Jun NCDEX maize hits 1-month low on cues from spot mkt.
Ram Gopal Yadav (7 years ago)

The June contract of maize on the NCDEX hit a one-month low in early trade. The June contract was down 1.2% from the previous close. Subdued demand from major poultry and starch feed firms weighed on maize prices in spot markets. In the benchmark market of Nizamabad. Telangana, maize was sold down 10-15 rupees from previous close. Higher arrivals at major spot markets in Bihar also weighed on futures of the commodity. In Purnea, Bihar, the coarse grain was sold down 20 rupees from the previous day. Arrivals at the Gulabbagh mandi in Purnea were at 3,200 tonne up from 2,800 tonne on Tuesday.

Dairy body to buy 30,000 tonne maize via e-auction.
Ram Gopal Yadav (7 years ago)

The National Cooperative Dairy Federation of India will buy 30,000 tonne of maize through a reverse electronic auction on Friday. The commodity, used as cattle feed, bought on behalf of Karnataka Milk Federation. The dairy body, which has nearly 200 dairy cooperatives as members, has developed an online trading platform to purchase feed stock and sell dairy products.

Indore wheat prices fall on weak demand from mills.
Ram Gopal Yadav (7 years ago)

Wholesale prices of wheat in the benchmark market of Indore, Madhya Pradesh, fell due to weak demand from flour mills. In Indore, mill quality wheat was sold down 25-30 rupees from Tuesday. Low demand for flour has hit demand for wheat from flour mills. Arrivals were low in Indore at 7,000 bags, each carrying 100 kg of the grain, down from 10,000 bags on previous close. This prevented further fall in prices. Supplies have dwindled as farmers are not willing to sell the produce at low prices. Futures of wheat too were down, tracking weakness in spot markets. On NCDEX, the most active June wheat contract was down 1% from the previous close.

Govt FY18 wheat procurement up nearly 19% so far at 25 million tonne.
Ram Gopal Yadav (7 years ago)

The government has procured 25.07 million tonne of wheat so far in the marketing year that started April. The procurement is 18.8% higher than a year ago. The purchases are higher on year largely because wheat output in 2016-17 (Jul-Jun) is seen at a record high of 96.6 million tonne. Government procurement is highest in Punjab at 11.04 million tonne, up 10.4% on year, followed by Haryana at 7.12 million tonne, up 9.2%. In Uttar Pradesh, government agencies have bought 978,206 tn of the food grain, up 141.8% from a year ago. The Uttar Pradesh government aims to procure 8 million tonne of wheat this year. In Madhya Pradesh, the government has bought 5.17 million tonne of the grain so far, up 41.3% on year. In the benchmark market of Indore, the grain sold down 25-30 rupees. The central government aims to target of 33.0 million tonne wheat to be procured in the current marketing season, up from 22.9 million tonne on year.

NCDEX May sugar up taking cues from spot mkts.
Ram Gopal Yadav (7 years ago)

The May contract of sugar on the NCDEX rose, tracking a rise in prices of the commodity in key spot markets. In Mumbai and Kolhapur, the wholesale markets of Maharashtra, sugar prices were up 5 rupees from previous close. Prices in the wholesale markets rose as demand improved, with Stuckists replenishing their inventories at the start of the month. The most active May contract of sugar traded up 0.8% from previous close. Traders, however, are uncertain of the prices sustaining at current levels as supply of sugar is set to rise because of higher production in Uttar Pradesh and arrivals of imported stock.

ICE raw sugar down as world deficit seen easing.
Ram Gopal Yadav (7 years ago)

Raw sugar futures contracts were down on the ICE, as the global supply deficit is expected to ease. The benchmark May raw sugar contract on the ICE was down 0.9% at $18.97 cents a pound. The world supply deficit may narrow because India may not import more sugar this year as expected, and stick to the approved import of 500,000 tonne raw sugar. The government is expected to allow import of white sugar on the likelihood of an El Nino event in 2017.

Dalmia Bharat Sugar surrenders raw sugar import quota.
Ram Gopal Yadav (7 years ago)

Dalmia Bharat Sugar and Industries Ltd has surrendered the quota allocated to it by the Directorate General of Foreign Trade for import of raw sugar. The mill has surrendered the quota as the quantity allocated to it was very small and thus import would be unviable. Running refineries for just seven-to-eight days of operations is not viable. Dalmia Bharat Sugar had applied for 100,000 tonne raw sugar–50,000 tonne each from the east zone and the south zone. The government considered monthly refining capacity of mills, quantity applied, and number of applications within a zone while considering requests for raw sugar import. Such a small quantity that too from two different ports would not be viable. Dalmia (Bharat Sugar) had opted out of the quota before Apr 28, and license has not been issued to it. If an pplicant fails to bring in sugar after obtaining a licence, they would have to pay a penalty of 0.5% of the value of the unutilised quota.

Sugar Up in Maharashtra on rise in demand, unchanged in north India.
Ram Gopal Yadav (7 years ago)

Prices of sugar rose in the key wholesale of markets of Maharashtra due to an increase in demand from bulk and retail buyers. Medium-grade sugar was sold up 7 rupees from previous close. Prices remained unchanged in Delhi and Muzaffarnagar amid thin trade. Demand has risen as stockists are replenishing their stocks. In Maharashtra, where prices had fallen for the past one week, demand also rose due to buying at lower price levels. Traders, however, are bearish on prices in the near-to-medium term. Demand not sustain for too long. It remains high only for this week. Prices in Maharashtra are also expected to fall as the selling pressure on mills is expected to increase once the imports come in.

Global body sees India 2017-18 cotton mill demand 5.2 million tonne, up 2%.
Ram Gopal Yadav (7 years ago)

Consumption by cotton mills in the country is seen rising 2% in 2017-18 to 5.2 million tonne, due to competitive prices for cotton yarn products. Current season, mill demand has been pegged at 5.1 million tonne. Cotton consumption in China, the largest consumer of the fibre, is seen increasing by 1% to 7.7 million tonne in 2017-18. China accounts 30% of world cotton consumption. Consumption by cotton mills in Pakistan is expected to rise by 1% to 2.3 million tonne due to new incentives for textile exports offered by the government, while demand in Bangladesh is projected to increase by 5% to 1.5 million tonne in 2017-18. The committee has increased its forecast for 2017-18 global cotton output to 23.58 million tonne, from 23.12 million tonne projected in April, as higher returns encouraged farmers to expand the area under the cotton crop. Global cotton consumption is expected to rise to 24.55 million tonne, from 24.42 million tonne in the previous month. Year-ending stocks are expected at 16.41 million tonne, against forecast of 16.55 million tonne in April. July cotton futures contract on the Intercontinental Exchange is down 0.04% at 79.4 cents a pound, while the December contract was down 0.09% at 75 cents a pound.

MCX cotton up on fall in arrival, likely high demand.
Ram Gopal Yadav (7 years ago)

Futures contracts of cotton rose on the MCX after arrivals declined in major spot markets across the country. arrivals of cotton in spot markets stood at 67,700 tonne, lower than 69,700 tonne on previous close. Consumption of cotton by mills is seen rising 2% in 2017-18 to 5.2 million tonne, due to competitive prices for cotton yarn products. This has also supported the sentiment. The most active May contract of cotton was at 20,650 rupees per bale (1bale=170kg), up 0.6% from the previous close.