NCDEX coriander hits 3% lower cap on subdued demand.
Ram Gopal Yadav (7 years ago)

Futures contracts of coriander hit their 3% lower circuit on the NCDEX today because of subdued demand from domestic consumers. The fall was also triggered by a 159-tn rise in inventories at exchange accredited warehouses to 25,984 tn. On the NCDEX, the most active May contract was down 2.3% from the previous close.

NCDEX kapas, cotton oilcake down on stockists selling.
Ram Gopal Yadav (7 years ago)

The April contract of kapas fell on the NCDEX because of panic selling by stockists in anticipation of higher acreage under the crop this season. The most-active April contract of kapas on the NCDEX was down 0.8% from previous close. On the MCX, the May contract of cotton was at 20,660 rupees per bale (1bale=170kg), down 0.3%. The May contract of cottonseed oilcake, a derivative of kapas, was down 0.9% on the NCDEX. Acreage under cotton is estimated to increase this year in Gujarat and Maharashtra due to lucrative prices. In Gujarat, the largest cotton producing state, the acreage under cotton is estimated to increase by at least 5% if the initial response to seed purchase is any indication.

Pakistan to give 38,000 tonne seeds to cotton farmers.
Ram Gopal Yadav (7 years ago)

The government of Pakistan is set to distribute 38,000 tonne of certified and approved cotton seeds to the farmers across the country to enhance output. This year cotton crop production target was at 14.40 million bales (1bale=170kg) as compared to the production targets of 14.1 million bales in 2016. To achieve maximum crop output, the government ensure supply of 100% certified cotton seeds to farmers, during the current kharif season. Pakistan is the India second largest cotton export destination.

Uttar Pradesh Oct 1-May 1 sugar output 8.7 million tonne, up 28% on year.
Ram Gopal Yadav (7 years ago)

Mills across Uttar Pradesh produced 8.70 million tonne of sugar during Oct 1-May 1, up 28% from a year ago. The state had produced 6.80 million tonne sugar during the corresponding period a year ago. Mills in the state have crushed 82.04 million tonne cane so far, compared with 64.08 million tonne in the year-ago period. Average sugar recovery in Uttar Pradesh as of Monday was 10.61%, slightly higher than 10.60% a year ago. Of the 116 sugar mills in the state that started cane crushing operations this year, 102 mills have wound up the process so far. With some mills in Uttar Pradesh still operating. Market participants expect output of the sweetener in the state this season to touch an all-time high of 8.80 million tonne, surpassing the previous high of 8.47 million tonne in 2006-07.

Spot sugar prices rise on improved demand.
Ram Gopal Yadav (7 years ago)

Prices of sugar rose in the key wholesale markets of Muzaffarnagar and Mumbai, as demand for the sweetener improved at low prices, and as Stuckists sought to replenish inventories at the start of the month. In Muzaffarnagar and Delhi, sugar was sold up 10 rupees from previous close. In Mumbai, sugar was sold up 5 rupees from Monday. In Maharashtra, where prices had fallen for the last one week, demand also rose due to buying at lower price levels. In north India, soaring prices are unlikely to sustain due to record high sugar output in Uttar Pradesh. Mills across Uttar Pradesh produced 8.70 million tonne of sugar during Oct 1-May 1, up 28% from a year ago. The government had on Apr 5 allowed duty-free import of 500,000 tonne of raw sugar under the tariff rate quota. The most-active May contract was up 0.2%.

ICE raw sugar up 1% due to lower output in Brazil.
Ram Gopal Yadav (7 years ago)

Futures contracts of raw sugar on the ICE rose over 1% due to a decline in production in Brazil Centre-South region in the first half of April. The contracts had declined to a 12-month low last week. the July contract was up 1.1% from the previous close. Mills in Brazil Centre-South region produced 704,000 tonne of sugar during the first fortnight of April, down 51% from a year ago. The sharp fall in sugar output could be attributed to lower grinding and a reduction observed in the production mix.

Iran Likely to Produce 22.5 MMT of Rice in 2017.
Ram Gopal Yadav (7 years ago)

Iran is likely to produce 22.5 MMT of rice in 2017 compared to 21 MMT in 2016. For meeting its additional requirements of Basmati rice Iran depends on imports. The increase in production over the years is continuously reducing its dependency on imports. Iran imported 14.40 LMT in 2013-14, 9.66 LMT in 2014-15, 6.95 LMT in 2015-16 and 5.50 LMT during the first ten months of 2016-17 (April 2016 to January 2017) from India. It is estimated that in fiscal year 2016-17 Iran is likely to import 6.50 LMT of basmati rice from India. Therefore, Iran demand of basmati rice is likely to fall in coming year because increase in production.

Govt FY18 wheat procurement up over 18% on year at 25 million tonne.
Ram Gopal Yadav (7 years ago)

The government has procured 24.66 million tonne of wheat across the country so far, this marketing year started April. The procurement is 18.3% higher than in the year-ago period, as production in 2016-17 (Jul-Jun) is seen at a record high. Procurement by the government was the highest in Punjab at 10.92 million tonne, up 10.4% from a year ago. Haryana was the second, at 7.06 million tonne, up 9.2% on year. In Uttar Pradesh, where the state government expects to procure a whopping 8 million tonne of wheat this year, 904,704 tonne has already been procured. The purchase is 152.8% higher on year. In Madhya Pradesh, another major producer, the government has bought 5.06 million tonne of the grain so far, up 39.1% from the year-ago period. In Indore, the grain was sold up 10-20 rupees from Saturday. Overall, the central government has set a target to procure 33.0 million tonne of wheat in the current marketing season, up from 22.9 million tonne on year.

Efforts to foster sustainable rice production gain traction in nigeria.
Ram Gopal Yadav (7 years ago)

To help meet national demand of around 5.2m tonnes in 2016, Nigeria imported 2.3m tonnes of rice last year, according to the UNs Food and Agricultural Organisation (FAO). This heavy reliance on external sources has seen Nigeria – currently the world second-largest importer of the grain after China – import around 17m tonnes of rice in the last five years, with the country spending an average of $5m per day on shipments of the grain, Audu Ogbeh, minister of agriculture and rural development, told international media earlier this year.

Low supply lifts Indore wheat price; down in Delhi.
Ram Gopal Yadav (7 years ago)

Wheat prices in the benchmark market of Indore rose due to a decline in supplies. In Indore, the grain was sold up 10-20 rupees from the previous day. Around 5,000 bags (1bag=100kg) of wheat were brought to Indore markets down from 7,000-8,000 bags. Wheat prices in the key wholesale market of Delhi fell because supplies from Uttar Pradesh and Punjab are on a rise. Wheat was quoted down 15 rupees from the previous day. Arrivals were at around 50,000 tonne up from 40,000 tn. The most active May wheat contract on NCDEX had hit a two-month low down 0.9% from previous close. The July wheat contract on CBOT was at $4.58 a bushel, up 0.6% from previous close.