Sugarcane acreage in the country was at 4.19 million hectares as of last week, a shade lower than 4.23 million hectares a year ago. So far, cane acreage is lower on year in most states, but higher in Maharashtra, where the cane output is likely to rebound after a sharp drop last year. Last year, cane acreage in Maharashtra was at 650,000 ha, up 2.7% on year. Sugarcane output in the state had fallen to an eight-year low last season due to drought, while sugar output had dropped to around 4.2 million tonne. Traders expect sugar production in Maharashtra to improve to around 7 million tonne in the new crushing season starting October, taking India’s total sugar output to 24-25 million tonne, sharply higher than year 20 million tonne.
Mustard seed prices down in Jaipur as arrivals rise.
Mustard seed prices down in Jaipur as arrivals rise.
CBOT Trends-Wheat up 2-3 cents.
Heavy rains in U.S. Plains, which damage crop in key production areas, supporting prices. CBOT July soft red winter wheat was last up 3 cents at $4.38-1/4 per bushel. K.C. July hard red winter wheat last up 3 cents at $4.41 and MGEX July spring wheat last up 2-3/4 cents at $5.58-1/2.
All-India cotton arrivals down at 49,200 bales.
All-India cotton arrivals down at 49,200 bales. Arrivals of cotton at major spot markets across the country were at 49,200 bales (1bale=170kg), down from 49,500 bales on previous close.
New Delhi Wheat prices softened.
New Delhi Wheat prices softened; by Rs 8 or 0.49 per cent to Rs 1,637 per quintal in futures trade on weak cues from spot markets.
Rabobank sees global coffee deficit at 6.8 million bags in 2017-18.
The global coffee market is likely to witness a deficit of 6.8 million bags (1bag=60kg) in 2017-18 as demand from North America, European nations and emerging Asian economies is expected to be higher. Global demand for coffee in 2017-18 at 159.8 million bags and production at 153.0 million bags. Strong demand for green coffee from the EU and the US. Brazil’s coffee output for 2017-18 to be at 49.2 million bags, against 54 million bags in 2016-17. The demand from North America is expected to be mainly for premium coffee pods, which have a higher unit price than traditional drip coffee.
Egypt procures 2.33 million tonnes of local wheat since start of harvest.
Egypt, the world largest importer of wheat, has procured 2.33 tonnes of wheat from local farmers since its harvest began in mid-April. 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 imported wheat.
NCDEX coriander down on profit booking, higher stocks.
Futures contracts of coriander traded down nearly 3% on the NCDEX as investors booked profits after prices rose to a one-week high of 5,619 rupees per 100 kg in early trade. A 2,190-tn decline in open interest in the June contract indicated profit booking. June contract traded at 5,400 rupees per 100 kg, down 2.7% from the previous settlement. Prices of coriander also declined because of a 316 tonne on-week rise in inventories at exchange warehouses to 32,110 tn. Arrivals in Rajasthan were also steady at 7,000 bags.
Russian wheat export prices up on Egypt purchase, strong rouble.
Egypt state grain buyer GASC bought 295,000 tonnes of wheat in last week tender, including 60,000 tonnes of Russian wheat at $198 a tonne free on board (FOB) and $10.49 freight.
NCDEX barley down 0.9% as warehouse stocks rise.
NCDEX barley down 0.9% as warehouse stocks rise.
CBOT CORN – Up 1 to 2 cents bushel.
Supported by concerns that storms in the eastern Corn Belt this week could slow fieldwork as well as flood some areas that have already been seeded, damaging recently planted crops. Most-actively traded July contract hit highest since May 4 overnight, breaking through 100-day moving average. CBOT July corn was last up 2 cents at $3.74-1/2 a bushel. The most active corn futures on the Chicago Board Of Trade rose 0.1 percent to $3.75-1/2 a bushel, having gained 0.7 percent in the previous session when prices hit a high of $3.77-1/2 a bushel.
Barley down in Jaipur on low demand, high supply.
Barley down in Jaipur on low demand, high supply.
U.S. corn planting seen 85 % complete.
U.S. corn planting was seen at 84 percent complete, slightly behind market expectations. showers have threatened some corn seedlings. This is the largest corn re-plant season in many years, mostly in the eastern and southern Corn Belt.
Pulses sowing in 2017-18 up 67% at 77,000 ha so far.
Pulses sowing in 2017-18 up 67% at 77,000 ha so far.
Dairy body to buy 1,050 tonne maize via e-auction.
The National Cooperative Dairy Federation of India buy 1,050 tonne maize through a reverse electronic auction on Friday.
Govt plans to enhance pulses milling capacity.
Govt plans to enhance pulses milling capacity.
India Maize down in Bihar as supplies recover post rainfall.
After rising in the last few days, maize prices in Bihar benchmark Purnea market fell due to a rise in arrivals after rainfall in parts of the state faded away. Around 3,000 tonne of maize arrived in markets up from 2,000 tonne on previous close. On NCDEX rabi maize contracts traded higher because of high demand for the coarse grain stored in warehouses from poultry and starch feed manufacturers. The June maize contract ended up 0.6% from the previous close.
Delhi chana down on low demand from dal millers.
Delhi chana down on low demand from dal millers.
Wheat prices may fall in some states as tax rate under GST at 0%.
Wheat prices are likely to fall in at least eight states–Punjab, Haryana, Uttar Pradesh, Madhya Pradesh,Kerala, Andhra Pradesh, Telangana and Tamil Nadu as the food grain has been kept in the 0% rate under the Goods and Services Tax regime. which will subsume most indirect taxes from July. Punjab and Haryana levy 2% sales tax and 4% value added tax on wheat. While a 5% tax has been imposed under GST on branded flour, this won’t lead to rise in prices as organised players benefit from input tax credit on packaging material. Unbranded wheat flour has been kept at 0% tax slab under GST, and this may pull down its prices in states that levy a tax on the commodity now.
Govt looking for anganwadi, mid-day meals to sell excess pulses from buffer.
Govt looking for anganwadi, mid-day meals to sell excess pulses from buffer.