Govt offer 4 million tonne wheat under open market sales scheme FY18.
Ram Gopal Yadav (9 years ago)

The Centre is likely to allocate 4 million tonne of wheat for the open market sales scheme during the 2017-18 (Apr-Mar) marketing year. During 2016-17, the government sold 4.6 million tonne wheat across the country at a base price of 1,640 rupees per 100 kg compared to the initial plan of selling 6.5-7.5 million tonne. The quantum of wheat offered under the open market sale scheme is lower this year because of tight government stocks. Carryover stocks at the beginning of the season were at 7.4 million tonne, which when added to the expected procurement of 30 million tonne wheat this year will take total stocks in government reserves to 37.4 million tonne.

Purnea maize down on low demand for rain-hit crop.
Ram Gopal Yadav (9 years ago)

Prices of maize in the key market of Purnea, Bihar, fell due to poor demand for the crop after recent rains in the region. Mill-quality maize was sold at around down 40 rupees from previous close. Recent heavy rains have hit the harvested crop lying in fields and led to higher moisture content in the grain. This had reduced demand. At around 5,000 tonne, arrivals were down compared with 9,000 tonne on previous close.

India Maize down in spot markets on low demand.
Ram Gopal Yadav (9 years ago)

Wholesale prices of maize fell in the key market of Purnea, Bihar, due to poor demand after severe rains recently. The mill-quality maize was sold at around down 40 rupees from previous close. Heavy rains recently have hit the harvested crop lying in the fields and led to higher moisture content in the grain, thus reducing demand. Prices of the grain to fall further due to a likely bumper crop along with subdued demand.

Dairy body buys 900 tonne maize.
Ram Gopal Yadav (9 years ago)

The National Cooperative Dairy Federation of India on Monday bought 900 tonne maize in three lots at 1,765-1,851 rupees per 100 kg through an online auction. The commodity, which is used as cattle feed, was bought on behalf of the Kerala Cooperative Milk Marketing Federation. The federation, which has nearly 200 dairy cooperatives as its members, has developed an online trading platform to purchase feed stock and sell dairy products.

NCDEX coriander hits 4% lower cap as inventories up.
Ram Gopal Yadav (9 years ago)

Futures contracts of coriander hit 4% lower circuit on the NCDEX because of a rise in inventories at exchange-accredited warehouses. Stocks rose to 31,794 tonne on Monday, up by 1,498 tonne from a week ago. Prices also fell as the bourse marked 3,050 tonne of coriander for staggered delivery in the May contract till now. Sentiment for the spice was weak as high delivery marked by the exchange would push up supply in the physical market. The most active June contract was down 4% on the NCDEX. In Kota, the benchmark market for the commodity, the Badami variety and the Eagle variety both unchanged from previous close. Arrivals at Kota and Ramganj markets in Rajasthan were 9,000 bags (1bag=40kg) down by 4,000 bags from the previous day.

NCDEX cotton oilcake down 1% as expiry stocks rise.
Ram Gopal Yadav (9 years ago)

Futures contracts of cottonseed oilcake were down over 1% on the NCDEX because of a rise in quantity of stocks which expire in the May contract. The most active June contract of cottonseed oilcake on the NCDEX was down 1.3%. About 10,535 tonne of cottonseed oilcake expire in the May contract and available in the spot market. Sufficient availability of the oilcake in the local market, along with expectations of an early onset of the monsoon in Kerala and subsequently, to the interior parts of the country, is seen weighing on prices of cottonseed oilcake.

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.

Wheat prices rise in Delhi as arrivals fall.
Ram Gopal Yadav (9 years ago)

Wheat prices in Delhi were at 1,760 rupees per 100 kg, up 10 rupees per 100 kg from previous close, as arrivals of the grain fell. Arrivals of wheat from Uttar Pradesh fell as the state government is procuring wheat at better prices and farmers are not bringing the produce to Delhi. Arrivals in the state fell to 4,000 bags, each carrying 100 kg of the grain, from 5,000 bags on previous close.

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

Futures contracts of wheat traded higher on the National Commodity and Derivatives Exchange for the fourth consecutive session taking cues from gains in spot markets. The June contract of wheat on the NCDEX ended up 0.6% from the previous close. In the key wholesale market of Delhi, prices of wheat rose because of a fall in arrivals. The prices of wheat, however, were unchanged in Indore. Arrivals in Indore were also unchanged at 7,000-8,000 bags.

Food minister sees FY18 wheat buys falling 3 milion tonne short of target.
Ram Gopal Yadav (9 years ago)

The government wheat procurement in the current marketing year that started April is likely to fall 3 million tonne short of its initial target of 33 million tonne. So far, govt. has procured 28.4 million tonne wheat and expect to buy 30 million tonne. Government had bought 5.9 million tonne wheat from farmers in Madhya Pradesh compared to a target of 8.5 million tonne. In Uttar Pradesh too, though the state government is eyeing procurement of 8.0 million tonne of wheat. actual procurement may even fall short of the central government initial estimate of 3.0 million tonne. Though procurement is seen lower than initial estimates, it has already topped last year total procurement of 23.0 million tonne, and would be enough to meet requirements under state-run welfare schemes this year.