MCX cotton down on profit booking, likely output rise.
Ram Gopal Yadav (9 years ago)

Futures contracts of cotton on the MCX fell after rising in the previous session as traders booked profits, the most active May contract of cotton was at 21,000 rupees per bale (1bale=170kg), down 0.6% from the previous close. likely higher output in 2016-17 (Oct-Sep) has also kept sentiment bearish, Cotton output in Punjab, among the largest producers in the country, is likely to rise a whopping 220% on year to 1.26 million bales in 2016-17, while in Haryana, output is seen up 106% on year at 2.04 million bales, according to the third advance estimates from the farm departments of the two states. IMD has forecast the Jun-Sep southwest monsoon to be normal at 96% of the long-period average, adding to the expectations of higher production of cotton and weighing on sentiment.

Rabobank sees ICE cotton declining in long term.
Ram Gopal Yadav (9 years ago)

Rabobank expects cotton futures on the Intercontinental Exchange to decline in the long term due to expectations of a rise in the area under the crop globally in 2017-18. the July cotton contract on ICE is trading at 79.17 cents a pound, down 0.3 cents. prices are anticipated to come under pressures as excellent global prices incentivise area expansion, global cotton acreage is expected to rise 4% in 2017-18 led by the US, China India, and Pakistan. The market expects 2017-18 US cotton acreage to be in the range of 11-12 million acres, while Rabobank sees it at 11.3 million acres.

India coffee exports during Jan 1- Apr 26.
Ram Gopal Yadav (9 years ago)

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 tonne. The board has estimated the output for 2016-17 at 316,700 MT tonne, down 9% on year.

Rabobank sees ICE arabica coffee higher in long term.
Ram Gopal Yadav (9 years ago)

Benchmark contracts of arabica coffee on ICE are expected to rise in the long term, due to a likely fall in production in Brazil, world largest coffee grower. The most active July contract of arabica coffee on ICE was at 130.4 cents per pound, down 0.3% from previous close. Lack of adequate rainfall in Brazil main coffee growing areas may hamper growth of coffee beans and lead to a drop-in production in 2018, Futures of arabica coffee have been under pressure due to speculative selling due to lack of major cues and no major movement in currencies,

Turkey resumed imports of Ukrainian wheat.
Ram Gopal Yadav (9 years ago)

Ukraine exported 1053 KMT of wheat in March 2017, or almost as much as in the same month last year (1070 KMT was in March 2016). the key end market for Ukrainian wheat was Egypt. Ukraine supplied a season-record 347.5 KMT of wheat to Egypt that month. This represented 33% of total exports at the time, The European Union also revived imports of Ukrainian wheat in March. That month the EU absorbed over 26% of all the supplies – 278 KMT. In addition, in view of the heightened tension between Russia and Turkey, shipments to the Turkish market became more active in March. 46 KMT of wheat was supplied to Turkey that month – the largest volume since the season beginning (a total 73.4 KMT in MY 2016/17). Ukraine exported a total 14.615 MMT of wheat in the nine months of MY 2016/17, or 13% more than at the same time last season (12.912 MMT went abroad in July-March 2015/16Г).

Govt FY18 wheat procurement up 13% on year at 20.5 million tonne.
Ram Gopal Yadav (9 years ago)

The government has procured 20.5 million tonne wheat in 2017-18 (Apr-Mar) up 13% from a year ago. Procurement was highest in Punjab where 8.8 million tonne of wheat has been bought so far, up 5.8% from a year ago. Centre has set a target of procuring 11.5 million tonne wheat from Punjab. The second-largest contributor was Haryana where the government has procured 6.4 million tonne wheat so far and is close to achieving its target of 7.5 million tonne for the 2017-18 marketing year. In Madhya Pradesh, another major producer of wheat, 4.2 million tonne has been procured so far, up 24.1% from a year ago. The government has set an 8.5- million tonne target for wheat procurement in Madhya Pradesh. Overall, the central government has set a target to procure 33.0 million tonne of wheat in the current marketing season that started April, up from 22.9 million tonne a year ago.