Soybean prices a tad up in Indore due to low supply.
USDA sees 2017-18 world sugar stocks down at 38 million tonne.
The USDA has forecast world sugar inventories in 2017-18 to fall 600,000 tonne to a six-year low of 38.3 million tonne. Despite expectations of a record world sugar production in 2017-18, global sugar stocks are seen falling due to lower inventories in China and Mexico. The department has forecast world sugar output in 2017-18 to rise by 8.8 million tonne to a record 179.6 million tonne, amid expectations of recovery in production of the sweetener in India.
CBOT soybean up on forecast of wet weather in US.
CBOT soybean up on forecast of wet weather in US.
India Cane acreage 4.19 million hectares as of last week, down 1% on year.
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.
NCDEX wheat down as traders continue to book profits.
Futures contracts of wheat fell nearly 1% on the NCDEX as investors continued to book profits for the second straight day after prices rose in six trading days. June contract of wheat on the NCDEX was down 0.7% from the previous close. July contract also traded 1.0% lower at 1,643 rupees. Prices had risen earlier due to lower supplies in spot markets and firm demand from stockists and millers. Arrivals in benchmark market of Indore, Madhya Pradesh, were at 10,000 bags (1bag=100kg) down from 12,000 bags on previous close. Arrivals fell in Delhi as well, to 4,000 bags from 5,000 bags on previous close.