With farmers getting good remuneration from soybean in 2017-18 season, and with forecast of normal monsoon, SOPA (Soybean Processors Association of India has predicted a 14% increase in 2018-19 soybean acreage in India. Soybean could be sown on 120 lakh ha in the country, against 105 lakh ha last year.
China plans to import rice from India.
China plans to import rice from India.
India oil meal export falls in may.
As per SEA, India’s oil meal exports in May fell 33% from a year ago to 97,036 tonnes as shipments of soymeal and rapeseed meal dropped. Soymeal exports during May 2018 were reported down at 41,452 tonnes from 48,900 tonnes a year ago. The government is likely to raise import duty on soy oil to send positive price signals to farmers. Currently the import duty on crude soy oil is 30% import tax while that on refined soy oil is 35%.
Sowing of soybean is lagging behind previous year
The area coverage under soybean is reported as on 1st week of june down 70% at 0.05 lakh hectares compared to 0.17 lakh hectares at the same period last year. The total sown area under kharif oilseeds is higher compared to the previous year’s level which is up by 3.67% at 0.93 lakh hectares compared to 0.90 lakh hectares during the corresponding period last year. The total sown area under kharif oilseeds is higher compared to the previous year’s level which is up by 3.67% at 0.93 lakh hectares compared to 0.90 lakh hectares during the corresponding period last year.
Ukraine completes 2018 maize sowing.
Ukraine completes 2018 maize sowing.
Warmer climate may dramatically increase likelihood of global corn crop failure.
Warmer climate may dramatically increase likelihood of global corn crop failure.
Andhra Pradesh Markfed to sell 8,300 tn maize via NCDEX e-Markets.
Andhra Pradesh Markfed to sell 8,300 tn maize via NCDEX e-Markets.
India paddy acreage down 5% on year at 632,000 ha as of 08 June.
India paddy acreage down 5% on year at 632,000 ha as of 08 June.
Indian rice price soften as Bangladesh increases import duty.
Indian rice price soften as Bangladesh increases import duty.
India rice exports may drop by up to 1 million tonnes in FY19.
India rice exports may drop by up to 1 million tonnes in FY19.
India, China agree deals on rice, river as relations continue to thaw.
India, China agree deals on rice, river as relations continue to thaw.
Indian basmati FOB weak in May with sluggish demand.
Indian basmati FOB weak in May with sluggish demand.
Philippine rice inventory hits 6-month high.
Philippine rice inventory hits 6-month high.
Chinese officials to inspect Indian non-basmati rice mills in June-end.
Chinese officials to inspect Indian non-basmati rice mills in June-end.
India maize acreage up 14.7% on year at 344,000 ha as of 08 June.
India maize acreage up 14.7% on year at 344,000 ha as of 08 June.
CME announces corn futures open interest record.
CME announces corn futures open interest record.
South Korean firm buys corn over 1 MMT.
South Korean firm buys corn over 1 MMT.
NCDEX soybean down 1% as sowing gathers pace.
The most-active July soybean contract on the NCDEX fell nearly 1% as sowing in key growing areas in the country gathered momentum with the progress of monsoon. The contract was at 3,412 rupees per 100 kg, down nearly 1% from the previous close. Soybean sowing was at 17,000 ha, up 31% from a year ago. Reports of weak soymeal exports also weighed on sentiment. However, any sharp fall was limited due to gains in key soybean contracts on the CBOT.
NCDEX mustard down tracking fall in soy, high stocks
Mustard seed contracts on the NCDEX were down tracking the fall in the soy complex on the exchange.Mustard seed prices dropped tracking soybean prices owning higher stockpiles in local mandis and government measures. The most active July contract on the NCDEX was down 0.8%.
NCDEX coriander up 2% on bargain buying; spot unch
The futures contracts of coriander were up nearly 2% on the NCDEX as investors bought the commodity. The most active July contract was up 1.7%. Open interest in the contract rose by 170 tn to 35,780 tn indicating bargain buying. In Kota the benchmark market, the badami variety was sold at 4,900 rupees per 100 kg and the eagle variety was sold at 5,100 rupees, both steady from previous close. However, the medium term outlook for coriander remains weak because of low global demand and higher carryover stocks.