MCX October cotton down 1% as output seen higher.
Ram Gopal Yadav (9 years ago)

The October contract of the new crop cotton fell over 1% on the MCX due to projection of higher output in 2017-18 (Oct-Sep). Increase in acreage across the country and forecast of normal monsoon is likely to boost yield of the crop next season. The US Department of Agriculture has pegged India 2017-18 (Aug-Jul) cotton output at 28.0 million bales (1USbale=480pound), up 6% on year. On the MCX, the October contract traded at 19,420 rupees per bale (1bale=170kg), down 1.1% from the previous close, the most-active June contract trading down 0.4% at 20,950 rupees. Weakness in cotton futures on the ICE further contributed to the fall. On ICE, the most active July contract traded at 77.47 cents per pound, down 0.2%.

Global body sees 2017-18 cotton prices to gain on low year-end stock.
Ram Gopal Yadav (9 years ago)

Cotton prices in 2017-18 are set to rise due to projection of a fall in global stocks despite higher production. Currently, the December futures contract of cotton on the InterContinental Exchange is at 73.38 cents per pound. For 2017-18, global cotton output is estimated to rise to 24.01 million tonne, against the estimate of 22.89 million tonne for last year. Consumption is expected to rise to 24.60 million tonne from 24.26 million tonne last year. Global year-ending stocks are expected at 16.41 million tonne, against 17.37 million tonne in the previous year. Cotton output in India, the largest producer, is estimated to rise 3% to 6.0 million tonne in 2017-18.

NCDEX coriander at over 4-year low on higher output.
Ram Gopal Yadav (9 years ago)

Futures contracts of coriander on the NCDEX extended losses and slipped to a four-and-a-half-year low of 4,583 rupees per 100 kg because of a rise in production in 2016-17 (Oct-Sep). The most-active June contract was at 4,618 rupees per 100 kg, down 1.8% from the previous settlement. Higher imports of coriander from Ukraine, Bulgaria, and Russia also dampened sentiment. India is likely to have imported around 12,000-13,000 tonne of coriander at $400 per tonne in 2016-17 (Apr-Mar), according to trade estimates. Despite 36% import duty, the imported variety is cheaper compared to the Indian variety.

India Wheat prices unchanged in spot markets, down on NCDEX.
Ram Gopal Yadav (9 years ago)

Demand for wheat is weak in south India, as there are ample stocks of imported wheat at ports and domestic markets are also flooded with supplies due to a bumper crop this year. wheat futures on the National Commodity and Derivatives Exchange ended down. The most active June contract ended down 0.2% from the previous close.

Wheat prices edge up as adverse weather could hit U.S. crops.
Ram Gopal Yadav (9 years ago)

Wheat was supported by forecasts of warm and dry weather in the northern U.S. Plains, potentially stressing newly planted spring wheat, and as excessive rains have swamped fields in the southern Plains and the Midwest. The most active wheat futures on the Chicago Board of Trade climbed 0.2 percent to $4.30-1/4 a bushel. The U.S. Department of Agriculture this week rated 62 percent of the U.S. spring wheat crop as good to excellent, down significantly from 79 percent a year earlier.

Wheat prices flattened out in Russia market last week.
Ram Gopal Yadav (9 years ago)

Export prices for Russian milling wheat with 12.5% protein closed the week within $185-188/MT FOB in Novorossiysk port for June delivery. This is on average down $4-5/MT year-on-year. Russian wheat exports in the latter half of the season are up 17.5% from last year. May wheat exports from Russia may approximate 1.6-1.8 MMT.

CBOT wheat contract up.
Ram Gopal Yadav (9 years ago)

wheat contract climbed 0.5 % to $4.31-3/4 a bushel, having closed up 0.1 % on previous close. Wheat up half a percent on forecasts of hot, dry U.S. weather. Dryness and hot weather are causing concerns for the U.S. wheat crop.

Acreage under maize is at around 53,000 hectares, up 178.9 % on year.
Ram Gopal Yadav (9 years ago)

Sowing under coarse grains is about 125,000 ha, against 101,000 ha in the corresponding period last year. The rise in acreage under most crops is largely due to good rains in major growing regions of the country over the last two weeks. Betting on good monsoon rains, the agriculture ministry is targeting food grain production at an all-time high of 280 million tonne in the new crop year that starts June, higher than this year record of 273.4 million tonne.

Maize price remained unchanged in spot markets, high on NCDEX.
Ram Gopal Yadav (9 years ago)

Maize futures on the NCDEX ended slightly higher due to firm demand from stockists for the superior quality crop. The current month contract of rabi maize ended up 0.2% from the previous close. In spot markets, prices of the coarse grain remained unchanged. In Purnea, Bihar, the superior quality grain was sold at 1,220-1,225 rupees per 100 kg, while the low-quality variant was quoted at 1,100-1,120 rupees per 100 kg. With improving weather conditions, supply of superior quality maize is increasing.