Russian wheat export prices down on low sales activity.
Ram Gopal Yadav (7 years ago)

Russian wheat export prices fell due to low activity in the market ahead of the new crop arrival this summer and because of a continuing trade dispute with Turkey. Russia exported 29.8 million tonnes of grain, including 23.0 million tonnes of wheat down 0.5 percent year-on-year. Russia wheat crop is expected to fall this year, but the country stockpile remains high after a record crop in 2016, and the number of sale offers from farmers is rising. Russia grain stocks at farms and procurement and processing companies, excluding small farms, were up 19 percent from a year earlier at 28.3 million tonnes. Domestic prices for third-class wheat fell 100 roubles compared with the week earlier to 9,500 roubles ($170) a tonne in the European part of Russia on an ex-works basis. Farmers had sown spring grains on 11 percent of the planned area, or on 3.4 million hectares, compared with 4.2 million hectares a year ago.

Offtake of imported wheat picks up in south India.
Ram Gopal Yadav (7 years ago)

The offtake of imported wheat from ports in south India has picked up due to good demand from millers and Stuckists in the region. Traders in south India imported wheat is cheaper than that ordered from northern part of the country. South Indian buyers do not expect prices to fall and are resorting to the imported grain. At present, there is nearly 1.3 million tonne wheat stocked at ports and it is likely to be sold in the next two-to-three months. In south India, imported wheat is available at low cost as compare to domestic wheat costs.

Indian Wheat prices rise in spot markets on low supply.
Ram Gopal Yadav (7 years ago)

Prices of wheat rose in the benchmark market of Indore, Madhya Pradesh, as arrivals fell due to government procurement in the state. In Indore, arrivals had peaked around 20,000 bags (1bag=100kg). Arrivals fell sharply to 5,000 bags. The grain was sold up 20-30 rupees from previous close. The government has procured 3.6 million tonne of wheat in Madhya Pradesh since the beginning of April, up nearly 15% on year. The most active May contract of wheat on the NCDEX ended down 0.9% from the previous close.

Indian maize prices rise in spot markets on low supply.
Ram Gopal Yadav (7 years ago)

The most active June contract of rabi maize on the NCDEX also ended down due to easing weather conditions in Bihar, the largest producer for the current season. The June maize contract on the NCDEX ended down 1.6% from the previous close. Rains in parts of Bihar had disrupted maize supplies to markets and triggered concerns of damage to the crop. Only 300 tonnne of maize arrived in Purnea market down from nearly 2,000 tonne on previous close. Lower supplies also lifted spot prices of the coarse grain and it was sold up 10-15 rupees from previous close.

NCDEX coriander hits 1-week low on lower demand.
Ram Gopal Yadav (7 years ago)

Futures contracts of coriander on the NCDEX extended losses and hit a one-week low because of weak demand from domestic consumers. The fall in prices was also triggered by a 231-tonne rise in inventories at exchange-designated warehouses at 21,402 tonne on previous close. The most active May contract on the NCDEX was down 0.55% from the previous close. In Baran, wholesale market in Rajasthan, the Badami variety of coriander and the Eagle both sold unchanged from previous close. Arrivals were also unchanged at 6,000 bags (1bag=40 kg).

NCDEX cotton oilcake down 2% on selling pressure.
Ram Gopal Yadav (7 years ago)

Futures contracts of cottonseed oilcake on the NCDEX declined over 2% due to selling pressure as cotton output is likely to increase in 2017-18 (Oct-Sep). India Meteorological Department has projected normal southwest monsoon rainfall in 2017. Good rains boost cotton production. On the NCDEX, the most active May contract of cottonseed oilcake traded down 1.9% from the previous close. In Akola, the benchmark market for cottonseed oilcake in Maharashtra, the commodity was sold down 25 rupees from previous close. In Kadi, Gujarat, the prices were unchanged. Sufficient supply and sluggish demand due to availability of cheaper alternatives for cattle feed also weighed on cotton prices.

MCX cotton down as arrivals rise, output seen higher.
Ram Gopal Yadav (7 years ago)

Futures contracts of cotton on the MCX fell for the second consecutive session because of rise in arrivals in physical markets and expectation of higher output in 2017-18 (Oct-Sep). The most-active May contract of cotton was (1bale=170 kg), down 0.8% from the previous close. The arrivals of cotton in major spot markets across the country were pegged at 73,800 bales on previous close, higher than 69,200 bales on Thursday. cotton output in India, the largest producer, is estimated to rise 2% to 5.9 million tonne in 2017-18. IMD has forecast the southwest monsoon this year (Jun-Sep) to be normal at 96% of the long-period average, adding to the hopes of higher production of cotton and thus weighing on the sentiments.