NCDEX wheat down as traders continue to book profits.
Ram Gopal Yadav (8 years ago)

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.

Wheat prices may fall in some states as tax rate under GST at 0%.
Ram Gopal Yadav (8 years ago)

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.

Research body cuts view for European Union wheat.
Ram Gopal Yadav (8 years ago)

Research bureau Strategie Grains has cut its forecast for wheat harvest in the European Union this year to frost in key growing areas. The agency cut its estimate for the wheat crop in EU this year by 1.1 million tonne to 142.7 million tonne. That figure could change because the impact of the drought and cold spells the crops were subjected to is still difficult to assess accurately.

China top importer of Vietnam fragrant rice in April.
Ram Gopal Yadav (8 years ago)

China has emerged as the largest importer of fragrant rice from Vietnam in April, accounting for 36% of the country rice exports. Vietnam exported around 140,000 tonne of the grain in April. Other major importers, Ivory Coast and Ghana, bought around 30,000 tonne each of the commodity. although Vietnamese rice exports to China in 2016 inched down against the previous year, the northern neighbour remained Vietnam largest rice importer.

Bihar maize up as rains boost demand for quality crop.
Ram Gopal Yadav (8 years ago)

Demand for good-quality maize, containing 14% moisture, rose 20-30 repuees in Bihar Purnea market due to lower availability. Rains in Bihar in the last two days have led to increased moisture in the standing as well as the harvested crop. Arrivals to the market increased to 3,000 tonne from 2,000 tonne previous close due to respite from rains. NCDEX rabi maize contracts traded higher due to concerns over crop damage in Bihar after rains in the state. The June maize contract ended up 0.5% from the previous close.

NCDEX modifies norms for maize contracts expiring in October and later.
Ram Gopal Yadav (8 years ago)

NCDEX has modified specifications for maize contracts expiring in October and after. The October contract available for trading from Jun 1. quality specification for delivery of the grain state that a maximum of 1% of fungus allowed. The clause for fungus-affected grains has been added to garner a large set of value chain participants, to encourage deliveries and to make available a futures contract that suits their hedging requirement. Chhindwara has been added as an additional delivery centre, as Madhya Pradesh is the second-largest producer of maize and the Chhindwara belt harvests a large produce. There no premium or discount offered on the basis of quality.

India coffee exports during Jan 1- May 18.
Ram Gopal Yadav (8 years ago)

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 tonne. The board has estimated the output for 2016-17 at 316,700 MT tonne, down 9% on year.

Coffee prices fall as Brazilian currency slumps.
Ram Gopal Yadav (8 years ago)

Prices of coffee fell in the international markets as the Brazilian currency real fell sharply against the US dollar. Brazil currency real plunged by 8%, Its biggest daily loss since January 1999. July Arabica coffee contract on the ICE US ended at 129.65 cents a pound, down 1.9% from the previous close and the July robusta coffee contract on ICE Europe settled at $1,984 per tonne, down 0.6%.

Brazil crop bureau sees 2017 coffee output down 11% at 45.5 million bags.
Ram Gopal Yadav (8 years ago)

Brazil coffee production in 2017 is seen at 45.5 million bags (1bag=60kg), down 11.3%. The South American country’s output of Arabica variety is expected to fall by 18.3% in 2017 to 35.4 million bags due to a negative biennial cycle. Brazil Robusta coffee variety output in 2017, however, is pegged at 10.1 million bags, up 27% due to good climatic conditions and greater use of clonal coffee crop, which gives more yield. The total area under coffee cultivation is also expected to fall by 0.5% to 2.2 million ha because of negative biennial cycle for Arabica coffee and poor rain distribution in the major coffee producing region of Espirito Santo in the last three years.