The Coffee Board of India has finalised its crop estimate for 2015-16 at a record-high of 348,000 tonne, up from 327,000 tonne produced a year ago, but down from previous estimate of 350,000 tn. The board has estimated the output for 2016-17 at 316,700 MT tonne, down 9% on year.
Groundnut down in Junagadh as supply rises.
Groundnut down in Junagadh as supply rises.
Spot sugar rises as demand up at beginning of month.
Prices of sugar rose in Mumbai and Kolhapur, as demand for the sweetener improved with Stuckists replenishing their inventories at the start of the month. In Maharashtra, prices rose also due to bargain buying after a fall in the last week. In Mumbai and Kolhapur, sugar prices were up 7 rupees per 100 kg from previous close. On the NCDEX, the most active May contract of sugar traded down 0.3% from the previous close. The government had on Apr 5 allowed duty-free import of 500,000 tonne of raw sugar under the tariff rate quota. On the National Commodity and Derivatives Exchange, sugar futures traded in a narrow range. Most active May contract of sugar was down 0.2% from the previous close. In north India, soaring prices are unlikely to sustain due to record high output in Uttar Pradesh.
NCDEX May sugar up taking cues from spot mkts.
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.
Telangana may ease stock limit on essential goods as tur prices fall.
Telangana may ease stock limit on essential goods as tur prices fall.
ICE raw sugar down as world deficit seen easing.
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.
Tur at 4-year-low on low demand from dal millers in Akola.
Tur at 4-year-low on low demand from dal millers in Akola.
Dalmia Bharat Sugar surrenders raw sugar import quota.
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.
NCDEX soybean dn on spot cues, likely fall in export.
NCDEX soybean dn on spot cues, likely fall in export.
Sugar Up in Maharashtra on rise in demand, unchanged in north India.
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.
NCDEX mustard down on likely high output, spot cues.
NCDEX mustard down on likely high output, spot cues.
Maharashtra drags down all-India cotton arrivals.
Arrivals of cotton across the country were down 2,000 bales at 67,700 bales (1bale=170kg) on Tuesday as lower supplies in Maharashtra dragged the total arrivals of the fibre crop down.
Groundnut seed down in Gujarat as rabi output seen up.
Groundnut seed down in Gujarat as rabi output seen up.
Global body sees India 2017-18 cotton mill demand 5.2 million tonne, up 2%.
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.
Crude sunflower oil up $795/tonne CIF Mumbai vs $790/tonne said SEA.
Crude sunflower oil up $795/tonne CIF Mumbai vs $790/tonne said SEA.
MCX cotton up on fall in arrival, likely high demand.
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.
India coffee exports during Jan 1- May 2.
The Coffee Board of India has finalised its crop estimate for 2015-16 at a record-high of 348,000 tonne, up from 327,000 tonne produced a year ago, but down from previous estimate of 350,000 tn. The board has estimated the output for 2016-17 at 316,700 MT tonne, down 9% on year.
Basmati rice extend losses on muted demand.
Prices of rice basmati drifted lower at the wholesale grains market on tepid demand against sufficient stocks position. Sluggish demand from retailers weighed on rice basmati prices.
Basmati sowing likely to go up 25% in FY18 on high demand, normal monsoon.
Sowing area under basmati paddy is likely to increase by 25% in 2017 on the back of favourable climatic conditions and forecast of normal rainfall this monsoon season.
Egypt contracted to import 20,000 tonnes of Indian rice.
Egypt, traditionally a rice exporter, has contracted to purchase 20,000 tonnes of Indian rice as per a cabinet statement on 03 May. Egypt govt statement did not explain why it had contracted to buy the rice. But in December, govt said it would import rice after cancelling a tender to buy locally produced rice when the bidding companies all offered higher prices than the govt had asked for. Egypt rice paddy production is estimated at 5.1 million metric tonnes in 2016 versus annual consumption of about 3.95 million tonnes, said USDA.