Wheat prices are likely to be confined to a narrow range
Ram Gopal Yadav (6 years ago)

Wheat prices are likely to be confined to a narrow range in the coming days as the government has huge inventory of the food grain in its central pool. The government had 40.9 mln tn of wheat inventory in its central pool as on Aug 1, higher from 30.1 mln tn on the same day last year. The government has also raised its estimate for wheat output in 2017-18 (Jul-Jun) to a record high 99.70 mln tn from 98.61 mln tn earlier.

India maize prices gain on improved demand
Ram Gopal Yadav (6 years ago)

Wholesale price of good quality maize in Bihar’s Purnea, a key market, rose 5-10 rupees 1,320 rupees per 100 kg. Good demand from starch and poultry industry along with less availability of good-quality crop in the wholesale markets supported prices. Stocks of good quality maize in Bihar the largest producer of maize in the rabi season are dwindling, because most was exported to Bangladesh in Apr-May.

EU slashes 2018 wheat export estimate by 5.5 million tonnes.
Ram Gopal Yadav (6 years ago)

The European Commission slashed its monthly forecast of common wheat exports from the European Union in the 2018/2019 season, due partly to a cut in its output estimate, in a further sign of tight world wheat supplies. In supply and demand forecasts released, the Commission pegged EU common wheat exports this season at 20.0 million tonnes, down from 25.5 million estimated in July and now below the 21.3 million shipped last season. The Commission cut its estimate of EU common wheat output to 128.8 million tonnes from the 133.5 million estimated in July and 142.0 million harvested last year. European wheat crops have suffered from hot and dry weather this season, particularly in the northern part of the bloc, with Germany losing nearly 20 percent of its crop.

Russian wheat exports up 60% at 8.2 mil mt in marketing year
Ram Gopal Yadav (6 years ago)

Russian wheat exports between the start of the season on July 1and August 29 were 8.17 million mt, up 60% on the year. Higher-than-usual temperatures and dry weather over May-June resulted in an earlier-than-usual harvest and exports. Meanwhile, this weather also hit production. Rain during the harvest, especially in central regions reduced the quality. Russian wheat production for this marketing year is expected to be about 68 million-70 million mt, down from a record high of 85 million mt last marketing year. Wheat production is also expected to be lower in other producing regions, notably the EU, Canada and Australia, supporting wheat prices and incentivizing producers to take advantage by exporting. Deep sea port 12.5% protein wheat prompt loading was assessed at $225/mt Friday compared with $180.50/mt a year earlier, but $1.75 lower on the week and off the 42-month high of $234.50/mt hit on August 8.

Kharif maize area unch on yr at 7.7 mln ha.
Ram Gopal Yadav (6 years ago)

Maize acreage in India was unchanged on year at 7.7 mln ha. The Centre has hiked minimum support price for maize to 1,700 rupees per 100 kg for kharif marketing year starting October from 1,425 rupees in the previous year, which encouraged farmers to sow more in the key producing states of Madhya Pradesh, Karnataka, Rajasthan and Gujarat. However, in some states, the acreage was down because of patchy distribution of rains. During Jun 1-Sep 2, the country received 683.2 mm rains, 6% below the normal weighted average of 728.3 mm.

Ukraine’s maize crop to top 30 mln t on record yield.
Ram Gopal Yadav (6 years ago)

Ukraine’s maize production will jump this year to just over 30 million tonnes, supported by record yields after crops benefitted from good growing weather. kraine, one of the world’s largest grain growers and exporters, is expected to produce 30.28 million tonnes of maize (corn) this year, up 23 percent from 24.67 million in 2017 and 12 percent above the average of the past five years. The bumper volume would reflect a projected record yield of 6.69 tonnes per hectare, up from 5.51 tonnes per hectare last year.

Barley up in Jaipur on demand from poultry sector
Ram Gopal Yadav (6 years ago)

Despite concerns over quality, barley prices were up in Jaipur because of strong demand from poultry feed sector. In Jaipur, the benchmark market, the coarse grain was sold at 1,570 rupees per 100 kg, up 10 rupees. Very low supplies in the market and demand from stockists also supported the grain. Prices are likely to rise further as stocks held by farmers are nearly over and new crop arrivals are likely to commence only from March. Arrivals were estimated at 1-2 bags (1 bag = 85 kg), compared with 2-3 bags.

Madhya Pradesh to sell 18,000 tn poor quality pulses
Ram Gopal Yadav (6 years ago)

The Madhya Pradesh government will sell 18,000 tn poor and non-fair average quality of chana, masur, and mustard procured in May-Jun. The government is selling the commodity to pay farmers the minimum support price in full. The government was unable to pay the farmers as agencies procured some of the commodities which were of non-fair average quality and were also damaged. The government has, therefore, ordered to auction these pulses and oilseeds and release the pending dues to the farmers latest by Aug 27 into their bank accounts. The total quantity of chana, masur, and mustard procured by the government in 2018-19 is 1.97 mln tn.

NCDEX chana up as govt restricts peas imports
Ram Gopal Yadav (6 years ago)

Futures contracts of chana erased earlier losses and rose slightly on NCDEX as the government restricted import of peas. September contract chana on NCDEX was up 9 rupees at 3,900 rupees per 100 kg. Peas are largely used as substitute for chana. The chana contract had hit a seven-week low of 3,754 rupees. The government had lifted the 100,000-tn import cap on peas that was in place till Sep 30, following the order of Madras High Court. Chana prices in Delhi were up 50 rupees at 4,225 rupees per 100 kg, Vikas Gupta, local pulses trader said adding that if NAFED sells chana below 4,000 rupees it will create selling pressure.