Bangladesh received the lowest offer of $427.85 a tonne from Dubai-based Sukhbir Agro Energy Ltd in a tender to import 50,000 tonnes of parboiled rice.
Prices of urad down in Vijaywada.
Prices of urad down in Vijaywada.
Telangana rabi paddy buys at record high 2.6 million tonne so far 2016-17.
Telangana has procured a record high 2.6 million tonne of paddy so far in the 2016-17 rabi season. The state had procured 729,000 tonne of paddy in the 2015-16 rabi season. Production of the cereal was at 4.2 million tonne in rabi season, higher than expectations of 3.7 million tonne. Till now Rs. 3917.46 crores (39.17 billion rupees) worth of 25.95 LMTs (2.6 million tonne) paddy has been purchased from 4,45,373 farmers from 2,979 purchase centers. Another 1.0-1.5 million tonne paddy is expected to be procured by the end of May.
Soybean oil producers set records in the current marketing year of 2016/17 in Russia.
Soybean oil producers set records in the current marketing year of 2016/17 in Russia.
India Paddy sowing in 2017-18 at 152,000 hactare so far, down 1.3%.
Sowing of paddy in 2017-18 has declined 1.3% on year to 152,000 hactare. Paddy sowing has commenced in Tamil Nadu, Assam, and Nagaland. The normal area covered under the paddy for the period under review is around 165,000 haactare.
Soybean futures bounce on excess rain.
Soybean futures bounce on excess rain.
India Sugar down in Maharashtra due to poor demand, outlook bearish.
Prices fall 5 rupees in the key wholesale markets of Mumbai and Kolhapur due to weak buying even as mills lowered their prices to trigger demand. Prices of the sweetener in the key spot markets Delhi and Muzaffarnagar were unchanged amid thin trade.
China keeps investing in soybean production and processing in Russia.
China keeps investing in soybean production and processing in Russia.
ICE raw sugar down as China raises tax on imports.
Futures contracts of raw sugar on the ICE were down as China decided to raise taxes on imports from major producers over the next three years. Benchmark July raw sugar contract on the ICE was down 0.6% at $16.29 cents a pound. China tax on imports beyond the first 1.95 million tonne per year will be raised to 95% from the current 50%, effective immediately. The rate fall to 90% after one year and to 85% after two years. The tax on the first 1.95 million tonne will remain at 15%.
Soybean prices a tad up in Indore due to low supply.
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.
UP sugarcane arrears at Rs 3,500 crore, 90% owed by private mills.
Uttar Pradesh sugar mills owe farmers more than Rs 3,500 crore in arrears for the current crushing season, which has almost rounded off. About 90 per cent of these arrears, or about Rs 3,200 crore, are owed by the state private sugar mills, which number 91 of the total 116 functional units in the state. Against total sugarcane payables of Rs 25,381 crore for 2016-17 season, the mills have paid farmers nearly Rs 21,670 crore, thus leaving the remaining amount of about Rs 3,500 crore still to be settled. Last year, the total payables to UP cane farmers had stood at about Rs 18,000 crore, which have increased to over Rs 25,000 crore, a jump of nearly 40 percent, although the cane price was also higher this season. The state cane price effective for the current season was earlier hiked by Rs 25 from Rs 280/quintal to Rs 305/quintal for normal variety.
Sugar prices seen up as Brazil cane output may fall.
Prices of sugar in global markets are expected to rise in the year ahead due to a likely fall in sugarcane production in Brazil. The company goes with the Brazil sugarcane industry association estimate of cane-crushing at 585 million tonne sugarcane in 2017-18, down 3.7% on year. Strong possibility of El Nino phenomenon in the year and eventual heavy rains would take a hit on cane production. The Centre-South region of Brazil which produces 90% of the country total sugar output produced 35.63 million tonne sugar during 2016-17 (Apr-Mar), up 14.1% on year.