India Food ministry proposes 4.8-4.9 million tonne open market wheat sale FY18.
Ram Gopal Yadav (8 years ago)

The food ministry has proposed to offer 4.8-4.9 million tonne wheat under the open market sale scheme during 2017-18 (Apr-Mar) marketing year. The ministry has proposed selling the grain at a base price of 1,791 rupees per 100 kg, including a minimum support price of 1,625 rupees, 125 rupees for incidentals, 41 rupees for loading and unloading. The sale is expected to begin by mid-June. In 2016-17, government sold 4.6 million tonne wheat at a base price of 1,640 rupees per 100 kg, against the initial plan to sell 6.5-7.5 million tonne. The Food Corp of India releases wheat and rice in the open market to boost supply of grains during the lean season and keep a check on market prices.

Wheat rises on NCDEX on short covering, flat in spot.
Ram Gopal Yadav (8 years ago)

June wheat contract ended up 0.6% from the previous close, as traders covered their short positions after prices fell in last four sessions. Demand from states in the southern part of the country is weak, as these states have huge stocks of imported wheat at ports. Prices, however, remained unchanged in the wholesale markets.

Russia year to Jun wheat export seen at record high.
Ram Gopal Yadav (8 years ago)

Russia wheat exports are likely to touch a record high of 27 million tonne in 2016-17 (Jul-Jun). Wheat exports from Russia have already beaten last year record high of 25 million tonne. The USDA has also forecast Russia to be the world second-largest wheat exporter in 2017, with total overseas sales of 28.0 million tonne. Russia wheat exports are higher than last year as the government has scrapped the 50% export duty on the grain. Exports were supported by a weak rouble which makes Russian grain cheaper for foreign buyers, and by poor output in Germany and France.

Canada ups 2017-18 wheat supply estimate 1% from April.
Ram Gopal Yadav (8 years ago)

Agriculture and Agri-Food Canada, a government agency, has raised its estimates for Canada wheat supply in 2017-18 (Aug-Jul) to 36.51 million tonne in its May forecast, up 1% from its April view. the country total wheat exports, including durum quality, are seen at 20.9 million tonne in 2017-18, down nearly 1% from its earlier forecast due to lower-than-expected demand for the grain.

Egypt procures 2.9 million tonnes local wheat since start of season.
Ram Gopal Yadav (8 years ago)

Egypt has procured 2.9 million tonnes of wheat from local farmers since the harvest began in mid-April. The local procurement season runs until July and targeting between 3.5 million to 4 million tonnes of local wheat this year. Egypt consumes 9.5 million tonnes of wheat to make its subsidised bread, 4 million tonnes from the local harvest and 5.5 million tonnes from imports.

NCDEX maize contracts down 1% tracking spot market.
Ram Gopal Yadav (8 years ago)

Active August contract of rabi maize traded down 0.8% from the previous close. The July contract traded 0.4% lower. Prices fell in the spot market because of rise in supplies. In the benchmark market of Purnea, Bihar, the grain was quoted down 10 rupees. Arrivals of the grain were pegged at 4,000 tonne, compared with 3,000 tonne on previous close. Arrivals have gained pace again now, after the rains and demand is also good for the fresh arrivals in markets.

Dairy body buys maize at 1,754-1,844 rupee/100 kg.
Ram Gopal Yadav (8 years ago)

The National Cooperative Dairy Federation of India bought 500 tonne maize at 1,844 rupees per 100 kg and another 350 tonne at 1,754 rupees per 100 kg through an online auction. The commodity, which is used as cattle feed, was bought on behalf of the Kerala Co-operative Milk Marketing Federation. The federation, which has nearly 200 dairy cooperatives as its members, has developed an online trading platform to purchase feed stock and sell dairy products.

South Africa maize output seen doubling to record harvest.
Ram Gopal Yadav (8 years ago)

South Africa will likely harvest a record 15.6 million tonnes of maize in 2017, double last year output after favourable weather conditions lifted yields. The fourth production forecast for the season, which is almost 6% higher than market expectations of 14.73 million tonnes, will be the largest crop since 1981 which reached 14.656 million tonnes. The staple white contract for September fell 2.35% to R1,794 per tonne, about 65% lower than its record of over R5,200 in January last year. The forecast may further depress maize prices, which will help break inflation and food prices while cutting the margins for farmers.

Bangladesh gets lowest offer of $406.48/T in rice import tender.
Ram Gopal Yadav (8 years ago)

May 28 Bangladesh received a lowest offer of $406.48 a tonne from Singapore-based Agrocorp International in a tender that opened on Sunday to import 50,000 tonnes of white rice. Five traders competed for the tender issued by the Directorate General of Food at a time when local rice prices have reached record highs and state reserves are at 10-year lows.

Bangladesh rice prices break world record.
Ram Gopal Yadav (8 years ago)

Bangladeshis buy the poorest quality of rice at the highest prices in the world. According to the government, a kilogramme of a coarse variety of rice is being sold at Tk 48, setting a record in the country economy. Another South Asia nation, Pakistan, stood second on the chart, but its nationals buy the same variety of rice at Tk 10 less than in Bangladesh. Trading Corporation of Bangladesh (TCB), in the past month, the price of rice has increased by 11 per cent and prices have doubled in the past one year.