NCDEX coriander hits 3% upper circuit on spot cues.
Ram Gopal Yadav (9 years ago)

Futures contracts of coriander hit the 3% upper circuit on the NCDEX, tracking the gains in Rajasthan Baran market. June contract traded up 2.3% on NCDEX. Prices of coriander were up due to increased demand from local stockists. In Baran, a key wholesale market for the commodity, the Badami variety of coriander and the Eagle variety both up 200 rupees from previous close. Arrivals at the Kota and Ramganj markets in Rajasthan were 11,000 bags (1bag=40kg) up 2,000 bags from previous close. Arrivals in Baran were pegged at 6,000 bags.

Govt mulling hiking 2017-18 cotton MSP by 160 rupees/100 kg.
Ram Gopal Yadav (9 years ago)

The government is considering increasing the minimum support price for medium and long staple cotton by 160 rupees per 100 kg for the new crop year beginning July. The agriculture ministry has proposed increasing the MSP of medium staple variety to 4,020 rupees per 100 kg and long staple to 4,320 rupees. The agriculture ministry has moved a Cabinet note on MSP for cotton, based on the recommendation of the Commission for Agricultural Costs and Prices. In the current season, MSP for medium staple cotton is at 3,860 rupees per 100 kg and long staple is 4,160 rupees.

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

In Delhi, sugar was traded down 20 rupees per 100 kg, as demand waned at higher prices. Prices also fell in the wholesale markets of Kolhapur, as mills scaled down prices to trigger demand. In Muzaffarnagar, another important wholesale market, prices were largely unchanged because trade was subdued. Prices were also unchanged in Mumbai because of subdued demand. Also, as price cuts by mills had failed to trigger demand, these entities weren’t lowering prices further. Demand for the commodity in Mumbai has declined as states that usually buy sugar from Maharashtra have shifted to Uttar Pradesh because of higher production in the northern state. NCDEX May contract was down 0.4%.

ICE cotton down on profit booking post 3-year-high.
Ram Gopal Yadav (9 years ago)

July cotton futures on the ICE fell because traders booked profits after the contract hit a three-year-high of 87.18 cents a pound on previous close. The most-active July contract of cotton on the ICE was at 84.54 cents a pound, down 0.9% from previous close. Prices of cotton on the ICE rose because of higher demand for the crop from the US, a heavy build-up in net long positions in cotton contracts.

Burkina Faso 2017-18 cotton output seen up 17%.
Ram Gopal Yadav (9 years ago)

Cotton production in Burkina Faso, a West African country, is likely to rise 17% on year to 800,000 tonne in 2017-18, as the country started using conventional seeds again. The higher instances of pink bollworm pest attacks in some regions in India despite the use of the BT cotton seed variety has raised questions over the use of the genetically modified seed. BT cotton seed is used widely in India to guard against pink bollworm pest attacks.

Sugar prices unchanged in major markets in thin trade.
Ram Gopal Yadav (9 years ago)

Prices of sugar were unchanged in the key wholesale markets of Mumbai and Muzaffarnagar in thin trade. In Muzaffarnagar and Mumbai, sugar was unchanged from previous close. There was no bulk demand for sugar in the market, only day-to-day demand is keeping prices steady. On the NCDEX, the most active July contract of sugar traded up 0.5% from the previous close.

Paddy Procurement robust in chhattisgarh and odisha.
Ram Gopal Yadav (9 years ago)

Union Ministry of Consumer Affairs, Food and Public Distribution has stated that paddy procurement is already robust in Chhattisgarh and Odisha. The procurement target from the eastern States by the end of Kharif Marketing Season (KMS) 2017-18 is 155.93 Lakh MT. Presently, the figure stands at 53.65 Lakh MT for KMS. In consultation with the States it was decided to procure 330.00 lakh MT of wheat during Rabi Marketing Season 2017-18, which is considerably more in comparison with the last season actual procurement of 229.61 lakh MT. The State government decided to purchase 65 lakh metric tonnes of paddy during the Kharif Marketing Season for year 2016-17. Chhattisgarh stood second in the country in Kharif season 2015-16 among a list of 18 states with targetted procurement of 36 lakh metric tonnes of paddy crop during 2015-16 as per information made available by the Central Government in that year where Punjab ranked first with paddy procurement target of 82 lakh metric tonnes.

Govt procures 28 million tonne wheat so far in FY18, up 24% on year.
Ram Gopal Yadav (9 years ago)

The government has procured 28.0 million tonne of wheat so far in the 2017-18 (Apr-Mar) marketing year, up nearly 24% on year. In Madhya Pradesh, where 6.2 million tonne wheat has been purchased so far, the total procurement is likely at 7.0 million tonne against the target of 8.5 million tonne. In Uttar Pradesh, where the state government had set an ambitious target of 8.0 million tonne against the centre estimate of 3.0 million tonne, only 1.8 million tonne has been purchased so far. The government crossed its procurement target in Punjab where 11.6 million tonne has been bought so far, up 9.8% from a year ago. In Haryana, another major wheat producing state, 7.4 million tonne has been bought so far, up 10.1% on year and close to the target of 7.5 million tonne.