India soybean supply seen dn at 250,000 bags.
Down in north India on weak demand, unch in Maharashtra.
Down in north India on weak demand, unch in Maharashtra.
ICE raw sugar at 4-mo high on strong Brazilian real.
ICE raw sugar at 4-mo high on strong Brazilian real.
Govt notifies eligibility criteria for sugar mills to avail subsidy.
Govt notifies eligibility criteria for sugar mills to avail subsidy.
Most down on weak export; coriander up on fall in area
Most down on weak export; coriander up on fall in area
USDA Maintains Indian Corn Production At 26 MT, Exports To Surge.
The latest report of United States Department of Agriculture (USDA) stated that despite the slightly higher-than-anticipated planting of kharif corn, MY 2018/19 forecast for corn production is unchanged at 26 MMT due to expected lower yield, compared to last year due to patchy monsoon in western India, and reports Fall Army Worm (FAW; Spodoptera frugiperda) in corn producing states in southern India. The governments provisional planting report for the period ending September 20, 2018, estimates the kharif corn planted area at 7.92 million hectares compared to 7.93 million hectares during the corresponding period last year, but higher than the five-year historical average of 7.89 million hectares. However, deficient rains during July delayed planting of corn in most of the growing states, while prolonged dry spells during critical crop growth and reproductive stages of the crop in some parts of Karnataka, Maharashtra, and Gujarat are likely to affect yield prospect. MY 2017/18 corn exports are estimated marginally higher at 900,000 MT based on the latest available official export figures. According to available trade estimates from the Global Trade Atlas, MY 2017/18 corn exports through June 2018 are estimated at 742,000 MT compared to 389,000 MT during the corresponding period last year, mostly to neighboring Nepal and Bangladesh, with small quantities going to south Asia. Market sources report that exports during July 2018 were steady around 100,000 MT. With exports likely to taper down in the last quarter on rising domestic prices, MY 2017/18 exports are likely to reach 900,000 MT
India NCDEX maize futures end lower on profit booking.
Futures contracts of maize on the NCDEX ended lower due to profit booking after rising in the last two sessions. On the NCDEX, October delivery maize contract ended 6 rupees lower at 1,388 rupees per 100 kg. Bulk demand from starch and poultry industry has reduced in spot markets due to less availability of good quality stocks. Fresh crop arrival has commenced in some parts of Karnataka, a leading grower of the coarse grain in the kharif season, but the moisture content is too high at present. The new crop has moisture content of 28-30%, while the desirable level is only 14-15%. Both the quantity and quality of the fresh crop arrivals are expected to improve from the next month, when harvest peaks.
Madhya Pradesh to give subsidy of 750 rupees/100 kg on wheat seed.
Madhya Pradesh government will provide 750 rupees per 100 kg subsidy to farmers on purchase of certified wheat seed for sowing in 2018-19 (Jul-Jun) rabi season. Farmers may buy certified wheat seeds from cooperative societies mostly under Rashtriya Krishi Vikas Yojana and in some districts it is also given under the National Food Security Mission. Wheat grown in the state have high level of protein content than grown in Uttar Pradesh, Punjab and Haryana, among the major growers.
Total production of Kharif rice is estimated at 99.24 million tonnes.
This is higher by 1.74 million tonnes than the last year’s production of 97.50 million tonnes. Further, it is higher by 6.64 million tonnes over the average production of Kharif rice during the last five years.
The total production of Kharif pulses is estimated at 9.22 million tonnes
The total production of Kharif pulses is estimated at 9.22 million tonnes which is lower by 0.12 million tonnes than the last year’s production of 9.34 million tonnes. However, kharif pulses estimated production is 2.67 million tonnes more than the last five years average production.
NCDEX to launch options in guargum, three other agro products in two weeks.
Agro-centric National Commodity & Derivatives Exchange (NCDEX) plans to launch options trading in four new contracts namely, guargum, soybean, refined soy oil and chana within two weeks. Currently generating a daily average turnover of around Rs 40 million in guarseed options, its only agro contract currently, the exchange has already received approval from the markets regulator the Securities and Exchange Board of India (Sebi) to launch options trading in these additional commodities.
India NCDEX maize tad down on profit booking.
Price of the coarse grain in Purnea, the key market for rabi maize in Bihar, increased around 10 rupees from previous close to 1,390-1,410 rupees per 100 kg. Prices edged higher because of less availability of good quality crop in wholesale markets.
Arrivals of new maize 50-100 tn start in Karnataka, moisture content high.
Arrivals of the new crop of maize have started in some parts of Karnataka, a leading grower of the coarse grain in the kharif season. It has been three-four days since the new kharif maize crop has started arriving in Karnataka. Around 50-100 tn of new maize crop is arriving regularly on an average. However, the price of the old crop is still higher than that of the new crop, as the latter has high moisture content. The new crop has moisture content of 28-30%, while the desirable level is only 14-15%. Bulk buyers from the poultry, starch and food sectors prefer to buy stock from the old crop, with less moisture. Currently, there isn’t much demand in wholesale markets, as most bulk buyers have already stocked maize to meet their requirement till the end of the month.
India soybean settles lower on rising supply.
The October contract of soybean on the National Commodity & Derivatives Exchange settled 0.8% lower due to rising supply of fresh crop in wholesale markets. Supply of new crop of soybean in spot markets across the country was at 500,000 bags (1 bag = 100 kg). After hitting a two-week low of 4,112 rupees per 100 kg, the October contract of mustard seed on NCDEX closed lower due to subdued demand from oil millers. In Jaipur, prices of the oilseed were 4,225-4,250 rupees per 100 kg, down 50 rupees from previous close.
Soybeans hit 6-week high as rains delay US harvest.
Chicago soybean prices rose for a second consecutive session, hitting their highest in more than six weeks as rains in parts of the U.S. Midwest delay the harvest of what is expected to be a record crop. The most-active soybean contract on the Chicago Board of Trade was up 0.3 percent at $8.71-1/4 a bushel, after earlier touching its highest since Aug. 22 at $8.75. Rains across the U.S. Midwest are delaying harvesting and stoking fears of crop damage. Brazilian soybean producers have sold 27.3 percent of the crop that will start to be collected around January, compared with 14.1 percent that had been sold at this time last year. China soymeal futures climbed more than 2.5 percent to a record 3,457 yuan ($501.37) per tonne amid ongoing concerns about the trade war.
Oilmeal exports up 9% at 14 lakh tonne during April-September FY’19.
India’s oilmeal exports rose 9 per cent to 14.03 lakh tonne during the first six months of the ongoing financial year, driven by sharp increase in shipments of rapeseed meal, according to industry data. The country exported 14,03,382 tonne during April-September 2018 as against 12,84,788 tonnes in the same period last year, the data compiled by Mumbai-based Solvent Extractors’ Association of India (SEA) showed. Rapeseed meal exports doubled to 6,01,105 tonne in the reported six months from 3,00,627 tonne in the year-ago period. South Korea, Vietnam and Thailand were major importers. However, exports of soybean meal fell to 3,92,736 tonne from 4,89,926 tonne during the period under review. As per the data, exports to Vietnam rose 24 per cent to 2,77,406 tonne during the first six months of 2018-19. Thailand imported 1,67,101 tonne during April-September 2018 as against 76,895 tonne in the year-ago period.
Barley prices up in Jaipur on local demand, MSP hike.
Prices of barley rose in Jaipur following improved demand from domestic stockists and as the government had hiked the minimum support price of the coarse grain by 30 rupees per 100 kg. In Jaipur, the benchmark market for the commodity, the coarse grain was sold at 1,630 rupees per 100 kg, up 10 rupees from previous close. The Union Cabinet approved a hike in minimum support price for 2018-19 barley crop to 1,440 rupees per 100 kg. Supplies are negligible in the market due to low stocks with farmers. The new crop will be available from March.
NCDEX barley down on profit booking post 21-month high.
Futures contracts of barley fell on the NCDEX due to profit booking after prices hit a 21-month high of 1,800 rupees per 100 kg. The October contract was at 1,791 rupees per 100 kg, down 8.50 rupees. However, gains in the benchmark market of Jaipur, following improved demand from domestic stockists, limited the fall. Demand rose after the government had hiked the minimum support price of the coarse grain by 30 rupees per 100 kg.
India’s oilmeal exports rose 9 per cent to 14.03 lakh tonne during
India’s oilmeal exports rose 9 per cent to 14.03 lakh tonne during
Indore soybean up on higher demand, lower arrivals.
Soybean prices in Indore rose due to lower arrivals of the crop in the market and improved demand for soymeal. In Indore, prices rose 50 rupees to 3,200 rupees per 100 kg. Indore is considered the benchmark market for the oilseed in India. Arrivals in Madhya Pradesh was seen at 200,000 bags (1 bag = 100 kg). Demand has risen due to the better quality of the crop, lifting prices in the domestic market.