MCX October cotton down 1% as output seen higher.
Ram Gopal Yadav (8 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 (8 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 (8 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 fall in major spot markets on weak demand.
Ram Gopal Yadav (8 years ago)

Wheat prices fell 10 rupees in the wholesale markets of Delhi and Kota due to high supplies amid weak demand. Markets are flooded with wheat supplies as the country had a bumper harvest this year but demand from bulk buyers is weak. Although the government made high purchases to support prices and build their stocks, procurement has slowed now and this is further creating bearish sentiment in the market. NCDEX June contract ended down 0.1% from the previous close.

Russia Sowing progress of cereals and pulses.
Ram Gopal Yadav (8 years ago)

Planting of spring cereals and pulses was completed on an area of 24.839 million hectare (80% of the plan). This is 4.7% less than planted at the same time last year (26.077 million ha). Spring barley was sown on 6.517 million ha (84.6%) against 6.897 million ha in 2016, spring wheat on 10.250 million ha (75.6%) against 11.496 million ha in 2016, rice on 0.157 million ha (74%) against 0.172 million ha a year ago. Corn planting in Russia is 90% complete. The crop was sown on 2.747 million ha against 2.508 million ha 2016.

Egypt purchased 180 KMT of milling wheat from Russia and Romania in a tender.
Ram Gopal Yadav (8 years ago)

Egypt purchased 180 KMT of milling wheat from Russia and Romania with shipment during July 1–10, 2017 at an average price of USD 202.61/MT C&F. The price in the previous tender equaled USD 207.91/MT C&F. In the previous tender, on May 17, 2017 Egypt bought 295 KMT of milling wheat from USA, Russia, Ukraine and Romania with shipment during June 15–24, 2017.

India maize unchanged in spot market.
Ram Gopal Yadav (8 years ago)

Maize prices remained unchanged in Purnea, Bihar, with good quality grain sold at 1,220-1,225 rupees per 100 kg and low quality at 1,100-1,120 rupees per 100 kg. With improving weather conditions, supply of good quality maize is increasing. On NCDEX, most active June maize contract ended almost flat at 1,301 rupees per 100 kg.

Bulgaria Corn export prices strengthened following the world market.
Ram Gopal Yadav (8 years ago)

Trading activity in Bulgaria grain market remains sluggish. The corn market is flat. The demand is weak both from traders and millers. Despite the price decline in the domestic market, export prices for Bulgarian corn somewhat strengthened following the world market. Bulgarian traders continue working with old-crop wheat, though this season exportable inventories have run out. Bulgaria exported 3.95 MMT of wheat by May 19. Bulgaria continues supplying small volumes of wheat both to the EU market and beyond its borders.