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.
EU wheat sees technical bounce as U.S. rally offsets euro strength.
European wheat futures rose sharply after a week-long slide, supported by a surge in U.S. prices that countered strength in the euro. Front month September milling wheat on Paris-based Euronext was settled 3.50 euros, or 2.1 percent, higher at 173.25 euros a tonne, after breaching chart resistance around 172.50 euros. European Union data showed EU soft wheat exports had reached 23.3 million tonnes by June 27, in the penultimate weekly data release for the 2016/17 season that ends on June 30. Soft wheat exports were down 26 percent from a year ago.
Sugar co-op body asks Centre to buy sugar for welfare schemes.
Sugar co-op body asks Centre to buy sugar for welfare schemes.
Ukraine Grain stocks are 11% up year-on-year.
Ukraine reserves of grains and pulses totaled 8.84 MMT as of June 1, 2017 that is 10.8% more than at the same time last year (7.98 MMT). Wheat stocks decreased 22.3% to 3 MMT against 3.87 MMT reported as of June 1, 2016. Corn stocks are 49.5% up from last year, amounting to 4.59 MMT (3.07 MMT). Barley inventories are 1.3% up from last year, amounting to 519 KMT (512 KMT).
Sugar rise in north India on high demand, unchanged in Maharashtra.
Sugar rise in north India on high demand, unchanged in Maharashtra.
Russian wheat exports to Egypt hit a five-year high.
Russia continued exporting wheat at a record pace in May 2017, when 1.92 MMT was shipped abroad. This is 46% more than exported in May 2016. This season exports of Russian wheat have gained almost 2 MMT (8.4%) against the same time last year and reached 25.74 MMT. Russian wheat exports to the Egyptian market have hit a five-year high in the current season. Russia supplied 6.63 MMT to Egypt in the eleven months of MY 2016/17. The previous record was registered in MY 2011/12 (roughly 7.35 MMT).
Centre South Brazil June 1-15 sugar output doubles YoY to 2.38 mln tn.
Centre South Brazil June 1-15 sugar output doubles YoY to 2.38 mln tn.
India Maize prices up on low supply.
Maize prices rose in the key wholesale Purnea market in Bihar due to declining supply. Good quality grain was sold up 10 rupees from previous close. Maize arrivals from the rabi crop are declining in key wholesale markets as the harvesting has ended and most of the farmers have sold their crops. In the benchmark Purnea market, supplies have been reduced to nearly 1,000-1,500 tonne daily, lower than the average 2,000 tonne last week.
Chana down in Bikaner on thin trade, flat in Delhi.
Chana down in Bikaner on thin trade, flat in Delhi.
Dairy body buys maize at 1,258-1,290 rupee/100 kg.
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.