and branded rice.