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.
Centre’s cane price for 2017-18 hikes 10.6%.
Centre’s cane price for 2017-18 hikes 10.6%.
India sugar no volume on NCDEX for second day; down in spot.
India sugar no volume on NCDEX for second day; down in spot.
MANILA NFA had enough rice in Marawi City.
NFA in Marawi City had 38,000 bags of rice, enough to feed the whole province of Lanao del Sur for five days. Combined with commercial rice supply, the stocks can feed the whole province for 15 days. NFA rice stocks for the whole of Mindanao currently stands at 15 million bags.
Lower pulses import expected in 2017-18(Apr-Mar) 4.5 to 4.6 MMT ,down from 6.6MMT imported in 2016-17 and also down from 5.8MMT imported in 2015-16.
Lower pulses import expected in 2017-18(Apr-Mar) 4.5 to 4.6 MMT ,down from 6.6MMT imported in 2016-17 and also down from 5.8MMT imported in 2015-16.
Bangladesh to speed up rice imports in wake of flooding.
Local rice prices have reached record highs and state reserves are at six-year lows in the wake of flooding in April that wiped out around 0.7 million tonnes of output. Plans to import 0.6 million tonne of rice soon amid low stocks. To keep tariffs on private imports to protect farmers. Vietnamese prices hit 13 month high on strong demand from top importing countries such as Bangladesh and the Philippines.
Source says govt may offload pulses buffer via open market sale scheme.
Source says govt may offload pulses buffer via open market sale scheme.
Vietnam prices hit 13-month high; Thailand up on lower supply.
Vietnam rice hit its highest level in over a year this week on potential export deals and prices in Thailand firmed up as supply eased, while the Indian variety gained on growing demand from Africa. Strong demand from top importing countries such as Bangladesh and the Philippines are fuelling the uptrend in Vietnam and Thailand rice prices. Vietnam 5-percent broken rice RI-VNBKN5-P1 was quoted at a level unseen since April last year, at $360-$380 a tonne, FOB Saigon, up from $365-$370 last week. Thailand benchmark 5-percent broken rice RI-THBKN5-P1 firmed this week to $411-$412 a tonne, free-on-board (FOB) Bangkok, from $385-$411 last week, the highest in nine months.
Delhi chana prices down on low demand from millers.
Delhi chana prices down on low demand from millers.
India non-basmati rice exports likely to grow at 5% in FY18.
India exports of non-basmati rice are likely rise 5% in 2017-18 (Apr-Mar) from about 6.63 million tonne last year, due to high availability in country a bumper crop in 2016-17 (Jul-Jun). India non-basmati rice output in 2016-17 (Jul-Jun) is estimated at a record high of 103 million tonne. Higher supplies in the country have dragged the prices down, which has made Indian rice cheaper than its competitors. In global markets, 25% broken non-basmati rice from India is available at $415 a tonne while that from Thailand is sold at $544 a tonne and from Pakistan at $435 a tonne.
Akola tur unchanged on thin trade due to Amavasya.
Akola tur unchanged on thin trade due to Amavasya.
Wheat fall on NCDEX, unchanged in spot markets.
June contract of wheat ended down 0.3% from the previous close, due to high supplies in wholesale markets and weak demand from stockists and bulk buyers. Most of the bulk buyers have already built their stocks, so demand for wheat is weak while supplies across the country are high. Delhi price unchanged and daily arrivals in Delhi are at about 50,000-60,000 bags (1bag=100kg), a large share of which is from Uttar Pradesh and Haryana. Market in Indore was shut because Amavasya.