India Wheat procurement crosses 30 million tonnes; UP buys one-tenth.
Ram Gopal Yadav (8 years ago)

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.

Extended dryness in Australia buoys spot wheat prices.
Ram Gopal Yadav (8 years ago)

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.

US wheat prices firm as US pegs crop condition below market forecasts.
Ram Gopal Yadav (8 years ago)

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.

Russian wheat prices rise on concerns over Black Sea crops.
Ram Gopal Yadav (8 years ago)

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.

USDA arm sees India 2016-17 rice exports at 11 million tonne.
Ram Gopal Yadav (8 years ago)

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.

Rice, corn sown early in Thailand on good rains.
Ram Gopal Yadav (8 years ago)

The cultivation of main crop rice and corn in Thailand is occurring much sooner than the year-ago period due to favourable rainfall and sufficient water reservoir levels. Thailand Royal Irrigation Department crop progress report indicated that approximately 300,000 ha main-crop rice has been planted in irrigated areas, compared to 4,800 ha in the year ago period. Thai rice exports during Jan-Apr (2017-18), was at 3.6 million tonne, up 2% on year. Exports of corn from the country in 2016-17 are revised up to 700,000 tonne, compared to 500,000 tonne in the previous forecast.

India Prices of maize fall in Purnea due to higher supplies.
Ram Gopal Yadav (8 years ago)

The good-quality crop was sold in Purnea, down 20-25 rupees from previous close, while average-quality maize was sold down 10-15 rupees. Arrivals at the market rose to 5,000 bags (1bag=100kg) from 4,000 bags on previous close. NCDEX most active June contract of rabi maize ended down 1.2% from the previous close. Mill-quality wheat was in Delhi, up 5 rupees fromprevious close. Arrivals to Delhi are slightly down.

CBOT Corn update.
Ram Gopal Yadav (8 years ago)

The most active corn futures fell 0.27 percent to $3.72 a bushel, after gaining nearly 0.1 percent in the previous session. The government rated 68 percent of the U.S. corn crop as good-to-excellent, up from 65 percent a week earlier and above an average of analyst expectations of 67 percent.