India Branded rice set to get dearer; traders, mill owners worried.
Ram Gopal Yadav (9 years ago)

It nigh impossible to think of a south Indian meal without rice. And now, with the country getting ready for the rollout of the goods and services (GST) tax regime, South Indians, for whom rice is a staple food, have a reason to worry – all varieties of branded rice are set to get dearer by 5% per kilogram, come July 1. Karnataka is likely to be worst affected owing to the additional cess on grains levied by the state government on traders and millers. Besides the 5% GST tax on branded food grains, the state government levies a 1.5% market tax on food grains, which the Agriculture Marketing Produce Committee (APMC) has decided to continue even after the rollout of GST.

Bangladesh Rice exports seen picking up, Sri Lanka demand.
Ram Gopal Yadav (9 years ago)

Rice exporters see a pick-up in demand for the Indian cereal from Bangladesh as the recent floods in that country have impacted output and sent prices high. Also, a drought in Sri Lanka has resulted in improved demand for the finer varieties such as sona masuri. Bangladesh recently floated three tenders to import about 1.5 lakh tonnes of white rice and par-boiled rice. A fourth tender is expected in July 1st week. Export prices have improved by about 15 per cent since the beginning of the year. As against FOB price of $360-370 per tonne in January, prices of white rice have now moved to between $420 and $430 a tonne.

NCDEX coriander hits upper limit on improved buying.
Ram Gopal Yadav (9 years ago)

Futures contracts of coriander on NCDEX hit 3% upper limit, tracking spot markets where improved buying lifted prices. The most-active July contract was at 5,040 rupees per 100 kg, up 2.25% from the previous close. Supply in Rajasthan was 4,000 bags (1bag=40kg), almost unchanged from previous close. In Kota, Rajasthan, the Badami variety was sold at 5,600-5,800 rupees per 100 kg, while the Eagle variety was quoted at 5,800-6,000 rupees, both up by 200 rupees from previous close.

MCX cotton at 5-month low as output seen higher.
Ram Gopal Yadav (9 years ago)

Futures contracts of cotton on the MCX hit a five-month low of 19,580 rupees per bale (1bale=170kg) due to expectations of higher output in 2017-18 (Oct-Sep). Cotton acreage in Gujarat, the largest producer, was at 496,400 ha, compared with 175,500 ha last year. On the MCX, the most active July cotton contract was at 19,800 rupees per bale, down 0.4% from the previous close.