Experts say 5% GST on oilseeds may spur soymeal import, hit farmers.
South Africa To Reap Bumper Maize Harvest.
Farmers are set to produce over 15 million tons of maize, a 50% excess of the expected yield. Maize is a staple food in South Africa and the BBC reports that it is the country biggest harvest in more than thirty years. The bumper harvest follows months of above average rainfall in January and February.
National agricultural academy urges govt to approve GM mustard.
National agricultural academy urges govt to approve GM mustard.
NCDEX coriander up on short covering, high demand.
Futures contracts of coriander on the NCDEX were trading higher as investors covered their short positions after prices slipped to a four-and-a-half-year low of 4,535 rupees per 100 kg in early trade. The most active June contract was at 4,650 rupees per 100 kg, up 0.8% from the previous settlement. Prices of coriander also rose because of improved demand from stockists. Arrivals in Rajasthan were pegged at 6,500 bags (1bag=40kg), up from 2,800 bags on previous close.
NCDEX mustard up as investors cover short position.
NCDEX mustard up as investors cover short position.
India coffee exports during Jan 1- Jun 2.
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.
Soybean recovers on talk of import duty hike.
Soybean recovers on talk of import duty hike.
MCX cotton down on global cues; output seen higher.
Futures contracts of cotton fell on MCX today trackin weakness in cotton futures on ICE, and because of higher year-to-September 2018 output estimates. Progress of sowing across the country dampened the sentiment. Indian farmers had sown cotton across 1.22 mln ha as of Thursday, up 29.7% on year. On MCX, the June cotton contract was at 20,820 rupees per bale (1bale=170kg), down 0.5% from the previous close, while the most-active December contract on ICE was at 72.59 cents per pound, down 0.5%.
NCDEX soybean fell low on higher stocks in markets.
NCDEX soybean fell low on higher stocks in markets.
Sugarcane acreage for 2017-18, at 4.69 mln ha till, up 5.3% on year.
Sugarcane acreage for 2017-18, at 4.69 mln ha till, up 5.3% on year.
SEA seeks hike in import duty on edible oils to check falling prices.
SEA seeks hike in import duty on edible oils to check falling prices.
India Wheat procurement crosses 30 million tonnes; UP buys one-tenth.
FCI and state government agencies has crossed 30 million tonnes (MT) during the current rabi marketing season. This is seven MT more than the total quantity of grain purchased during the same period previous year. While Punjab, Haryana and Madhya Pradesh have procured almost three-fourth of the total stock, Uttar Pradesh has made remarkable improvement. Till Monday, UP procured little over three million tonnes against only eight lakh tonnes during the corresponding period during last year.
Sugar down in north India on low buys, steady in Maharashtra.
Sugar down in north India on low buys, steady in Maharashtra.
Extended dryness in Australia buoys spot wheat prices.
Offers for Australian premium white prices were trending higher than previous close, seen up about $3/mt in South Australia, as extended dryness and a bleak outlook propped up old crop prices. Production for the coming season could face downside risk given the unfavorable weather forecast and expectations of significantly lower yield. Australia is forecast to produce about 24 million-25 million mt of wheat in 2017-18 (October-September), down 30-32% from last season. Lower production in Australia could potentially help steady global wheat prices.
Coke, Cargill enter fray as sugar dispute threatens Mexico trade.
Coke, Cargill enter fray as sugar dispute threatens Mexico trade.
US wheat prices firm as US pegs crop condition below market forecasts.
Wheat futures edged up as the U.S. Department of Agriculture pegged the condition of the domestic crop below market expectations, stoking fears of production losses following recent adverse weather. The most active wheat futures on the Chicago Board of Trade rose 0.35 percent to $4.31 a bushel, having closed little changed on previous close. The USDA rated 55 percent of the U.S. spring wheat crop in good-to-excellent condition, down from 62 percent a week earlier.
Chana prices down in Delhi on low demand from mills.
Chana prices down in Delhi on low demand from mills.
Russian wheat prices rise on concerns over Black Sea crops.
Prices for the new crop for July-August delivery at $173-$177 a tonne, up $1.50, while IKAR put prices at $176, up $2 from the previous week. Russian wheat export prices have risen for a third consecutive week due to persistent concerns over wheat crops in Russia and Ukraine to be harvested this summer. Last week, Russia agriculture ministry downgraded its forecast for Russia 2017 grain crop to 100-105 million tonnes from a previous 110 million tonnes due to unfavourable weather. Russian prices have also been supported by demand from Egypt, the largest market for Russian wheat. Last week, Egypt state buyer agreed to buy 120,000 tonnes of Russian and 60,000 tonnes of Romanian wheat, for July 1-10 delivery.
Tur acreage for 2017-18 at 8,000 ha till now, up 60% on LY.
Tur acreage for 2017-18 at 8,000 ha till now, up 60% on LY.
USDA arm sees India 2016-17 rice exports at 11 million tonne.
India wheat exports in 2016-17 marketing year (Oct-Sep) are likely to be at 11 million tonne, up from 10.2 million tonne a year ago. the country had exported 5.2 million tonne rice, up from 4.8 million tonne in the year ago period. Indian rice exports have risen due to strong demand for non-basmati rice from African countries and neighboring Bangladesh, a record production at home and international parity in prices.