U.S. wheat futures dropped to their lowest level in more than six weeks and their second straight day of declines as weather forecasts bolstered expectations for strong yields adding to already high supplies in the coming weeks. Good rains expected to build across much of the winter wheat belt over the next 10 days. CBOT May soft red winter wheat settled down 3-3/4 cents. Weather for U.S. winter crop is expected to improve and there is more downside for wheat prices.
Barley soften on reduced offtake in India.
Barley soften on reduced offtake in India.
Wheat arrivals rise in Indore, prices above MSP.
Wheat arrivals rise sharply in the benchmark market of Indore as farmers refrained from selling high quality produce to the govt. Around 25,000 bags (1bag=100kg) of the new crop arrived in Indore sharply up from 12,000-14,000 bags. Fresh crop arrivals rose as farmers brought quality crops to the market instead of selling it to the govt at a much lower MSP.
NCDEX coriander hits 6 week high as arrivals decline.
NCDEX coriander hits 6 week high as arrivals decline.
Higher temperatures may hit wheat crop in northwest.
The India Meteorological Department has forecast a 2-4 degree Celsius rise in maximum temperatures in north western and central India over the next three days. Higher temperatures in north western India could increase the susceptibility of the late sown wheat crop to wheat rust, fungal disease. Higher temperatures could be beneficial for the wheat grown in Madhya Pradesh as it would take the moisture out of the crop ready for harvest.
No damage from rains so far for coriander; concerns remain.
No damage from rains so far for coriander; concerns remain.
Lower supplies lift barley prices in Jaipur.
Barley prices rise in Jaipur due to lower supplies in the market coupled with higher demand from stockists and feed sector. Arrivals of the new crop were estimated at 6,000 bags (1bag=85kg) compared with 10,000. Barley arrivals fell in Rajasthan due to rains. Expectations of a rise in demand from malt industries due to onset of summer season also supported prices.
NCDEX barley up over 1% taking cues from spot markets.
Futures contracts of barley on the NCDEX were up over 1% tracking the spot market in Jaipur. The most active April contract on the NCDEX was up 1.73%. Prices in Jaipur rise due to lower supplies in the market as well as higher demand from stockists and the feed sector. Arrivals of the new crop were estimated at 6,000 bags (1bag=85kg), compared with 10,000 bags.
Barley soften on reduced offtake in India.
Prices of barley drifted lower at the wholesale grains market due to reduced offtake against high stocks position. Muted demand from consuming industries helped barley prices to end lower.
NCDEX coriander hits 6 week high as arrivals decline.
Futures contracts of coriander on the NCDEX hits 6 week high because of low arrivals at the benchmark market in Rajasthan. The most active April contract on the NCDEX traded up 0.33%. Arrivals in Rajasthan were pegged at 32,000 bags (1bag=40kg) down 18,000 bags. Likely decline in coriander output in 2016-17 (Oct-Sep) is also seen contributing to the rise in prices.
No damage from rains so far for coriander; concerns remain.
Unseasonal rains in Rajasthan over the last three days have not caused much damage to the coriander crop so far but likely spells of heavy rainfall in the key growing areas pose a threat. 30-40% of the mature coriander crop still standing and forecast of rainfall this month has kept growers and traders on edge about likely damage to the harvest. Coriander crop in some areas of Jodhpur and Barmer districts in the state may see some quality erosion in the form of discoloured grains though the production volume may remain unchanged. Rainfall in Rajasthan is likely to bring colour variations in the standing crop of Badami and Eagle varieties of coriander.
Govt wheat procurement picks up about 72,955 tonnes bought.
Govt wheat procurement picks up about 72,955 tonnes bought.
Prices of wheat fall in Indore on higher arrivals.
Prices of wheat fall in Indore on higher arrivals.
Saudi confirms purchase of 25 cargoes of feed barley.
Saudi confirms purchase of 25 cargoes of feed barley.
Dairy body to buy 150 tonnes de-oiled rice bran.
National Cooperative Dairy Federation of India will buy 150 tonnes of de-oiled rice bran and 50 tonnes of maize through a reverse electronic auction. De-oiled rice bran and maize are used as feed for cattle. The purchases would be made on behalf of Indian Immunological. The national federation which has nearly 200 dairy cooperatives as its members, has developed an online trading platform to purchase feed stocks and sell dairy products.
NCDEX barley up 1% tracking rise in spot market.
NCDEX barley up 1% tracking rise in spot market.
Rice export behind target, to focus on quality in Myanmar.
The rise of the US dollar value in currency exchange markets is leading to an increase in rice export volumes when compared to the previous financial year. Myanmar rice export has risen by about 25,000 tonnes compared to the export volume in the fiscal year 2015-16, he said. This year’s rice export is likely to go up to nearly 1.5 million tonnes.
NCDEX coriander at 3% upper limit and rain may hit crop.
NCDEX coriander at 3% upper limit and rain may hit crop.
New Punjab govt cancels all tenders issued during Badal regime for wheat procurement
New Punjab govt has cancelled all the labour and transportation tenders issued during the previous Badal regime for the upcoming wheat procurement season, and has invited fresh tenders, while directing the Deputy Commissioners to personally supervise the procurement process beginning April1. After a high-level meeting chaired by CM Captain Amarinder Singh, it was decided that fresh tenders could be submitted till 5 pm on March 24 and would be opened the next day by the respective committees headed by the Deputy Commissioners of the concerned districts. The entire tendering process would be completed by March 31, before the two-month procurement process kicks-off on April1. Mandis had been allotted to six procurement agencies-PUNGRAIN, Markfed, PUNSUP, Punjab State Warehousing Corporation, Punjab Agro Foodgrain Corporation and FCI as per the share allocated to them by the state govt. The agencies would procure, an estimated, 122 Lakh Metric Tonne wheat during this procurement drive.
Turkish buyers put Russia wheat deals on hold, despite denial of ban.
Turkish buyers have put purchases of Russian agricultural products-mainly wheat, maize and sunflower oil on hold, despite denials from Ankara that it has effectively banned imports from Moscow. Import licenses issued by the Turkish govt no longer included Russia in a list of accepted tax-free origins and suggesting an import tariff of 130% could be applied to supplies from Russia.