London sugar traders return from easter break in bullish mood.
NCDEX barley up taking cues from spot market.
NCDEX barley up taking cues from spot market.
India Wheat arrivals up in Madhya Pradesh.
In Indore, the grain was sold down 25 rupees from previous close. Around 750,000 bags (1bag=100kg) of wheat arrived in Madhya Pradesh up from 400,000 bags. In Delhi, another key wholesale market, 40,000 bags of wheat arrived dragging prices down 20 rupees. Futures contracts of wheat on the National Commodity and Derivatives Exchange ended higher due to bargain buying. The April contract of wheat ended up 0.2% from the previous close. Prices on the NCDEX had fallen earlier tracking a decline in spot markets on the back of an increase in supplies.
Chana price up in spot markets on demand from mills.
Chana price up in spot markets on demand from mills.
Govt FY18 wheat procurement 11.9 million tonne so far, up 13.7% on year.
The government has procured 11.9 million tonne wheat so far in the current marketing year that started April, 13.7% higher than in the year-ago period. Haryana tops the procurement list, with farmers in the state selling 4.7 million tonne wheat to the government, higher than 4.5 million tonne a year ago. In Punjab, the government has so far purchased 3.7 million tonne wheat from farmers, up 21.5% from a year ago. The government has purchased 3.1 million tonne wheat in Madhya Pradesh, up 8% on year, while in Uttar Pradesh, it has bought 156,004 tn so far, sharply higher than 48,639 tonne in the year-ago period. The Uttar Pradesh government has set a target to procure 8 million tonne wheat this year, way above the central government’s 3-mln-tn target for the state. Overall, the central government has set wheat procurement target for this marketing season at 33 million tonne, up from 22.9 million tonne a year ago.
Tur prices fall in Akola due to low demand.
Tur prices fall in Akola due to low demand.
India maize prices unchanged.
Maize futures on the domestic exchange rose. Taking cues from firm demand in spot markets on the NCDEX. The most active June contract of rabi maize ended 1.3% higher. Maize prices, remained unchanged in Bihar’s key Purnea market. As good demand from Stuckists offset high arrivals. In Purnea, the grain was sold at 1,300 rupees per 100 kg, around 1,000 bags (1 bag = 100 kg) of the coarse grain arrived in Purnea, largely unchanged from previous close. Prices were also unchanged in the benchmark market of Nizamabad, Telangana.
Soybean hits fresh 1-month high; crude palm oil down 1%.
Soybean hits fresh 1-month high; crude palm oil down 1%.
MCX cotton up on global cues, low spot mkt arrivals.
Futures contracts of cotton rose on the MCX. Tracking a rise in cotton futures on ICE, and because of lower arrivals in spot markets, On the MCX, the April contract was at 20,800 rupees per bale (1bale=170kg), up 0.7% from the previous close. Most-active July contract on the ICE was at 78.23 cents per pound, up 0.08%. Strong demand for US cotton from overseas buyers lifted prices of the commodity higher on ICE. US cotton exports were at 307,200 bales in the week ended Apr 6, up 14% on week, Cotton arrivals in major spot markets across India were estimated at 81,800 bales (1bale=170kg) down from 88,800 bales on Friday.
Mustard at over 1-month low in Jaipur on weak demand.
Mustard at over 1-month low in Jaipur on weak demand.
Ukraine Winter wheat are in good condition.
Over the last week, the air temperature in most of the country was a few degrees above its normal values. Precipitation of various intensities occurred all over Ukraine in the form of rain. From January 1 till April 10, many parts of Kherson, Odesa, Mykolaiv and Kirovohrad regions received at most 30-60% of normal precipitation rates for this time, therefore the recent week’s cold-spell turned out to be a beneficial factor curbing the drought development in these regions. The March-April weather conditions in Ukraine were generally favorable for crop planting and growth. The accumulated amounts of warmth and moisture supply in most of Ukraine’s crops were still at fair and optimum levels. As of today, over 70% of winter wheat crops are at the tillering stage. In fact, they have caught up with the fall lag caused by abnormally cold October and November. Roughly 30% of crops are in fair condition with a steady trend toward improvement.
Source says NCDEX may launch mustard oilcake contracts from 24 April.
Source says NCDEX may launch mustard oilcake contracts from 24 April.
Russian grain exports fall on lower Turkish buys.
Russian grain exports are expected to dip between 3 and 3.1 million tonnes in April from the 3.8 millpn tonnes shipped in March, owed to a drop in Turkish purchases. Turkey, the world’s second largest buyer of Russian wheat after Egypt, is said to have placed its wheat, corn and sunflower imports on hold by imposing high import tariffs from mid-March. However, the loss of the Turkish market is likely to be temporary.
MCX mentha oil hits 4-mo low taking cues from spot.
MCX mentha oil hits 4-mo low taking cues from spot.
Ukraine Ag Ministry raised its forecast for 2016/17 grain exports.
The Ag Ministry of Ukraine raised its forecast for the country’s 2016/17 grain exports from 41 MMT to 42 MMT. The grain export forecast for Ukraine envisages 16.6 MMT of wheat exports, 5.6 MMT of barley, 19 MMT of corn and 1 MMT of other cereals. Ukraine exported some 35.4 MMT of cereals in the 2016/17 season by April 2017, including 15.4 MMT of wheat (of which 10.1 MMT is milling wheat), 14.9 MMT of corn, roughly 4.9 MMT of barley.
Ukraine farmers started 2017 maize sowing.
Ukraine says 94 packet of spring grains sown so far. Farmers have also started 2017 maize sowing, seeding 341,000 hectares, or 8 percent of a planned 4.5-million-hectare area. A week ago, the ministry saw the planted area at 4.4 million hectares. Farmers have sown 31,000 hectares of soybean out of a planned 1.9 million hectares this year. They have also sown 1.3 million hectares of sunflower, or 24 percent of the expected area of 5.4 million hectares, and 263,000 hectares of sugar beet, or 90 percent of the forecast.
DA task force sets inventory of rice stocks.
Manila, Philippines – The Department of Agriculture (DA) will lead the creation of a task force to look into the nationwide inventory of rice stocks to counter allegations of a current shortage and speculation of possible importation despite a bumper harvest. The task force aims to prove that there is enough rice supply in the country and establish actual stock situation to allow the government to come up with correct statistics, which could be the basis of sound agricultural planning, particularly in terms of rice production. NFA is insisting on an immediate government-to-government importation of 250,000 metric tons (MT) of rice to boost the agency’s inventory. Latest data from the PSA showed that the country’s rice inventory in March declined by 19 percent to 2.18 million MT, from 2.67 million MT recorded a year ago. The agency reported that total rice inventory as of March was also five percent lower than the 2.3 million MT posted in February.
NCDEX coriander hits 4% lower circuit on weak demand.
Futures contracts of coriander on the NCDEX hit their 4% lower circuit due to lack of demand from Stuckists. On the NCDEX, the most active May contract was down 2.9%. A rise in inventories at exchange warehouses also weighed on prices. Exchange-designated warehouses had 16,599 tonne of coriander, compared with 16,271 tonne on previous close. In Ramganj, a key market in Rajasthan, the Badami and Eagle variety of coriander was sold down 100-150 rupees from the previous close. Arrivals in Ramganj were pegged at 40,000 bags (1bag=40kg) unchanged from the previous day.
MCX mentha oil down over 1% on likely higher output.
MCX mentha oil down over 1% on likely higher output.
USDA pegs Bangladesh year-to-Jul 2018 cotton opening stock down 7% on year.
The USDA Foreign Agricultural Service expects Bangladesh cotton opening stock in 2017-18 (Aug-Jul) to fall 7% on year to 1.06 million bales (1USbale=480pound). Cotton beginning stocks at 1.14 million bales. The Foreign Agricultural Service links US agriculture to the world to boost export opportunities and global food security. The US agency has projected Bangladesh year-to-July 2018 cotton crop to increase marginally by 4% on year to 130,000 bales due to favorable weather and increased acreage in long-staple American upland variety. Imports have been estimated at 6.2 million bales for the next season, compared with 6.0 million bales More than 40% of imported raw cotton and 80% of imported yarn and fabrics are used by spinning mills and the ready-made garment sector to meet export demand. Mills in Bangladesh are consuming 6.3 million bales of the commodity in 2017-18, up marginally from 6.2 million bales this year, while closing stock at the end of 2017-18 season is pegged at 1.08 million bales, up from 1.06 million bales this year.