NCDEX wheat down as traders continue to book profits.
Ram Gopal Yadav (9 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 (9 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.

Sugar prices down in Delhi, unchanged in Mumbai.
Ram Gopal Yadav (9 years ago)

Prices of sugar fell in the key wholesale markets of Delhi and Muzaffarnagar, because of poor demand in the market. In Delhi and Muzaffarnagar, the sweetener was sold down by nearly 20 rupees. In Mumbai, the key wholesale market of Maharashtra, prices of sugar were unchanged due to thin trade. Prices in Mumbai, however, are likely to fall in the near term due to lack of demand. On the NCDEX, the most-active June contract of sugar traded down 0.3% from the previous close.

USDA arm sees India year to Sept 2018 coffee crop up 5% at 5.45 million bags.
Ram Gopal Yadav (9 years ago)

The US Agriculture Department Foreign Agricultural Services has estimated India coffee production in 2017-18 (Oct-Sep) at 5.45 million bags (1bag=60kg), up 5.4% from 5.17 million bags pegged in 2016-17 due to pre-monsoon showers in March and April that helped the setting and development of the coffee fruit. Karnataka, rains were 2% above normal in Chikmagalur during Mar 1-May 10, while in Kodagu, rains were 18% above normal and Hassan received 37% above normal rains. The yield of Robusta constitutes over 70% of the total crop, is seen slightly higher than last year due to good rainfall and availability of water for irrigation. The Arabica variety is likely to bear higher fruits than last year.

India wheat unchanged in spot market.
Ram Gopal Yadav (9 years ago)

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.

GST: Wheat, rice prices likely to come down.
Ram Gopal Yadav (9 years ago)

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.

Maize prices tad up in Purnea as rains hit arrivals.
Ram Gopal Yadav (9 years ago)

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.

CBOT corn down 1% on profit booking after gains Wednesday.
Ram Gopal Yadav (9 years ago)

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.

Govt official sees India year to Jun basmati acreage rising 25%.
Ram Gopal Yadav (9 years ago)

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.