About 31,000 bales (1bale=170kg) of cotton arrived in major spot markets across the country on Monday, steady from previous close.
NCDEX soybean down on expectations of higher output.
NCDEX soybean down on expectations of higher output.
Philippines Govt to tap private suppliers for 250,000 tons of rice imports.
The government will tap private suppliers for rice imports, instead of entering government-to-government agreements, in a bid to increase competitiveness and transparency. National Food Authority Council has agreed to shift from government-to-government agreements to a government-to-private procurement scheme for importing 250,000 tons of rice. NFA Council divide 250,000 metric tons into 8-10 tranches with a 25,000 to 5000 MT cap per lot to ensure competition and fairness.
MCX cotton down on higher output expectations.
Futures contracts of cotton on the MCX fell because of expectations of a higher production in the country, backed by a rise in acreage. Farmers in the country had sown cotton across 1.41 million hectares as of Jun 8, up 42.4% on year, according to the agriculture ministry’s sowing data for 2017-18 (Jul-Jun). Higher ending stocks of cotton with farmers also weighed on the sentiment. The USDA has scaled up its estimate for ending stocks of cotton in India for 2017-18 (Aug-Jul) to 13.34 million bales (1USbale=480pound) from 13.24 million bales projected in May. On the MCX, the June contract was at 20,390 rupees per bale (1bale=170kg), down 0.7% from the previous close.
CBOT soybean futures rebound on US weather concerns.
CBOT soybean futures rebound on US weather concerns.
Philippines NFA stops rice imports entry through Subic Bay Freeport.
Imported rice could no longer be shipped through Subic Bay Freeport based on the latest decision of the National Food Authority (NFA) Council. The decision came after weeks after the Bureau of Customs reportedly seized thousands of sacks of rice from Thailand illegally shipped through Subic port. The shipment was seized last April due to lack of import permit. It was reportedly worth P23 million.
India coffee exports during Jan 1- Jun 12.
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.
India mustard arrivals over 3 mln tn as on May 31.
India mustard arrivals over 3 mln tn as on May 31.
Bangladesh to import 250,000 tonnes of rice from Vietnam at raised prices.
Bangladesh is set to buy 250,000 tonnes of white and parboiled rice from Vietnam at prices $50-$90 higher per ton than the previous month, to maintain immediate availability of stock in the market, as well as reserves. The government will be importing 200,000 tonnes of white rice at $430 per ton, though the price per ton was $380 in the last month. The ministry is also planning on procuring 50,000 tonnes of parboiled rice at a cost of $470 per ton, while the price had been less than $450 just a week ago. In addition, in a recent international tender by the food ministry, parboiled rice was listed at $ 427.85 per tonne and white rice was at $406.48. The country rice stock has hit a 5 year low, at 193,000 tonnes.
NCDEX coriander up on low supply, domestic demand.
Coriander futures were up on the NCDEX as arrivals in Rajasthan declined, and demand from local stockists rose. The most active July contract was at 4,870 rupees per 100 kg, up 0.6% from the previous settlement. In Kota, the benchmark market, the Badami variety of coriander was sold at 5600-5,650 rupees per 100 kg, while the Eagle variety was quoted at 5,800-5,850 rupees, both up 100 rupees from previous close. Arrivals in Rajasthan stood at 4,400 bags (1bag=40kg), down 1,100 bags from the previous day.
NCDEX mustard seed down on spot market cues.
NCDEX mustard seed down on spot market cues.
US Arkansas wheat forecast falls 8 percent.
USDA adjusted its forecast for the 2017 Arkansas wheat production, dropping by 8 percent between May 1 and June 1 to about 6.05 million bushels. The yield forecast dropped from 60 bushels per acre in May to 55 bu/ac in June. The state total acreage for winter wheat dropped by about 5,000 acres from 2016 to about 110,000 acres in 2017, but remained unchanged from May to June.
Sugar up in north India, down in Mumbai; NCDEX subdued.
Sugar up in north India, down in Mumbai; NCDEX subdued.
ICE July canola down $3.60 to $511.20 per tonne.
ICE July canola down $3.60 to $511.20 per tonne.
Australia raises wheat forecast on east coast rains.
Australia slightly raised its forecast for 2017/18 wheat production on as favourable weather along the country east coast looks set to boost output. Australian wheat production is expected to total 24.19 million tonnes up nearly 1 percent from its March forecast of 23.98 million tonnes.
Good monsoon forecast pulls down sugar prices in India.
Good monsoon forecast pulls down sugar prices in India.
CBOT July soybean futures up 1-1/4 cents at $9.32-1/2 per bushel.
CBOT July soybean futures up 1-1/4 cents at $9.32-1/2 per bushel.
US Wheat Soars as U.S. Spring Crop in Worst Shape.
Forty-five percent of the crop, the high-protein variety grown in northern states, was in good or excellent condition, down 10 percentage points from the prior week.
ICE raw sugar July down 0.5% to 13.95 cents a pound on U.S. exchange.
ICE raw sugar July down 0.5% to 13.95 cents a pound on U.S. exchange.
CBOT Trends-Wheat up 5-8 cents/bushel.
Rising on strength in MGEX spring wheat futures, which rallied overnight following the U.S. Agriculture Department crop conditions report that showed good-to-excellent ratings for the spring wheat crop fell in the latest week due to dryness in the U.S. Plains. CBOT July soft red winter wheat was last up 5-1/4 cents at $4.39-1/4 cents per bushel, K.C. July hard red winter wheat was last up 7-1/2 cents at $4.50-1/4 a bushel and MGEX July spring wheat was last up 15 cents at $6.15-1/2 a bushel.