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.
Zambia clinches $100 million maize export deals.
ZAMBIA has signed grain export trade deals for 400,000 metric tonnes worth US$100 million with Eastern Africa.
India Paddy crops lost due to flooding after rain in haryana & Punjab.
Rains have left thousands of acres of agricultural land inundated, causing extensive damage to cotton, paddy and vegetables in several villages of Hisar, Bhiwani and adjoining districts. Despite best efforts by farmers to try and stop water inundating their fields, an overflowing Sirhind canal Kurd distributary has caused waterlogging in over 15,000 acres of farm land in nine villages of Barnala district. Around 5,000 acres in villages of Hisar, Bhiwani and adjoining districts of haryana.
Buying rice in Indonesia is over double the international standard price.
Buying rice in Indonesia is over double the international standard price, despite the country being a major rice producer. Last year, Indonesia rice price was around US$1 per kilogram, while the international standard had it around US$0.4 per kilogram. As of March, this year, FAO recorded the average price of rice per kilogram in Indonesia at around US$0.79. This is one of the highest figures around the region, with other ASEAN members paying far less — Cambodia pays US$0.42 per kg, Thailand pays US$0.33 per kg, Vietonneam pays US$0.31 and just US$0.28 per kg in Myanmar. Limited space is also a factor contributing to high prices, with growers in Indonesia harvesting on average 0.3 hectares compared to two hectares in Vietonneam or Thailand.
NCDEX coriander down 2% on profit booking; spot shut
Futures contracts of coriander on the NCDEX were down 2% as investors continued to book profits for the second day after prices hit a four-week high of 5,310 rupees per 100 kg. A 2,180-tn decline in open interest in the July contract to 24,220 tonne indicated profit booking. The July contract was at 5,050 rupees per 100 kg on the NCDEX, down 2% 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.
All-India cotton arrivals down at 17,500 bales.
Around 17,500 bales (1 bale = 170 kg) of cotton arrived in the major spot markets across the country Thursday, compared with 19,000 bales Wednesday.
NCDEX cotton oilcake up tracking gains in spot market.
Futures contracts of cottonseed oilcake traded higher on the NCDEX today tracking gains in spot prices. The most-active August contract traded up 1% at 1,649 rupees per 100 kg on the NCDEX. Bargain buying after prices declined to a 20-month low in recent sessions also pushed prices higher. Cottonseed oilcake, a derivative of cotton, is used as animal feed. In the benchmark market of Akola, Maharashtra, the commodity traded at 1,650 rupees per 100 kg, up 10 rupees from previous close. The overall sentiment for the commodity, however, remained bearish due to sluggish demand and sufficient supply.
Cotton Outlook raises year to Jul global output, demand projections.
UK-based Cotton Outlook has raised its forecast for global cotton output in 2017-18 (Aug-Jul) to 24.72 million tonne from 24.49 million tonne projected in May. Output in the coming season is projected to be higher mainly due to increased crop in Brazil and Turkey. The agency has also increased its estimates for global cotton consumption during the year, to 24.55 million tonne from 24.45 million tonne in the previous month. Consequently, global stock levels are now expected to rise to 173,000 tonne, compared with a forecast of 44,000 tonne in May.
MCX cotton up on global cues, low spot arrivals.
Futures contracts of cotton were up on the MCX due to a rise in cotton futures on ICE and lower arrivals in spot markets. On MCX, the July contract of cotton was at 20,010 rupees per bale (1 bale = 170 kg), up 0.5% from the previous close, while the most active December contract on ICE was at 67.3 cents per pound, up 0.1%.
All-India cotton arrivals down at 19,000 bales.
Around 19,000 bales (1 bale = 170 kg) of cotton arrived in the major spot markets across the country Wednesday, compared to 20,000 bales Tuesday.
Mustard seed up in Jaipur as supply down, demand up.
Mustard seed up in Jaipur as supply down, demand up.
ICRA sees India year to Sep 2018 cotton output up 6% at 36 million bales.
India cotton production is likely to increase by 6% to around 36.0 million bales (1 bale = 170 kg) in 2017-18 (Oct-Sep), owing to higher acreage and forecast for normal monsoon due to a likely El Nino formation gradually waning. Expectations of higher output in the upcoming season may create a downward bias for cotton prices from July. Cotton sowing in the ongoing kharif season has already witnessed a rise in acreage compared with last year, and is likely to sustain in coming weeks. Cotton acreage in the country was up 30% on year at 2.47 million ha.
ICE Canada canola futures rise.
ICE Canada canola futures rise.
India coffee exports during Jan 1- Jun 28.
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 tn. The board has estimated the output for 2016-17 at 316,700 MT tonne, down 9% on year.
US Corn update.
Corn futures on the Chicago Board of Trade closed higher, supported by surging U.S. wheat futures and a softening dollar. CBOT July corn settled up 3 cents at $3.59-3/4 per bushel, with new-crop December up 3-3/4 cents at $3.80. Forecasts called for warmer temperatures in the Midwest after the Fourth of July holiday, but rains in the next seven days should recharge soil moisture in central and southern portions of the crop belt. USDA reported export sales of U.S. corn in the latest week at 384,500 tonnes (old and new crop years combined).
No coffee auction on cloud over GST rate, unlikely next week too.
The weekly coffee auction in the city was cancelled as traders remained uncertain about the goods and service tax rate applicable on the commodity. Auction of coffee may not be conducted next week as well. Unless clarification emerges, no seller or buyer would take part. Government has only given the final draft, a gazetted order is yet to be circulated.
India Wheat prices continue to fall ahead of GST rollout.
Prices of wheat continued to fall in the major spot markets across the country due to lukewarm trade as dealers refrained from buying ahead of rollout of goods and services tax from Jul 1. In the benchmark market of Indore, Madhya Pradesh, the mill-quality wheat was traded down 5-10 rupees from previous close. In Delhi, a key wholesale market, wheat traded down 10 rupees from the previous day.
Bajra acreage up 61.46% on year on good monsoon progress.
India Bajra acreage was up 61.46% on year at 0.466 million hectares due to good progress of monsoon rains across major growing regions. Southwest monsoon rains have been near normal so far and according to the India Meteorological Department, the currents are likely to cover most parts of the country in the next two to three days. Typically, monsoon covers the entire country by Jul 15.
IGC trims 2017-18 global wheat crop forecasts.
Global wheat production in 2017-18 was seen at 735 million tonnes, down one million tonnes from last month and below the previous season 754 million. Production in the United States was cut to 48.6 million tonnes from 49.6 million while the EU crop was put at 149.4 million, down from a previous forecast of 149.9 million.
Food minister says no plan to raise import duty on sugar as of now.
Food minister says no plan to raise import duty on sugar as of now.