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.
India Erratic 2nd half of monsoon may hit rice.
Production of rice and soybean in the 2017-18 (Jul-Jun) kharif season may come down due to the possibility of an erratic second half of the southwest monsoon season. A poor and erratic monsoon in second half of the season may potentially bring down the production (of rice) by 5-8 million tonne from the normal level. Production of rice in 2016-17 kharif season is estimated at 96.09 million tonne. Skymet has predicted the southwest monsoon this year at 95%, with rainfall declining in the second half of the season. Acreage of the grain in the ongoing kharif season is expected to be near normal at around 39.3 million hectares, due to the timely onset of the monsoon season.
Delhi chana down as arrivals double, demand slips.
Delhi chana down as arrivals double, demand slips.
Bangladesh delay Brazil GMO Corn Import permit.
Bangladesh authoritirs still not issuing permit for imported GMO corn from Brazil, imported vessels are due for July shipments. This is supporting the Indian maize market, as Bangladeshi buyers will eye towards Indian Non-GMO Corn.
Akola tur falls as supply likely to rise.
Akola tur falls as supply likely to rise.
USDA weekly crop progress report is expected to show lower condition ratings for the US corn.
The department was likely to show 67 percent of the US corn crop rated in good to excellent condition. That would be down 1 percentage point from a week ago. As hot temperatures and limited rainfall in the central United States stressed developing corn and wheat plants.
Jaipur moong up as Madhya Pradesh may procure more.
Jaipur moong up as Madhya Pradesh may procure more.
Ukraine Corn planting is 99% complete.
Planting of spring cereals and pulses was completed on an area of 7154 Th ha (99% of the plan). This is 1.2% less than planted at the same time last year (7242 Th ha). In particular, spring barley was sown on 1580 Th ha (96%) against 1824 Th ha in 2016, spring wheat on 176 Th ha (99%) against 169 Th ha in 2016, oats on 198 Th ha (96%) against 213 Th ha a year ago. Peas were seeded on 385 Th ha (116%) compared to 229 Th ha as of June 9, 2016. Corn planting in Ukraine is 99% complete. The crop was sown on 4474 Th ha as of the reporting date against 4411 Th ha as of June 9, 2016. Ukrainian farmers planted 151 Th ha of buckwheat (104% of the plan) against 142 Th ha by the same time last year. Millet planting is complete on 54 Th ha (66% of the planned) against 95 Th ha in 2016.
Gram, arhar rise on stockists buying in National market.
Gram, arhar rise on stockists buying in National market.
FAO says India non-basmati rice Jan-May export prices up 6.3% on year.
The average export price of 25% broken non-basmati rice from India rose 6.3% on year to $347 per tonne during Jan-May. India non-basmati rice prices had fallen during 2016 due to weak demand from Iran and other buyers. During May, 25% broken non-basmati rice from India was exported at $360 a tonne, while that from competitors Thailand and Pakistan was sold at $394 a tonne and $367 a tonne, respectively. Prices of 25% broken rice from Thailand fell by 2.7% on year to $371 a tonne, while rice from Vietnam declined 3.6% on year to $328 a tonne.
USDA improves forecast for corn harvest and exports from Ukraine in 2017/2018 market year by 500,000 tonnes.
USDA improved its forecast for corn yield in Ukraine in the 2017/2018 marketing year (MY, July-June) by 500,000 tonnes compared to the May forecast, to 28.5 million tonnes. The forecast for corn exports was also raised by 500,000 tonnes, to 20.5 million tonnes.
Erratic 2nd half of monsoon may hit soybean crop.
Erratic 2nd half of monsoon may hit soybean crop.
India Grain importers may get more time to meet tighter fumigation norms.
The government is likely to give importers some more time to comply with mandatory methyl bromide fumigation of all grain cargo at the port of origin. The current exemption from the compliance will expire on Jun 30. Indian plant quarantine norms stipulate methyl bromide fumigation of all cargoes at the port of loading to prevent foreign insects and pests from reaching Indian shores. In 2005, the government had relaxed this norm, allowing importers to either use alternative fumigants or fumigate imported grain shipments with methyl bromide once they enter Indian waters. The move had helped India import wheat and pulses from the US, Canada, Australia and European countries, where use of methyl bromide is banned due to environmental and health concerns. The government now wants to re-instate the mandatory use of methyl bromide at the port of origin, as the chemical is the best bet so far against eggs and pupae of insects, which other fumigants fail to tackle. There are concerns that India move to tighten fumigations norms would slow the import of pulses and wheat from Australia, Canada, France, Ukraine, Russia and a host of other countries that have banned the use of methyl bromide. The government has already issued a draft notification allowing the use of phosphine on grain shipments from Canada.