Coffee Board cuts 2017-18 crop 9.8% from post-blossom view.
Jaipur mustard up on improved demand from crushers
Prices of mustard seed rose in the benchmark market of Jaipur because of higher demand from domestic crushers. There is good demand from oil millers, as well as steady export demand for the meal, which is seen pushing prices of the oilseed higher. The most active June futures on NCDEX, however, were down 12 rupees at 3,951 rupees per 100 kg, tracking weakness in soybean and strength in the rupee against the dollar. A firm rupee against the dollar is unattractive for exporters of mustard meal.
Malaysia CPO ends up on CBOT soy cues, weak ringgit
Crude palm oil futures on Bursa Malaysia Derivatives settled higher, tracking soyoil contracts on CBOT. The prices of crude palm oil and soyoil typically move in tandem. A weak ringgit against the dollar also supported crude palm oil prices, as weakness in the Malaysian currency makes the commodity cheaper for buyers holding other currencies. The most-active August contract of crude palm oil on the Malaysian bourse settled at 2,432 ringgits (41,499.40 rupees) per tn, up 0.8% from the previous close.
Russia soybean oil production hitting new highs
This season’s upward trend in monthly volumes of soybean oil production brings it to record levels. So, a record 426.6 KMT was produced during the first seven months of the 2017/18 season (September-March) that is up 15% on the year. Soybean crushing in Russia slowed down in March 2018. Soybean oil production decreased 9.5% that month against February 2018, to 56 KMT. However, this is up 27% from 44.1 KMT in March 2017 and an all-time high for this month. Despite of increase in soybean processing in the current season, Russian soybean shipments to foreign markets in MY 2017/18 (September-February) remained at the highest level. They totaled 465.3 KMT, i.e. 26% more than in the whole of MY 2016/17 (368.3 KMT). In the current 2017/18 season, Russia’s export trade in soybeans is focused on key importers. So, exports to China increased significantly. China’s share in total exports rose to 96% against 84% a year ago. Iran accounted for almost 4%. Russia started supplying soybeans to the Iranian market in MY 2016/17.
Kota coriander up on improved demand for new crop
Prices of coriander rose in Kota, Rajasthan, due to improved demand from stockists for the crop harvested this year. Farmers have held back new crop in anticipation of a rise in prices and were bringing old crop to the market. Arrivals in Rajasthan were estimated at 13,000 bags (1 bag = 40 kg). Of the total arrivals, around 30% were of the old crop.
Nepal may be hiked import duty to 15%.
Nepal may be hiked import duty to 15%.
NCDEX coriander hits 1-week high as local demand rises
Futures contracts of coriander on NCDEX extended gains and hit a one-week high of 4,895 rupees per 100 kg because of demand from local stockists. June contract of coriander on NCDEX was up 0.8%. Upside in coriander futures, however, is likely to be capped around 4,920 rupees per 100 kg due to higher inventories.
Thunder storm damages paddy in Tandur (Telangana).
Thunder storm damages paddy in Tandur (Telangana).
Kerala farmers switch from paddy cultivation to spinach farming to combat climate change.
Kerala farmers switch from paddy cultivation to spinach farming to combat climate change.
China opens the door a crack wider to Japanese rice imports.
China opens the door a crack wider to Japanese rice imports.
Vietnam govt Confirms Rice Import of 500,000 tonnes.
Vietnam govt Confirms Rice Import of 500,000 tonnes.
Zimbabwe left with three months’ supply of wheat; millers to import 200,000 tonnes from Canada.
Zimbabwe left with three months’ supply of wheat; millers to import 200,000 tonnes from Canada.
Govt wheat procurement nears FY19 aim; 31.9 mln tn bought.
Govt wheat procurement nears FY19 aim; 31.9 mln tn bought.
Wheat prices up in Kota as rains disrupt arrivals.
Wheat prices up in Kota as rains disrupt arrivals.
Over 213 lakh tonnes wheat procured in Punjab, Haryana.
Over 213 lakh tonnes wheat procured in Punjab, Haryana.
Egypt’s GASC seeks wheat for June 15-June 25 shipment.
Egypt’s GASC seeks wheat for June 15-June 25 shipment.
Bulgarian corn seeding lag from last year reduced to 5%.
Bulgarian corn seeding lag from last year reduced to 5%.
NCDEX futures mustard up and CPO down
Mustard futures on NCDEX may rise due to upbeat demand scenario for mustard meal, analysts said, and added that a pick-up in demand at lower levels may also support prices. For Nov-Apr, palm oil imports increased to 4.57 mln tn from 4.31 mln tn in the year-ago period, while import of soft oils declined to 2.57 mln tn from 2.69 mln tn. Likely weakness in key crude palm oil contracts on Bursa Malaysia Derivatives may weigh on sentiment.
Soybean tad down in Indore on subdued buys, CBOT cues
Prices of soybean in Indore were down despite lower arrivals because of subdued demand and weakness in bellwether contracts on CBOT. In Indore, the benchmark market for the oilseed, soybean was sold down 20-25 rupees. Weak demand from oilseed crushers weighed on prices. The most active June contract of soybean on the NCDEX was down 10 rupees.
Brazil becomes world’s largest soybeans producer for the first time
Brazil will surpass the United States as the largest producer of soybeans this year, taking over the top ranking for the first time in history. The U.S. is expected to harvest 116.48 million tons of soybeans later on in 2018, falling short of Brazil’s estimated collection of 117 million tons for its crop year that is just drawing to a close. Brazil, already the world’s largest soybean exporter, is expected to expand this lead in the coming years thanks to its unique ability to expand planted area.