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.
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.
India 2016-17 rabi maize output seen at 7.9 millon tonne, up 14.7%.
India rabi maize output in 2016-17 (Oct-Sep) is seen rising 14.7% on year to 7.9 million tonne. Acreage under the coarse grain has risen 11.7% on year to 2.1 million hactare in 2016-17, with gains in Bihar. Andhra Pradesh and Maharashtra because of good water availability in these states. In Tamil Nadu, however, area under the crop declined because of prolonged drought conditions. The brokerage has pegged average yields at 3.9 tonne per ha, up 5.4% on year. Output in Bihar, the largest producer of rabi maize producer, is seen at 2.8 million tonne compared with 2.4 million tonne a year ago. Despite a rise in output, export demand for maize is expected to remain largely unchanged at 500,400 tonne. In 2015-16, India exported 500,600 tonne of maize.
Weak demand drags down Jaipur barley to 6-week low.
Weak demand drags down Jaipur barley to 6-week low.
Jun NCDEX maize hits 1-month low on cues from spot mkt.
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.
NCDEX barley at 1-month low as warehouse stocks rise.
NCDEX barley at 1-month low as warehouse stocks rise.
Dairy body to buy 30,000 tonne maize via e-auction.
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.
India Exports 0.137 million tonne Pulses In 2016-17.
India Exports 0.137 million tonne Pulses In 2016-17.