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.
Cooperative body sees sugar prices rising on cane fair price hike.
Cooperative body sees sugar prices rising on cane fair price hike.
Wheat rises on NCDEX on short covering, flat in spot.
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.
Kharif sowing gathers pace, at 6.9 million ha so far.
Kharif sowing gathers pace, at 6.9 million ha so far.
Russia year to Jun wheat export seen at record high.
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.
ICE raw sugar dn on hopes of more output from Brazil.
ICE raw sugar dn on hopes of more output from Brazil.
Canada ups 2017-18 wheat supply estimate 1% from April.
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.
Philippine sugar industry seeks to raise yield level by 25%.
Philippine sugar industry seeks to raise yield level by 25%.
Egypt procures 2.9 million tonnes local wheat since start of season.
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.
India imported 452 containers pulses at JNPT port as on 25th May-2017.
India imported 452 containers pulses at JNPT port as on 25th May-2017.