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%.
Traders say 5% GST rate for edible oils not to affect prices.
Traders say 5% GST rate for edible oils not to affect prices.
Brazil crop bureau sees 2017 coffee output down 11% at 45.5 million bags.
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.
Groundnut seed down in Gujarat on weak export demand.
Groundnut seed down in Gujarat on weak export demand.
India wheat unchanged in spot market.
Wheat prices in the key wholesale markets of Delhi and Indore were unchanged amid thin trade. Demand from millers is low, which has kept trade subdued. Arrivals in Delhi were around 15,000 bags (1bag=100kg), in Indore, farmers brought around 3,000 bags to the market. Supplies were also unchanged from previous close. Wheat futures contracts, however, ended down as traders booked profits after prices rose over the last six trading days. June wheat contract on the NCDEX settled down 0.3% from previous close.
Source says govt may raise tur MSP with bonus.
Source says govt may raise tur MSP with bonus.
GST: Wheat, rice prices likely to come down.
Foodgrain such as wheat, rice and pulses become cheaper after the goods and services tax (GST) system kicks in later this year. As the GST Council has decided to keep them zero-rated under the new tax regime.
NCDEX soybean down on expectations of higher supply.
NCDEX soybean down on expectations of higher supply.
Maize prices tad up in Purnea as rains hit arrivals.
Prices of rabi maize rose slightly in Bihar benchmark market of Purnea as arrivals have declined due to heavy rains. Mill-quality maize was sold up 5-10 rupees from the previous day. Arrivals of maize halved to 2,000 tonne from 4,000-4,500 tonne previous close. Farmers are not bringing much crop in markets, as some of the crops have been damaged due to hailstorms. Low demand for the moisture-laden crop checked any further gains in maize prices. Prices, however, are likely to fall in the coming days due to a likely bumper crop amid subdued demand.
Soybean down in Indore on poor demand from crushers.
Soybean down in Indore on poor demand from crushers.
CBOT corn down 1% on profit booking after gains Wednesday.
Corn futures on the CBOT fell over 1% as traders booked profits after prices rose on previous close. July corn contract traded at $3.6625 a bushel, down 1.4% from the previous close. Corn prices rose on previous close due to weakness in US dollar against major currencies, which made the dollar-denominated commodity cheaper for foreign buyers. Prices were also supported by concerns of crop damage in the US due to rains in regions where the crop is grown. Expectations of higher supplies from major producers Argentina and Brazil are also weighing on prices.
India Apr 16-May 15 mustard crushing 0.675 million tonne down 10% on month.
India Apr 16-May 15 mustard crushing 0.675 million tonne down 10% on month.
Govt official sees India year to Jun basmati acreage rising 25%.
The area under basmati rice across India is expected to rise 25% on year to 2 million haactare in 2017-18 (Jul-Jun), as higher realisations have encouraged farmers to cultivate more grain. If the weather and other growing conditions remain favourable, the output might also rise. Basmati rice production in India is estimated to have fallen 23% on year to 6.2 million tonne in 2016-17. Due to shortage of supplies, prices have risen nearly 20% in the last three months. India non-basmati rice output in 2016-17 (Jul-Jun) is estimated at a record high of 103 million tonne.
Mustard seed at 3-week low in Jaipur as supply rises.
Mustard seed at 3-week low in Jaipur as supply rises.
India rice unchanged in spot markets.
Prices of rice were unchanged in the spot markets, with the 1121 steam variety sold at 8,000 rupees per 100 kg in Taraori, Haryana, and Permal Raw variety quoted at 2,500 rupees in Delhi. Prices are likely to sustain at this level, at least till the next crop arrives in December. While export realisations of basmati rice have increased, export volumes haven’t changed much. India exported 4 mln tn of rice in 2016-17 (Apr-Mar), down 1.1% on year. In volumes terms, there has not been much change in exports. India exported over 700,000 tonne of rice to Iran in 2016-17 (Apr-Mar) marginally higher than 695,000 tonne the previous year.
NCDEX mustard seed hits over 2-year low on spot cues.
NCDEX mustard seed hits over 2-year low on spot cues.
Coriander prices up in Rajasthan as arrivals slump.
Prices of coriander in the spot markets of Rajasthan rose because of a sharp decline in arrivals. Arrivals in Rajasthan more than halved to 7,000 bags (1bag=40kg). In the benchmark market of Kota, the Badami variety and the Eagle variety both up 200 rupees from the previous day. On the NCDEX June contract of the spice traded up by 4 rupees from the previous settlement.
Groundnut down in Rajkot as high prices hit demand.
Groundnut down in Rajkot as high prices hit demand.
All-India cotton arrivals steady at 50,500 bales.
Arrivals of cotton at major spot markets across the country were at 50,500 bales (1bale=170kg) on Wednesday, unchanged from previous level.
India coffee exports during Jan 1- May 17.
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 tn. The board has estimated the output for 2016-17 at 316,700 MT tonne, down 9% on year.