NCDEX coriander up 1% on low availability of stocks.
Ram Gopal Yadav (8 years ago)

Futures contracts of coriander on the NCDEX were up over 1% because of lower availability of stocks with farmers. The front-month July contract was at 4,820 rupees per 100 kg, up 1.4% from the previous settlement. India total annual consumption of coriander is 320,000 tonne, and the amount left with stockists is only half of it. Farmers in the state have very less produce left with them and most of the crop is lying with stockists, who are refraining from selling as they await a rise in prices. In Kota, the benchmark market, the Badami variety was sold at 5,600 rupees per 100 kg, while the Eagle variety was quoted at 5,800 rupees, both up 100 rupees from previous close. Arrivals in Rajasthan were 5,000 bags (1bag=40kg), up 3,000 bags from previous close.

WASDE JUNE RICE OUTLOOK:
Ram Gopal Yadav (8 years ago)

U.S. 2016/17 rice ending stocks are lowered 2.0 million cwt this month on increased exports. Milled exports for 2016/17 are raised 4.0 million cwt on strong demand particularly in the Middle East. However, rough exports for 2016/17 are lowered 2.0 million cwt on a correction in Census data for shipments to El Salvador; the correction also led to a slight reduction in 2015/16 rough exports. Total supplies for 2017/18 are down 2.0 million cwt, reflecting the lower beginning stocks and unchanged production. All rice planted area remains estimated at 2.6 million acres despite weather-related uncertainties in the mid-South and California during planting this spring. NASS will release the Acreage report on June 30 providing an estimate for rice planted area and a forecast for harvested area. Total exports are raised 2.0 million cwt to 112.0 million with milled increased 3.0 million and rough reduced 1.0 million. Ending stocks are lowered 4.0 million cwt to 34.1 million, and the 2017/18 all rice season-average farm price is raised $0.30 per cwt at the midpoint to a range of $11.00 to $12.00. Global supplies are raised fractionally for both 2016/17 and 2017/18. The largest change is a 1.5-million-ton increase in 2016/17 India production to 108.0 million on updated government statistics. Global 2017/18 rice production is lowered fractionally to 481.0 million tons, down 2.1 million tons from the previous year and the second largest on record. Exports are raised 0.6 million tons in 2016/17 and 0.5 million tons in 2017/18 both largely on increases for India. Imports for 2017/18 are raised 0.4 million tons for Bangladesh on tight supplies. Only slight changes are made this month to total use. Ending stocks are raised 0.7 million tons for 2016/17 and 0.8 million tons for 2017/18, respectively.

Egypt buys 0.36 million tonnes of wheat in a purchase tender.
Ram Gopal Yadav (8 years ago)

Egypt state grain buyer GASC bought 0.36 million tonnes of wheat in a purchase tender. GASC had bought 0.24 million tonnes of Russian wheat and 0.12 million tonnes of Romanian wheat, continuing the dominance of Black Sea-origin wheat, which made up the lion share of purchases in last year state tenders.

Iran dispatches 1st wheat cargo to Oman.
Ram Gopal Yadav (8 years ago)

First 35,000 tonne shipment of wheat in the new Iranian year has been deployed to Oman. The country capacity to export two million tons of wheat in the current year (began March 21) and has no need for imports of the product; with careful planning, Islamic Republic of Iran can turn into a giant exporter of wheat and flour.

WASDE JUNE WHEAT OUTLOOK:
Ram Gopal Yadav (8 years ago)

Projected U.S. wheat supplies for 2017/18 are higher this month on increased beginning stocks, production, and imports. Projected 2017/18 U.S. wheat production is slightly increased by 3.8 million bushels to 1,824 million. The NASS June Crop Production report indicates higher Hard Red Winter and Soft Red Winter wheat production forecasts, which more than offset a reduced White Winter wheat crop. All of the wheat use categories are unchanged this month. The net supply increase raises projected 2017/18 ending stocks by 10.8 million bushels to 924.3 million. Carryout remains 20 percent below last year. The 2017/18 season-average farm price is projected at $3.90 to $4.70 per bushel, up 5 cents on both ends of the range. The mid-point of this range is up $0.40 from 2016/17. High-protein wheat supplies are expected to remain constrained in 2017/18, resulting in relatively higher prices for this wheat. Global wheat supplies for 2017/18 are raised 2.8 million tons, primarily on higher forecast wheat production for Russia, which is up 2.0 million tons to 69.0 million. Conditions continue to be favorable for winter wheat in most areas since the crop emerged from dormancy. Turkey’s wheat production is also forecast higher, up 0.5 million tons to 18.0 million on improved crop conditions this spring. India’s wheat production forecast is reduced 1.0 million tons to 96.0 million but is still record large and 9.0 million tons above 2016/17. European Union wheat production is forecast modestly lower at 150.8 million tons on a smaller expected crop in Germany but still 4 percent above last year. Foreign exports for 2017/18 are fractionally higher this month with increases in Argentina and Iran more than offsetting a reduction for the EU. Imports are projected higher for Brazil, Chile, and South Africa but down for Iran. Total world consumption is marginally lower, as a 1.0-million-ton reduction in India is only partially offset by increases in Russia, Brazil, and Chile. Global ending stocks are projected at a record 261.2 million tons, up 2.9 million from last month.

India maize prices down on quality concerns in Purnea market.
Ram Gopal Yadav (8 years ago)

Prices of maize fell in the key wholesale market of Purnea due to poor demand for moisture-laden crop. The quality of the grain deteriorated after recent heavy rains in the region. The coarse grain was sold down 20-25 rupees from previous close. June contract of maize on NCDEX was up 0.9% from the previous close.

Thailand rice prices high on strong demand from importing countries.
Ram Gopal Yadav (8 years ago)

Prices of Thai rice hit their highest in nearly four years while those of the Vietnamese grain rose to their strongest in more than two years on strong demand from key importing countries. Thailand’s benchmark 5-percent broken rice RI-THBKN5-P1 was quoted at $440-$457 a tonne, free-on-board (FOB) Bangkok, up from $430 last week. Exporters are now buying the grain at much higher prices than when deals were struck, while some have shied away from fresh deals. Thailand has exported 5.09 million tonnes of rice so far, this year, up 15.7 percent from the same period last year.

Vietnamese rice prices hit highest in over two years.
Ram Gopal Yadav (8 years ago)

In Vietnam, the 5-percent broken rice RI-VNBKN5-P1 was quoted at $395-$400 a tonne, FOB Saigon, up from $390 last week, and the highest level since November 2014. Prices are expected to rise further in Thailand and Vietnam, the world’s second and third biggest rice exporters. Demand from key importers of the grain has been strong this year. Most private traders and farmers are still holding grains for higher prices. Bangladesh also plans to increase rice imports from Vietnam to 500,000 tonnes by end-2017 and to buy 1 million tonnes of Vietnamese rice annually until 2022.

Rice Strong demand from Bangladesh and Philipines.
Ram Gopal Yadav (8 years ago)

Bangladesh is set to import 250,000 tonnes of rice from Vietnam in a government-to-government deal, as part of an effort to build reserves, which are at 10-year lows, and rein in record-high local prices after flash floods hit output. The Philippines has also said it would issue a tender next month to import 250,000 tonnes of the grain from Thailand and Vietnam, and possibly also India. In India, the world’s biggest rice exporter, prices of 5-percent broken parboiled rice RI-INBKN5-P1 climbed by $2 per tonne to $415-$418, as demand from overseas buyers rose.