South Africa’s Crop Estimates Committee (CEC) is expected to slightly lower its summer maize forecast next week but a bumper harvest is still seen. The CEC, which gives its next forecast on Tuesday, is seen pegging the harvest at 14.175 million tonnes, about 1% lower than its previous estimate of 14.32 million tonnes. This would still be over 82% more than the 7.78 million tonnes reaped last year, when drought hit the crop, pushing up food prices and inflation. The range was 13.5 to 14.6 million tonnes. yields depressed slightly in parts of the country’s maize belt where plantings were late and recent rainfall has been scattered.
Dairy body to buy 1,500 tonne de-olied rice bran.
The National Cooperative Dairy Federation of India buy 1,500 tonne de-oiled rice bran through a reverse electronic auction. The commodity, used as cattle feed, will be bought on behalf of Karnataka Milk Federation. The federation, which has nearly 200 dairy cooperatives as members, has developed an online trading platform to purchase feed stock and sell dairy products
NCDEX coriander down 1%; demand low, inventories up.
Futures contracts of coriander on the NCDEX were trading 1% lower because of weak demand from domestic retailers. The fall in prices was also triggered by a 518 tonne rise in inventories at exchange-designated warehouses to 18,586 tonne. The most active May contract on the NCDEX traded down 1% from the previous close. In Kota, the benchmark market in Rajasthan, the Badami variety of coriander and the Eagle variety both unchanged from previous close. Arrivals were pegged at 6,000 bags (1bag=40 kg) down 2,000 bags from the previous day.
All-India cotton arrivals down at 74,200 bales.
Arrivals of cotton in major spot markets across the country were pegged at 74,200 bales (1bale=170 kg) on previous close, down from 81,500 bales on previous close.
India coffee exports during Jan 1- Apr 19.
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.
Source says India Oct 1-Apr 19 sugar output 19.73 million tonne down 18% YoY .
Source says India Oct 1-Apr 19 sugar output 19.73 million tonne down 18% YoY .
Sugar down in most markets on low demand amid heavy selling.
Sugar down in most markets on low demand amid heavy selling.
Maize prices rise in key spot markets.
Maize futures on the NCDEX ended higher due to good demand from buyers for the new crop. The May contract of rabi maize ended at 1,407 rupees per 100 kg, up 0.8% from previous close.
NCDEX mustard seed at 2-year low as output seen higher.
NCDEX mustard seed at 2-year low as output seen higher.
NCDEX coriander up on short covering, low output.
Futures contracts of coriander on the NCDEX were up as investors covered their short positions after prices fell to a five-week low of 6,900 rupees per 100 kg on Tuesday. A 2,420-tn decline in open interest in the May contract indicated short covering. The most active May contract on the NCDEX traded up 0.2% from the previous close.
Weak local demand weighs on mustard prices in Jaipur.
Weak local demand weighs on mustard prices in Jaipur.
Coriander prices fall in Ramganj on higher arrivals.
Prices of coriander were down in Ramganj as arrivals were higher. In Ramganj, a key wholesale market in Rajasthan, the Badami variety of coriander and the Eagle variety both down 100 rupees from previous close. Arrivals in Ramganj were pegged at 20,000 bags (1bag=40kg) up 7,000 bags from the previous day.
Ukraine set for smaller 2017 soybean crop this year.
Ukraine set for smaller 2017 soybean crop this year.
NCDEX cotton oilcake down on weak demand, spot cues.
Futures contracts of cottonseed oilcake on the NCDEX fell because of weak demand in physical markets. The most active May contract of cottonseed oilcake on the NCDEX was down 0.5% from the previous close. In Akola, the benchmark market in Maharashtra, cottonseed oilcake and in Kadi, Gujarat, both down 20 rupees from previous close. Cheaper alternatives for cattle feed such as mustard feed and guar feed weakened the demand for cottonseed oilcake.
Punjab pegs year to Jun cotton output up 220% on year.
Cotton crop 1.26 millon bales vs 393,000 bales year ago. Cotton output in Punjab, among the largest producers of the fibre, is estimated to rise a sharp 220% on year to 1.26 millon bales (1bale=170 kg) in 2016-17 (Jul-Jun) because of higher acreage and better yield Cotton output in the state had fallen last year after the crop was severely attacked by white fly.
Cabinet extends stockholding limit on sugar by 6 months till October 28.
Cabinet extends stockholding limit on sugar by 6 months till October 28.
USDA sees India year to Sep 2018 sugar output up 18% at 25.8 million tonne.
USDA sees India year to Sep 2018 sugar output up 18% at 25.8 million tonne.
USDA pegs China year to Sep 2018 sugar import dn 19% at 4.2 million tonne.
USDA pegs China year to Sep 2018 sugar import dn 19% at 4.2 million tonne.
Govt officials say no plans to hike import duty on wheat to 25%.
The government does not plan to hike import duty on wheat to 25% from the current 10%. There was no immediate need to raise the duty, as prices were above the minimum support price in most market. Procurement was progressing well and the harvest this year was also good. The government had on Mar 28, imposed 10% customs duty on import of wheat to prevent fall in prices following a bumper crop in the country this year.
Sugar output seen jumping in Maharashtra.
Sugar output seen jumping in Maharashtra.