NCDEX soybean at over 5-year low on low meal demand.
Purnea maize down on low demand for rain-hit crop.
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.
CBOT soybean up as supply from Brazil seen weak.
CBOT soybean up as supply from Brazil seen weak.
India Maize down in spot markets on low demand.
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.
Mustard seed prices up in Jaipur on renewed demand.
Mustard seed prices up in Jaipur on renewed demand.
Dairy body buys 900 tonne maize.
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 mustard seed down as investors book profits.
NCDEX mustard seed down as investors book profits.
NCDEX coriander hits 4% lower cap as inventories up.
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.
Nov-Apr sunflower oil import 1.18 million tonne vs 771,088 tonne year ago.
Nov-Apr sunflower oil import 1.18 million tonne vs 771,088 tonne year ago.
NCDEX cotton oilcake down 1% as expiry stocks rise.
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.
Groundnut seed up in Rajkot on demand from millers.
Groundnut seed up in Rajkot on demand from millers.
ICE cotton down on profit booking post 3-year-high.
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%.
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.
India wheat up in spot market unchanged in indore.
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 says allowed states to scrap stock limits on pulses.
Food minister says allowed states to scrap stock limits on pulses.
Food minister sees FY18 wheat buys falling 3 milion tonne short of target.
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.
Official says food ministry not in favour of hike in tur import duty.
Official says food ministry not in favour of hike in tur import duty.
NCDEX maize futures up on concern over crop damage.
Futures contracts of maize on the NCDEX were trading higher due to concerns that rains in Bihar might damage the crop. The recent rainfall in the state is likely to damage the harvested crop lying in farms. In its third advanced estimate released last week, the government pegged India rabi maize output in 2016-17 (Jul-Jun) at 6.97 million tonne, slightly higher than 6.89 million tonne estimated earlier. Total production of maize in 2016-17 is pegged at 26.14 million tonne, slightly lower than 26.15 million tonne estimated earlier. Most active June contract of maize was trading up 0.8% from the previous close.
NAFED procures 3,853 tonne rabi masur.
NAFED procures 3,853 tonne rabi masur.
Maize prices up on strong demand and low arrivals on rains in Bihar.
Prices of maize were up in the key wholesale markets of Purnea, Bihar, because of strong demand for the coarse grain. Demand was high as rainfall in the state raised concerns of damage in the harvested maize crop lying in farms. In Purnea, the mill quality of the grain was sold up nearly 20 rupees from previous close. Prices of the poor-quality maize also rose by 10-20 rupees per 100 kg. Arrivals of maize in Purnea were estimated at 9,000 tonne, higher than 8,000 tonne on previous close.