CBOT soybean near 14-month low on technicals, better U.S. weather.
USDA corn exports rises.
USDA corn export 1.195 MMT for the week ending May 25. That is an improvement of 2.28% over last week and 51.9% above the same week last year. With the short week, the EIA weekly ethanol report will be released on Thursday.
Russia reducing dependence on soybean meal imports.
Russia reducing dependence on soybean meal imports.
Grain exports from Ukraine exceeded 40 MMT.
Ukraine exported 40.11 MMT of grains in 2016/17 by May 24, or 11.6% more than shipped abroad at the same time a year ago (35.95 MMT). Included 16.54 MMT of wheat (+8.1% year-on-year), 18.19 MMT of corn (+12.3%) and 5.15 MMT of barley (+21.3%). In the same period, exporters also shipped abroad 330 KMT of flour, including 328.6 KMT of wheat flour and 1.3 KMT of flour from other cereals.
Jaipur mustard at 2-year low on high supply, low buys.
Jaipur mustard at 2-year low on high supply, low buys.
Thailand govt to liquidate 18 million tonne rice from reserves.
Thailand Prime Minister has asked the commerce ministry to sell 18 million tonne of stocked rice to save the huge cost of maintaining inventories. The government has already sold 13 million tonne of rice procured from farmers at a minimum support price. The government took three years to sell the rice stock and it fetched lower prices but deteriorating quality of the grain made the sale necessary. Thailand competes with India in the global rice export market.
ICE Canada canola futures drop in light trading.
ICE Canada canola futures drop in light trading.
All-India cotton arrivals down at 40,100 bales.
Arrivals of cotton at major spot markets across the country were at 40,100 bales (1bale=170kg), down marginally from 40,500 bales previous close.
Rapeseed oil production in Russia down 18% in 2016/17.
Rapeseed oil production in Russia down 18% in 2016/17.
NCDEX cotton oilcake extends losses on weak demand.
Futures contracts of cottonseed oilcake on the NCDEX extended their fall and hit a fresh 17-month low of 1,802 rupees per 100 kg due to sluggish demand. Cheaper alternatives for cattle feed weakened the demand for cottonseed oilcake. The most active June contract of cottonseed oilcake on the NCDEX traded at 1,813 rupees per 100 kg, down 0.48% from the previous close. In Akola, cottonseed oilcake was sold at 2,000 rupees per 100 kg, steady.
Mustard seed futures slide on weak spot sentiment.
Mustard seed futures slide on weak spot sentiment.
MCX cotton up as USDA sees world 2017-18 end-stock down.
Futures contracts of cotton on the MCX traded higher, tracking a rise in benchmark cotton contract on the ICE, where lower estimates for global 2017-18 ending stocks pushed prices higher. The US Department of Agriculture has cut its estimate for global ending stocks of cotton for 2017-18 to 87.14 million bales (1USbale=480pound) from 89.52 million bales projected in 2016-17. On the MCX, the June contract was at 21,270 rupees per bale (1bale=170kg), up 0.3% from the previous close, while the most active July contract on the ICE was at 77.35 cents per pound, up 0.3%.
NYMEX crude oil down as Libya supply seen rising.
NYMEX crude oil down as Libya supply seen rising.
NCDEX coriander hits 4.5-year low on cheap imports.
Futures contracts of coriander on the NCDEX hit a four-and-a-half-year low of 4,927 rupees per 100 kg because of a rise in cheap imports from Ukraine, Bulgaria and Russia. The most-active June contract traded at 4,982 rupees per 100 kg, down 2.9% from the previous settlement. At Kota, the benchmark market for the commodity, the Badami variety quoted 5,900 rupees per 100 kg, while the Eagle variety was sold at 6,200-6,400 rupees, both unchanged from previous close. Arrivals in Ramganj and Kota were 4,700 bags (1bag=40kg) down 1,300 bags from the previous day.
Groundnut seed down in Gondal on higher arrivals.
Groundnut seed down in Gondal on higher arrivals.
Wheat prices fall in Indore as govt buying ends.
In Indore, good-quality grain was sold down 5-10 rupees per 100 kg, while mill-quality wheat down 5-10 rupees per 100 kg. Now that government buying has stopped, farmers are bound to bring even the superior quality wheat to markets, leading to rise in supply. So, there is a steeper fall in superior quality wheat. The government has bought nearly 6.7 million tonne wheat from Madhya Pradesh. As of now, the government had no plans to extend the procurement scheme.
India coffee exports during Jan 1- May 29.
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.
India wheat procured 29.7 million tonne, up 29.6% on year.
Overall, the Centre has procured 29.7 million tonne wheat across the country, up 29.6% on year but short of its initial target of 33 million tonne. In Uttar Pradesh, the largest wheat producing state, the the government has procured 2.7 million tonne wheat, close to target of 3.0 million tonne. In Punjab, the government has crossed the target of 11.5 million tonne and as of Monday, the procurement was at 11.7 million tonne, up 9.9% from a year ago. The government has procured 7.4 million tonne wheat in Haryana, up 10.1% on year, almost achieving the target of 7.5 million tonne.
ICRA says higher fair price for cane to lift sugar production cost.
ICRA says higher fair price for cane to lift sugar production cost.
US Quarter of Kansas wheat in poor, very poor condition.
The latest government update shows a quarter of the winter wheat crop in Kansas is in poor to very poor condition. 30 percent of the state wheat is rated in fair condition. About 38 percent is in good and 7 percent in excellent condition. Wheat coloring is at 39 percent. Hail in northwestern Kansas has damaged some wheat and recently planted spring crops. The southern half of the state was mostly dry this past week while areas in the north got up to two inches of rain.