Soybeans fall as South American production weighs.
NCDEX maize contracts down 1% tracking spot market.
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.
Delhi chana down on higher arrivals, subdued demand.
Delhi chana down on higher arrivals, subdued demand.
Dairy body buys maize at 1,754-1,844 rupee/100 kg.
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.
Akola tur dn as demand low, monsoon onset seen early.
Akola tur dn as demand low, monsoon onset seen early.
South Africa maize output seen doubling to record harvest.
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.
CBOT soybean down on global crude oil cues.
CBOT soybean down on global crude oil cues.
Bangladesh gets lowest offer of $406.48/T in rice import tender.
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.
NCDEX soybean falls to 5-year low; high expiry stocks.
NCDEX soybean falls to 5-year low; high expiry stocks.
Bangladesh rice prices break world record.
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.
Mustard seed prices tad up in Jaipur on bargain buys.
Mustard seed prices tad up in Jaipur on bargain buys.
Pakistan import duty may dent India 2017-18 cotton exports.
Pakistan has decided to re-introduce the 4% customs duty on imports of cotton for 2017-18 (Aug-Jul), a move that has raised an alarm for India as this may hit its exports. Though it is still premature to put a number to the quantum of fall in exports, traders estimate it at 0.5-1.0 million bales (1bale=170kg), or 25-50% of this year’s exports to Pakistan. India total cotton exports to Pakistan are estimated at 1.8-2.0 million bales in 2016-17 (Oct-Sep). Import duty (in Pakistan) may have negative impact on India’s exports to the tune of 1 million bales.
Cotton body ups 2017-18 global output estimate, demand forecast unchanged.
UK-based Cotton Outlook has raised its forecast for global cotton output in 2017-18 (Aug-Jul) to 24.49 million tonne from 24.40 million tonne projected in April. Higher returns and better yields have encouraged farmers to cultivate more area under the fibre. The agency retained its estimates for global cotton consumption during the year, at 24.45 million tonne. Consequently, global stock levels are now expected to rise by 44,000 tonne, compared with a forecast of a 47,000-tn decline in April.
India coffee exports during Jan 1- May 25.
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.
J Thomas coffee auction volume at 57 tonne, up 32% on week.
J. Thomas & Co Pvt Ltd sold 57.0 tonne coffee out of the 193.3 tonne on offer in Bengaluru. The volume sold was 31.9% higher than the previous auction on May 18. Of the total coffee up for auction, 119.3 tonne was of the Arabica variety while 74.0 tonne was Robusta. All sections of domestic trade continued to purchase coffee only for their immediate requirement.
Punjab records 11% higher yield of wheat this year.
Even as the area under wheat crop has decreased in Punjab, the state has recorded 11% higher yield in comparison to previous year and the highest production of crop in the past five years. productivity of wheat has increased from 4,700 kg per hectare last year to 5,047 kg per hectare this year. Production of wheat has reached around 177 lakh metric tonne (MT) this year, which is the second best in the history of state. Notably, the highest production of 180 lakh MT was witnessed in the state in 2011-12. The combined production of wheat and paddy crops is highest ever at 303 lakh MT.
Poor demand of sugar pulls down prices in Delhi, Muzaffarnagar.
Poor demand of sugar pulls down prices in Delhi, Muzaffarnagar.
IGC ups India FY18 wheat output estimate to 96.5 million tonne vs 95.5 million tonne.
Despite a good production at home, the IGC has raised its forecast for India wheat imports in 2017-18 to 3.0 million tonne from 2.0 million tonne projected a month ago. The IGC has pegged global wheat output in 2017-18 at 735.9 million tonne, marginally down from 736.3 million tonne estimated earlier. The reduction in wheat output estimate may be attributed to cuts for the wheat crop in the US and the EU. The council has pegged global wheat consumption in 2017-18 at 737.8 million tonne, marginally higher than 737.6 million tonne estimated earlier. A higher consumption is likely to drag world wheat closing stocks to 238.6 million tonne in 2017-18 from 239.0 million tonne estimated a month ago.
Govt says proposed GST rates on sugar, tea lesser than current taxes.
Govt says proposed GST rates on sugar, tea lesser than current taxes.
India Food ministry proposes 4.8-4.9 million tonne open market wheat sale FY18.
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.