Bihar has raised its output estimate for 2016-17 (Jul-Jun) to 1.72 million tonne from 1.66 million tonne. The state estimate for kharif maize output is 672,848 tonne, and that for the rabi crop is 1.05 million tonne. A nearly 4% upward revision in the state maize output estimate can be attributed to a rise in yield to 2,526 kg per ha from the earlier view of 2,286 kg.
NCDEX mustard down on spot cues, likely higher output.
NCDEX mustard down on spot cues, likely higher output.
Maize prices unchanged in Purnea markets in thin trade.
Prices of maize were unchanged in the wholesale markets of Purnea in Bihar and Devangere in Karnataka because of thin trade. Arrivals in Purnea were estimated at 3,000 vehicles, each carrying 8-9 tonne of the coarse grain. Arrivals were unchanged at 1,000 bags, each with 100 kg of the coarse grain. Traders say that prices of maize are unlikely to rise in the near term as arrivals in the market are adequate. The farm ministry has pegged India maize output at 26.15 million tonne in 2016-17 (Jul-Jun), up from 22.57 million tonne in the previous year.
NAFED procures 18 tonne sunflower seed as on 04 May in Telangana.
NAFED procures 18 tonne sunflower seed as on 04 May in Telangana.
Dairy body buys maize 30,000 tonne.
The National Cooperative Dairy Federation of India bought 30,000 tonne maize through an online auction. The commodity, which is used as cattle feed, was bought on behalf of the Karnataka Milk 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.
Spot coriander rates up as demand rises, supply down.
Prices of coriander rose in Kota, the benchmark market in Rajasthan, because of pick-up in demand from domestic consumers, as well as low arrivals. In Kota, the Badami variety of coriander and the Eagle variety both up 100 rupees from previous close. Arrivals were at 2,000 bags (1bag=40kg) down 1,000 bags from the previous day. On NCDEX, the front-month May contract of coriander was down 1.7% from the previous settlement. NCDEX has cut the open interest limit for the concentration margin in coriander futures to 50,000 tonne from 61,500 tonne. NCDEX has also withdrawn the margin benefit on early pay-in of the spice against short positions. Coriander futures have fallen nearly 20% in the last seven sessions on the bourse, double the pace of the fall in prices in spot markets.
Coffee exporters cautious ahead of GST rollout.
As the government gears up to roll out the Goods and Services Tax from Jul 1, coffee traders are treading cautiously, unsure of its potential impact. Exporters and domestic traders are not taking long positions and are buying only hand-to-mouth as there is lot of uncertainty surrounding GST taxation rules. Sale of coffee fell over 20% to 74 tonne from 93 tonne sold at the beginning of the season in January. Under GST regime, green beans as well as the ground and roasted coffee may fall under one tax slab, which, according to the trade, is not justified. Industry speculations are rife on what tax rate would be applied on coffee under GST regime, as the government is yet to specify rates for food products.
Bengaluru coffee auction offtake at 74 tonne, up 25.4% on week.
J. Thomas & Co Pvt Ltd sold 74 tonne of 257.02 tonne coffee on offer at the auction in Bengaluru on Thursday. The volume of coffee sold was 25.4% higher than the previous auction, Of the total coffee on offer, 151.96 tonne was of the Arabica variety, while 105.06 tonne was the Robusta variety. Roasters in the domestic market purchased superior quality Arabica plantation and cherry variety, while merchants continued to be selective in their purchases. Exporters bought Robusta parchment coffee.
Spot sugar prices up in north India as demand rises.
Prices of sugar in the key wholesale markets of Delhi and Muzaffarnagar rose on improved demand for the sweetener, with Stuckists replenishing their inventories at the start of the month. Retail demand from households usually increases during the first week, thereby supporting prices. Delhi and Mumbai, sugar was sold up 10 rupees from previous close. On the NCDEX, the most active May contract of sugar traded up 0.1% from the previous close.
Sugar steady in Maharashtra.
In Maharashtra, prices of the sweetener are expected to fall as there is selling pressure on mills. Sugar prices are seen falling about 10 rupees (per 100 kg) on Monday. On Apr 5, the government had allowed duty-free import of 500,000 tonne raw sugar under the tariff rate quota. The trade body had on Apr 27 allotted 30% of the total quota for import of raw sugar to Shree Renuka Sugars. On the National Commodity and Derivative Exchange, sugar futures rose, in line with the rise in north Indian spot markets. the benchmark May contract was up 0.4%.
Bihar rice 3rd Adv. Est.
Rice output in the state is now estimated at 8.32 million tonne, against earlier projections of 8.49 million tonne. The estimate is still higher than last year output of 6.80 million tonne.
Barley prices down in Jaipur as demand stays low.
Barley prices down in Jaipur as demand stays low.
NCDEX June barley hits over 1-year low on weak demand.
NCDEX June barley hits over 1-year low on weak demand.
Chana prices down in Delhi as arrivals double.
Chana prices down in Delhi as arrivals double.
Chana variety developed in India to help Bangladesh boost yield .
Chana variety developed in India to help Bangladesh boost yield .
Govt FY18 wheat procurement rises to 25.8 million tonne, up 20% on year.
The government wheat procurement rose to 25.8 million tonne up 19.6% on year. Procurement is up nearly one-fifth on year, its progress is slower than expected, and reaching the initial procurement estimate of 33 million tonne seems difficult, Procurement may be closer to 30 million tonne this year. The government had bought 23.0 million tonne wheat from farmers last year. The government has bought 5.4 million tonne wheat in Madhya Pradesh so far, an increase of 45% on year. Last year, procurement in the state had taken a big hit as the crop size was smaller. The government has bought 11.2 million tonne wheat so far in Punjab, up 10.0% on year, and 7.2 million tonne so far in Haryana, up 9.5%.
Prices of urad down in Delhi.
Prices of urad down in Delhi.
Mills surrender 13,940 tonne of allocated raw sugar import quota.
Madhucon Sugar and Power Industries and Dalmia Bharat Sugar have surrendered their quota of 13,940 tonne raw sugar allocated to them by the Directorate General of Foreign Trade for import of raw sugar. Madhucon Sugar had applied for a quantity of 21,000 tonne raw sugar from the south zone, while Dalmia Bharat Sugar had applied for 100,000 tonne raw sugar–50,000 tonne each from the east zone and the south zone. The Directorate General of Foreign Trade, however, allocated a quota of 4,313 tonne raw sugar to Madhucon Sugar, and 5,750 tonne raw sugar to Dalmia Bharat Sugar from the east zone and 3,877 tonne from the south zone. The mills surrendered the quota as the quantity allocated to them was very small and thus import would be unviable.
Karnataka targets 2017-18 kharif sugarcane crop up 20%.
Karnataka aims to produce 40 million tonne of sugarcane in 2017-18 (Jul-Jun), up 20% from the previous season, led by an increase in acreage. Karnataka is one of the major producers of sugarcane.
Karnataka 3rd Adv estimate cotton output rise.
Karnataka Cotton output is seen rising 41% on year to 1.4 million bales (1bale=170kg) as higher returns in 2016-17 may encourage farmers to expand the area under the cotton crop.