The National Cooperative Dairy Federation of India on Friday bought 3,000 tonne maize in two lots at 1,258-1,290 rupees per 100 kg through an online auction. The commodity, which is used as cattle feed, was bought on behalf of the Karnataka Milk Federation. The federation, which has nearly 200 dairy cooperatives as its members, has developed an online trading platform to purchase feed stock and sell dairy products.
Tur price down in Akola, Gulbarga as demand subdued.
Tur price down in Akola, Gulbarga as demand subdued.
IGC trims 2017-18 global corn crop forecasts.
The IGC forecast the 2017-18 global corn crop at 1.025 billion tonnes, down one million tonnes from last month estimate and well below the prior season 1.069 billion. Downward revisions for corn crops in China (213.2 million tonnes from 215.2 million) and the European Union (60.2 million from 61.0 million) were partially offset by an improved outlook for production in Argentina (41.8 million from 39.8 million).
Tur area seen falling 40% as farmers shift to more profitable crops.
Tur area seen falling 40% as farmers shift to more profitable crops.
Canadian farmers seed more corn.
Canadian farmers seeded 3.6 million acres of grain corn in 2017, for an increase of 7.5 per cent from 2016. Manitoba set a new record for grain corn planted with 410,000 acres seeded this spring, an increase of 18.8 per cent from last year.
Madhya Pradesh extends moong, urad procurement deadline till July 31.
Madhya Pradesh extends moong, urad procurement deadline till July 31.
Thailand Ministry to keep rice prices steady.
The Commerce Ministry is brainstorming policies to stabilise paddy prices ahead of the harvesting season in the third quarter of the year, when 24-26 million tonnes of paddy are due to flood the market and depress prices. Government plans to use the existing price supporting scheme, for which the state-owned bank offered soft loans with a 3% interest rate to millers and local traders to encourage them to stock up on paddy during the harvesting season, both helping farmers while preventing the crop from flooding the market.
Canada May pea exports at 201,700 tn, up 30% on year.
Canada May pea exports at 201,700 tn, up 30% on year.
NCDEX coriander down nearly 3% on profit booking.
Futures contracts of coriander on the NCDEX were down nearly 3% today as investors booked profits after prices hit a four-week high of 5,310 rupees per 100 kg on previous close. A 2,400 tonne decline in open interest in the July contract to 28,270 tonne indicated profit booking by participants. The most active July coriander contract on the bourse was at 5,144 rupees per 100 kg, down 2.7% from the previous close.
Madhya Pradesh farmers asked to begin soybean sowing.
Madhya Pradesh farmers asked to begin soybean sowing.
Coriander up in Ramganj on rise in domestic demand.
Prices of coriander gained in Ramganj, a key wholesale market in Rajasthan, because of an increase in demand from domestic retailers and a fall in inventories at exchange warehouses. In Ramganj, the Badami variety was sold for 5,800-5,900 rupees per 100 kg, while the Eagle variety was sold at 6,200 rupees, both up 150-200 rupees from the previous day. About 6,200 bags (1 bag = 40 kg) arrived in Rajasthan today, up by 1,200 bags from previous close.
CBOT soybean up due to poor crop conditions in US.
CBOT soybean up due to poor crop conditions in US.
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.