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.
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.
Bihar maize prices up as rains likely to hit supply.
In Gulabbagh, mill quality maize was sold up 5-7 rupees per 100 kg. Rains in the state have triggered concerns of fall in supplies and deterioration in the quality of stocked grain. Maize futures on the NCDEX also ended higher due to firmness in spot markets and short covering after prices fell in the last three sessions. The most active July contract ended up 0.7%, while June contract was up 1.3% from the previous close.
Dairy body to buy 2,750 tonne maize via e-auction.
The National Cooperative Dairy Federation of India will buy 2,750 tonne maize through a reverse electronic auction on Monday. The commodity, used as cattle feed, will be bought on behalf of the Rajasthan Cooperative Dairy Federation. The National Cooperative Dairy Federation of India, which has nearly 200 dairy cooperatives as members, has developed an online trading platform to purchase feed stock and sell dairy products.
China cuts 2017/18 corn output forecast after bad weather affects planting.
China agriculture ministry on Friday cut its 2017/18 corn output forecast to 211.65 million tonnes, down 3.6 percent from 213.18 million tonnes predicted last month, after drought and hail hit planting in the country northeast.
Brazil second corn harvest forecast upward.
Forecaster Agroconsult revised its outlook for Brazil second crop corn harvest this year to 68.8 million tonnes on Thursday, from a previous forecast of 67 million tonnes in May, as rains lead to record productivity in the key state of Mato Grosso.
Govt open market wheat sale to start Jun 15 in non-procuring states.
Government start selling wheat under open market sale scheme in non-procuring states from Jun 15 and in procuring states from July. The base price for the open market sale been set at 1,790 rupees per 100 kg for procuring state, adding that in non-procuring states, the reserve price will rise by an amount equal to ex-Ludhiana railway freight. The government is likely to offer 5.0 million tonne wheat for sale under open market sale scheme during 2017-18 (Apr-Mar).
All-India cotton arrivals down at 32,000 bales.
Cotton arrivals at major spot markets across the country were at 32,000 bales (1 bale = 170 kg) on Wednesday, lower than 36,500 bales on Tuesday.
FAO raises global wheat output estimate by 2.8 million to 743.2 million tonne.
The Food and Agricultural Organization has scaled up its estimate for global wheat production in 2017-18 to 743.2 million tonne from 740.4 million tonne projected earlier. While output is likely to rise in the European Union and North Africa, it is expected to fall in North America, Russia and Australia. The estimate for overall supplies was raised to 990.6 million tonne from 980.0 million tonne a month ago due to an increase in global stocks. Global wheat stocks in 2017-18 are estimated at a record high of 257.4 million tonne, up from 247.6 million tonne projected in May. The highest share in global stocks would be China at 108.5 million tonne. The FAO has cut its estimate for global wheat trade in 2017-18 to 171.0 million tonne from 170.0 million tonne due to lower imports from Asia and Africa.
NCDEX cotton oilcake up 2% on bargain buying.
Futures contracts of cottonseed oilcake on NCDEX were 2% higher on bargain buying by investors after prices fell to over 18-month low of 1,568 rupees per 100 kg. The most active July contract of cottonseed oilcake on NCDEX was at 1,707 rupees per 100 kg, were up 2.2% from previous close, while June contract was up 1,632 rupees per 100 kg, up 2.1%. Open interest in the July contract increased to 92,740 tonne from 88,830 tonne indicating bargain buying by investors. In Amravati, Maharashtra cottonseed oilcake was sold for 1,650-1,750 rupees per 100 kg, up 5-10 rupees from previous close.
Wheat prices rise in Kota as supply seen down after rains.
Prices of wheat in the key wholesale market of Kota in Rajasthan rose due to concern about damage to the stocked grains following recent rains. In Kota, mill-quality wheat was sold up 10-15 rupees. In Delhi, the grain was sold up 5 rupees as arrivals from supplying states have come down. Futures contracts of wheat on the NCDEX were subdued, with the most active June contract ending down 0.1% from the previous close.
India coffee exports during Jan 1- Jun 7.
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 tonne. The board has estimated the output for 2016-17 at 316,700 MT tonne, down 9% on year.
Russian wheat export prices higher supported by demand from Egypt.
Russian wheat export prices have edged higher for a third consecutive week due to persistent concerns over wheat crops in Russia and Ukraine to be harvested this summer. Cold weather in central Russia is delaying crop development. Russia agriculture ministry downgraded its forecast for Russia 2017 grain crop to 100-105 million tonnes from a previous 110 million tonnes due to unfavorable weather. Russian prices have also been supported by demand from Egypt, the largest market for Russian wheat. Egypt state buyer agreed to buy 120,000 tonnes of Russian and 60,000 tonnes of Romanian wheat, for July 1-10 delivery.
Russian company to start wheat supplies to Syria this year.
dyg-Yurak company plans to start Russian wheat deliveries to Syria this year. The first lot of the new harvest will be about 200,000 tonnes and total volume of wheat exported to Syria under the contract will be 1-1.2 million tonnes in total in this and the next year.
Grain exports from Ukraine exceeded 40.7 MMT.
Ukraine exported 40.75 MMT of grains in 2016/17 by May 31, or 11.2% more than shipped abroad at the same time a year ago (36.64 MMT). This volume included 16.67 MMT of wheat (+6.7% year-on-year), 18.57 MMT of corn (+12.6%) and 5.25 MMT of barley (+22.1%). In the same period, exporters also shipped abroad 339.4 KMT of flour, including 338 KMT of wheat flour and 1.3 KMT of flour from other cereals.
Buckwheat groats production in Ukraine increased 12%.
Ukrainian groats production continued recovering in 2017. 103.8 KMT of groats were produced in the four months of the current year, i.e. 1.6% more than at the same time in 2016 (102.2 KMT was made in January-April 2016). The greatest rise is seen in output of oat groats. In the period under review, oat groats production in Ukraine expanded 2.5 times to 1.84 KMT. Output of rice groats also continued growing: it gained another 73% and reached 8.32 KMT. In addition, Ukrainian production of buckwheat and corn groats recovers as well. In January-April, buckwheat groats production increased 12.5% to 15.61 KMT, while that of corn groats gained 2.7% and reached 22.30 KMT. A decline is observed in output of millet and barley groats. In these months of 2017, production of millet groats decreased 19.3% (to 5.71 KMT), output of peeled barley groats dropped by 19.1% (to 2.73 KMT) and that of pearl barley groats fell by 7.9% (to 3.07 KMT).
Rice sowing target in Kazakhstan exceeded by 11%.
Despite the late arrival of spring, planting in Kazakhstan has already almost caught up with last year progress, even outpaced it in some regions. The lag in individual grain growing regions results from rainy weather at the plantings time. Spring spiked cereals were sown on an area of 12.53 million hectare, 2017 (87.5% of the plan) that is 4.6% less than at the same time last year (13.13 million hectare or 89.6% of the plan). The rice sowing target in the country has already been exceeded by 11%. Kazakh farmers planted 102.7 thousands hectare of rice by the reporting date, or 14.5% more than at the same time last year (89.7 thousands hectare).
Thailand Most edible rice in old stockpile now sold.
The National Rice Policy Committee has approved the 16.56-billion-baht sale of 1.66 million tonnes of old rice to auction winners, leaving only 160,000 tonnes of edible rice in the stockpile. the committee endorsed the sale of the rice that 24 bidders won in the second auction of old government rice this year. 90.84% of the 1.82 million tonnes put up for auction were sold. 90.84% of the 1.82 million tonnes put up for auction were sold.
Corn up for 5th day as dry weather threatens U.S. crop.
Corn hovers near last session 1-year high on U.S. dryness. Chicago corn rose for a fifth consecutive session and traded near a one-year high hit in the previous session as concerns over dry weather across the U.S. Midwest triggered short-covering. CBOT corn contract rose 0.4 percent to $3.86-1/4 a bushel, having gained 2 percent in the previous session when prices climbed to $3.87 a bushel, the highest since June 2016. Hot and dry weather in the northern U.S. Plains and northern Midwest is expected over the weekend, potentially damaging crops.
Corn World ending stocks.
Corn 2016/17 world ending stocks to rise slightly to 224 MMT from the May estimate of 223.9 MMT. Trade estimates also call for the 2017/18 world ending stocks to be 196.5 MMT, up from the May estimate of 195.3 MMT.