Oil mills across the country crushed 900,000 tn mustard in April, up 12.5% from the previous month. The mills crushed 800,000 tn of the oilseed in March. Crushing was higher in April as arrivals of the new crop increased. The crop has been harvested completely at present and farmers are bringing it to the spot markets in abundance. Crushing of mustard would gain more pace in May with a rise in arrivals. For 2017-18 (Jul-Jun), India’s mustard output is seen at 7.2 mln tn, up from 6.9 mln tn harvested in the previous year.
WASDE delivers bullish soybean news
Soybeans found the biggest initial lift, trading 10 to 11 cents higher minutes after the report was out, on news that USDA expects new crop ending stocks to be much smaller than expected.
Soybean futures are trading 5 to 6 cents lower.
They closed with most contracts 5 to 7 cents higher. Soy meal was up $1.30/ton, with front month soy oil 11 points in the red. Supply and Demand report from the USDA saw a 20 mbu increase to the US soybean crush number, which reduced ending stocks. Initial projections show a 415 mbu carryout for 18/19 on larger exports and smaller production. New crop stocks for the world are projected at 96.7 MMT and would be 5.5 MMT lower yr/yr. The US accounts for a majority of the reduction in new crop world endings stocks at 86.7 MMT. Data from China’s Ag Ministry shows that they expect total imports of soybeans to be slightly reduced in 18/19 to 95.65 MMT. USDA has them at 97 MMT for old crop and 103 MMT for 2018/19.
Wilmar’s Q1 net profit down 41% amid palm oil price fall
Lower crude palm oil prices and weakness in its sugar business both took their toll on agribusiness giant Wilmar International’s first-quarter earnings. Wilmar clocked a net profit of US$203.3 million (S$272 million) for the three months to March 31, down by 40.6 per cent on the previous year. The tumble came even though stronger oilseeds and grains sales helped to push group revenue higher by 5.7 per cent, to US$11.17 billion.
India wheat strengthens on increased offtake.
India wheat strengthens on increased offtake.
USDA raises India’s 2018-19 wheat output estimate to 95 MMT.
USDA raises India’s 2018-19 wheat output estimate to 95 MMT.
Uttar Pradesh pays 10 rupees/100 kg over MSP for FY19 wheat buys.
Uttar Pradesh pays 10 rupees/100 kg over MSP for FY19 wheat buys.
Govt procures 30.5 mln tn wheat so far in FY19, up 14.4% on year.
Govt procures 30.5 mln tn wheat so far in FY19, up 14.4% on year.
Japan buys 95,740 tonnes food wheat via tender.
Japan buys 95,740 tonnes food wheat via tender.
Asia rice-Vietnamese prices soar; flood threat could boost Bangladesh buying.
Asia rice-Vietnamese prices soar; flood threat could boost Bangladesh buying.
Pakistan rice exports up 27% to $ 1.6 bln in Jul-Apr.
Pakistan rice exports up 27% to $ 1.6 bln in Jul-Apr.
India govt scraps advance authorisation scheme for some maize derivatives.
India govt scraps advance authorisation scheme for some maize derivatives.
Ukraine corn sowing is 107% the progress of last year.
Ukraine corn sowing is 107% the progress of last year.
NCDEX cotton oilcake down on profit sales; spot unchanged.
NCDEX cotton oilcake down on profit sales; spot unchanged.
Kerala State Civil Supplies Corporation procures 98000 tonnes of paddy.
Kerala State Civil Supplies Corporation procures 98000 tonnes of paddy.
Export price of Thailand rice falls in week ended.
Export price of Thailand rice falls in week ended.
Haryana cooperative purchases over 1.93 lakh MT mustard
Haryana State Cooperative Supply and Marketing Federation has so far purchased over 1.93 lakh metric tonnes of mustard in the current purchase season. As many as 99,501 farmers have so far been benefited with this purchase. 42,558 metric tonnes of mustard has been purchased in district Bhiwani, 9,122.30 metric tonnes in Charkhi Dadri, 5,734.90 metric tonnes in Fatehabad, 11,635.47 metric tonnes in Gurugram and 1,418.56 metric tonnes in Nuh.
Canada Canola steady; anticipation of new stock data
The ICE Futures Canada canola market ended mixed. The front-month July contract was boosted by gains in soyoil while the more deferred contracts were pressured by strength in the Canadian dollar. Traders were positioning themselves ahead of North American stocks data. Spring seeding is in full bloom and most farmers are too busy to do much selling, which lifted the market. As well, some parts of Alberta are currently too wet to seed. Most analysts expected U.S. ending stocks to be around around the 2.18 billion bushel mark, which would be slightly bearish for prices.
China cutting U.S. soybean purchases in face of tariffs threat
With the threat of tariffs and counter-tariffs between Washington and Beijing looming, Chinese buyers are canceling orders for U.S. soybeans, trend that could deal a blow to American farmers if it continues.
Europe’s animal feed prices rise ahead of USDA report
Prices in Europe’s animal feed meal market rose, supported by the previous day’s rise in Chicago soymeal, ahead of world crop forecasts from the U.S. Department of Agriculture (USDA). The only significant trade reported was in rapeseed meal, which traded at 233 euros ($276.62) a tonne free on truck for prompt delivery in Hamburg.