Prices of coriander futures fell sharply over the last two months to hit five-year lows, despite strict curbs by the exchange, which has left not only the exchange, but also regulators in quandary about what could have led to the strong one-sided price movement. The contract has hit the 4% maximum lower circuit in at least six trading sessions over the last one month, despite NCDEX raising special margins by 20 percentage points. Concerned over allegations of excessive speculation in coriander futures contracts, SEBI is likely to hold a crucial meeting with NCDEX later in this week.
NCDEX coriander below support of 5,000 rupee/100 kg.
Futures contracts of coriander on the NCDEX slipped below the crucial support level of 5,000 rupees per 100 kg due to continued selling pressure amid high supply. June contract hit a 4% lower circuit of 4,965 rupees per 100 kg, also a four-and-a-half year low. Rising stock of coriander at exchange-accredited warehouses and market buzz of rising imports of substantially cheaper Ukrainian crop have led to the fall in coriander futures despite strict curbs in form of margins and position limits by the exchange. Stocks of the spice at NCDEX-accredited warehouses rose to 32,130 tonne on Tuesday, up 10,728 tonne on month.
Sugar prices end lower on ample stocks.
Sugar prices end lower on ample stocks.
Sugar down in north India on poor buys, flat in Maharashtra.
Sugar down in north India on poor buys, flat in Maharashtra.
China slashes out-of-quota sugar import permits.
China slashes out-of-quota sugar import permits.
Kharif sowing starts; acreage at 6.05 million ha.
Kharif sowing starts; acreage at 6.05 million ha.
Recent rains in northwest India may hit pulses crop.
Recent rains in northwest India may hit pulses crop.
Maharashtra minister denies role in irregularity in tur procurement.
Maharashtra minister denies role in irregularity in tur procurement.
India wheat down in spot markets.
Wheat futures on the NCDEX, on the other hand, traded lower taking cues from spot markets. June wheat contract ended down 0.4% from the previous close. In Delhi, prices fell by 5-10 rupees per 100 kg because of poor demand from states in south India. Demand from states in the South was poor this year, as these states had huge stocks of imported wheat.
Tur prices steady in spot markets; trade subdued.
Tur prices steady in spot markets; trade subdued.
Maize prices rise in Bihar on high demand.
In Purnea, rabi maize was sold up 10-15 rupees from previous close due to amid high demand from the poultry feed industry after recent rainshit supplies. Around 3,000 tonne of maize arrived in markets today, up from 2,000 tonne on previous close. June maize contract ended down 0.7% from the previous close.
NCDEX soybean falls over 1% on high stock worry.
NCDEX soybean falls over 1% on high stock worry.
Rabobank pegs Brazil, Argentina maize at 131-132 million tonne in 2016-17.
Production of maize in Argentina and Brazil is expected to remain at 131-132 million tonne for the 2016-17 season, up from 96 million tonne last year, as favourable conditions are likely to boost yield prospects. Rabobank has also maintained a neutral stance on maize prices in the US, as short-term weather outlook is seen favourable for global maize crop. CBOT (Chicago Board of Trade) corn prices to remain largely range-bound, trading between $3.5 per bushel and $3.80 per bushel in the short-term, but a bullish bias remains.
Mustard seed prices down in Jaipur on higher supply.
Mustard seed prices down in Jaipur on higher supply.
Dairy body to buy 7,500 tonne de-oiled rice bran.
The National Cooperative Dairy Federation of India will buy 7,500 tonne de-oiled rice bran and 2,450 tonne rice polish through a reverse electronic auction on Tuesday. Rice polish is the outer layer of a kernel of rice, which is removed during polishing. The commodities, used as cattle feed, will be bought on behalf of the Kerala Co-operative Milk Marketing Federation. The National Cooperative Dairy Federation of India, which has nearly 200 dairy cooperatives as members, has developed an online trading platform to purchase feed stock and sell dairy products.
NCDEX mustard low on poor demand.
NCDEX mustard low on poor demand.
CBOT CORN – Down 1 to 2 cents bushel.
Light profit-taking setback after a two-session climb tied to worries about re-planting due to excessive rains in portions of the Midwest. Most-active July corn retreated below its 100-day moving average in early moves. CBOT July corn was last down 1-1/4 cents at $3.73-3/4 a bushel.
Prices of tur up in Akola on subdued arrivals.
Prices of tur up in Akola on subdued arrivals.
Chhattisgarh eyeing to step up paddy production by 2% this Kharif season.
Chhattisgarh, one of the largest contributors of rice in India, has set a target to produce 8.2 million tonnes (mt) of paddy in the upcoming kharif season this year 2% higher than year ago. Chhattisgarh, known as the rice bowl of the country, had produced 8.04 million tonne of rice and was among the top three rice-contributing states last year. Inspite of the increased target, paddy acreage in the state has come down by 3 per cent in the upcoming Kharif season in 2017. Paddy would be sown in 3.65 million hectares of land, down from 3.37 million hectares in the year-ago period.
Canada April pea exports at 0.418 million tonne, up 224% on yr.
Canada April pea exports at 0.418 million tonne, up 224% on yr.