Prices of soybean in Indore were down as investors stayed on the sidelines ahead of a report on global supply-demand. In Indore, the benchmark market for soybean, the commodity was sold at 3,625 rupees per 100 kg, down 10-15 rupees. Lower demand for meal in the domestic market is also seen weighing on prices. The October contract of soybean on NCDEX was down 0.3%.
EU imports 54,000 T soybeans, 280,000 T soymeal in 1st week of 2018/19
European Union soybean imports for July 1-8, the first reporting week of the July-June 2018/19 season, totalled 54,000 tonnes against 192,000 tonnes in the corresponding period last season. EU soymeal imports totalled 280,000 tonnes compared with a year-earlier 415,000 tonnes, while palm oil imports reached 70,000 tonnes versus a year-earlier 161,000 tonnes.
U.S. Soybean Vessel Was Loaded for China Just Before Duties.
A ship carrying U.S. soybeans took off for China last week just before the Asian country’s retaliatory tariffs went into effect. The shipment of about 69,000 metric tons was loaded from the Pacific region in the week ended July 5. The following day, China imposed tariffs on a slew of American agricultural goods. The country’s ministry of commerce has told companies to boost imports of goods including soybeans from countries other than the U.S.
Mustard seed prices up on demand from oil millers.
Prices of mustard seed rose in Jaipur due to improved demand from oil millers and crushers amid a fall in arrivals. In Jaipur, the benchmark market, prices of the oilseed rose by 20-25 rupees to 4,230-4,250 rupees per 100 kg. Arrivals of mustard seed in Rajasthan fell by 5,000 bags (1 bag = 85 kg) to 60,000 bags. Strong demand for mustard oil in the ongoing monsoon season also supported prices of the seed.
NCDEX coriander down 2% on profit booking.
Futures contracts of coriander on NCDEX fell over 2%, as investors booked profits ahead of the staggered delivery period. The most-active August contract of coriander on NCDEX was down 2.2% at 4,758 rupees per 100 kg. A fall of 2,370 tn in open interest in the July contract at 6,540 tn indicated profit booking. Prices of coriander also fell in the benchmark market of Kota, Rajasthan, where the badami variety was sold at 4,900 rupees per 100 kg and the eagle variety at 5,300 rupees, both down 100 rupees. Arrivals of coriander in Rajasthan were at 10,000 bags (1 bag = 40 kg), down 1,000 bags from the previous day.
Kharif paddy area down 15% on yr at 6.7 mln ha.
Farmers across the country sowed paddy across 6.73 mln ha this kharif season, down 14.9% on year. The area under paddy was also lower than the normal of of 8.57 mln ha for the period. The decline in acreage can be attributed to subdued monsoon rains in key growing regions. Paddy is a water-intensive crop. During Jun 1-Jul 8, the country received 214.2 mm rainfall, 8% below the normal weighted average of 233.5 mm. Sowing of kharif paddy was down in the key producing states of Punjab, Uttar Pradesh, Chhattisgarh and Haryana.
India’s rice exports set to ease as government raises buying price.
Exporters were this week offering Indian 5 percent broken parboiled rice at $388-$392 per tonne on a free on board (FOB) basis, nearly the same as prices quoted by Thailand exporters. But the hike in guaranteed price will force Indian exporters to offer the new season crop at around $430 from October, making exports uncompetitive.
Korean rice output forecast to fall by 6.1%.
With the Korean government emphasizing less rice production, output in 2018-19 is forecast to fall by 6.1%, to 3.73 million tonnes. Consequently, estimated rice planting area has been revised down 6.6% to 705,000 hectares, about 50,000 hectares less than the previous year. The reduced paddy lands were converted to soybeans (8,891 hectares), forage (13,576 hectares), and other various crops (10,384 hectares).
Philippine Rice prices seen stabilizing in Aug.
Bad weather hampers NFA efforts to distribute more affordable rice across the country
Sri Lanka Yala 2018 rice forecast up 18% 1.080 mln tn.
Sri Lanka is forecasting 1.080 million tonnes of paddy (rough rice) to be produced in the ‘Yala’ minor cultivation season that falls in the second half of the year, which is up 18 percent from last year output of 909,000 metric tonnes. Up to the end of May 273,471 hectares of rice had been sown, up from the last year’s extent of only 249,000 hectares amid one of the worst droughts in history.
India below-normal rains hit planting; rice down 15%.
Monsoon rainfall has deteriorated in July, falling 16% below average this month after being patchy and erratic in the first four weeks of the season, which has delayed crop planting significantly and raised concerns about agricultural output. Total rainfall shortfall since June 1 has widened to 8% after being 5% lower than average at the end of June. As a result, planting of rice, the season’s main crop, is already 15% lower while the area under pulses is 19% lower than the acreage this time last year.
Jordan cancels tender for 120,000 tonnes of wheat.
Jordan’s Ministry of Trade and Industry cancelled a tender to buy 120,000 tonnes of wheat in a tender. Two suppliers, Dolje and Ameropa, presented offers but no wheat was purchased.
Saudi Arabia to buy up to 700,000 tonnes of wheat yearly from local farmers.
Saudi Arabia’s state grain buyer, the Saudi Grains Organization (SAGO), said on Sunday that it had approved the purchase of a maximum of 700,000 tonnes of wheat annually from local farmers for five years. Wheat prices for the coming agricultural season, 2018-2019, will be similar to the organisation’s global import prices or at 1,250 riyals ($333) per tonne, whichever is higher. Prices will be reviewed after two agricultural seasons. SAGO imports Saudi Arabia’s entire wheat supply of about 3.5 million tonnes a year. Demand for wheat is expected to expand by an annual 3.2 percent to reach 4.5 million tonnes by 2025, largely due to population growth.
Bulgarian wheat exports to fall 11%.
Bulgaria’s wheat and barley exports are set to fall to 4 million mt and 250,000 mt respectively.
Wheat falls more than 2 pct amid worries over US-China trade war.
U.S. wheat futures dropped more than 2 percent on Monday amid fears over a prolonged trade dispute between the United States and China. The most active wheat futures on the Chicago Board of Trade were down 1.3 percent at $5.08-1/2 a bushel.
India Wheat up on increased off take by flour mills.
Wheat prices edged up by Rs 5 per quintal at the wholesale grains market today due to increased offtake by flour mills amid pause in arrivals from producing belts. pick up in demand from flour mills against restricted supplies from producing regions, mainly attributed the rise in wheat prices.
Market players pegs 2017-18 mustard output a tad low at 6.6 mln tn.
Mustard production in the country is seen at 6.6 mln tn in 2017-18 (Jul-Jun), marginally lower than 6.7 mln tn harvested in the previous year. The mustard basket also includes crops of taramira and toria.A fall in area in 2017-18 can be attributed as the main reason for a smaller crop. Acreage under mustard in the country was at 6.7 mln ha against 7.1 ml ha in 2016-17. The farm ministry has estimated 8.0 mln tn against 7.9 mln tn in 2016-17. New crop arrivals begin in February, and gain momentum by March. Arrivals remain in full swing till May and start dwindling from June. Currently, the entire crop has been harvested and total carryover stocks for 2018-19 are pegged at 500,000 tn.
Mustard seed prices up on seasonal demand for oil.
Prices of mustard seed rose in Jaipur due to strong demand for mustard oil in the ongoing monsoon season. In Jaipur, the benchmark market, prices of the oilseed rose 10-15 rupees to 4,210-4,225 rupees per 100 kg. Prices of mustard oil were up at 854 rupees per 10 kg, compared with 780 rupees on previous close. However, a rise in arrivals was insufficient to meet the demand from domestic stockists and oil millers, which supported prices.
Soybean up in Indore on CBOT cues, flood reports.
Prices of soybean in Indore rose, tracking gains in bellwether contracts on CBOT, and due to expectations of floods in the key growing areas of Madhya Pradesh. In Indore, the benchmark market for soybean, the commodity was sold at 3,575-3,625 rupees per 100 kg, up 25 rupees. In Maharashtra, sowing of soybean started 10-20 days ago, and any flood-like situation could hit the crop.
FAO has increased the estimate for global rice output in 2018-19.
The organisation has increased the estimate for global rice output in 2018-19 to record 511.4 mln tn, from 511.3 mln tn seen last month and 504.6 mln tn produced last year. Global utilisation of rice has been pegged at 509.5 mln tn, up from 509.3 mln tn projected earlier, and 504.3 mln tn last year. Following rise in the estimate for global rice consumption, the agency has lowered its projection for 2018-19 ending stocks to 173.7 mln tn from 173.8 mln tn projected earlier. Global trade in rice is seen at 47.5 mln tn, 0.1 mln tn higher than the earlier estimate, but lower from 47.8 mln tn last year.