NCDEX coriander futures up by 2% as lower sowing area.

Ram Gopal Yadav (6 years ago)

The most-active July contract of coriander hit a three-week high of 4,562 rupees per 100 kg on NCDEX. Lower sowing area current year supports the prices from lower levels in the spot market. Coriander stockists may hold their stocks, expect prices may go up.

China tells farmers to grow more soybeans amid trade fight with U.S.

Ram Gopal Yadav (6 years ago)

The order came in April. China’s government instructed farmers in the country’s northeastern breadbasket region to grow more soybeans. But soybean fields lay empty in the village of Sandaogou. It has been a dry spring. China is the world’s largest consumer of soybeans, a key product for making things like oil and pig feed, and is America’s biggest buyer of the beans. But China has raised tariffs on a number of items including soybeans shipped from the U.S., in retaliation against new import duties on Chinese goods imposed by the Trump administration. On Monday, President Trump ordered his trade representative to draft a new list of $200 billion in Chinese goods for further tariffs, in a sharp escalation of the trade fight between the world’s top two economies. In May, China’s agriculture ministry said the country will reduce its soybean imports for the first time in 15 years. To make up for part of the loss, the central government ordered local authorities to set aside 1.6 million acres of land to grow more soybeans. The country already cultivates nearly 21 million acres of the crop. China produced 14.2 million metric tons of soybeans last year and imported almost 100 million more to meet domestic demand, according to figures from the U.S. Department of Agriculture. A third of those imports were from the U.S.

Tardy rains push Madhya Pradesh towards short-duration soybean seed.

Ram Gopal Yadav (6 years ago)

The delay in rain has increased demand for the short-duration varieties of soybean in Madhya Pradesh this season. The conditions have become unfavourable for other varieties of the oilseed due to the fortnight’s delay in the southwest monsoon rain. Farmers are asking for JS 9560 and JS 2034 short duration varieties because it matures in around 85-86 days while long duration varieties mature in 94-95 days. Sowing may get late this year if the monsoon rains are delayed further. In the western parts of the state where there have been pre-monsoon showers, farmers started sowing but soon stopped because their crop was damaged after germination due to higher day temperature and soil heat stress.

Thailand govt, private sector to buy more rice from farmers.

Ram Gopal Yadav (6 years ago)

The Ministry of Agriculture and Cooperatives and Tesco Lotus have continued their cooperation in buying 9,000 tons of rice from agricultural cooperatives in four northeastern provinces. More than 5,700 tons of fragrant jasmine rice were previously bought by the ministry. The ministry plans to form 6,000 groups of large agricultural land plots this year to reduce the costs of production. Produce from them will be sold to the business sector directly. More than 1,600 companies are expected to participate in the project this year.

Ukraine continued harvesting barley and wheat.

Ram Gopal Yadav (6 years ago)

Harvesting is already in progress in five regions of Ukraine: Dnipropetrovsk, Zaporizhia, Mykolaiv, Odesa and Kherson. As a reminder, this year’s harvesting started 10 days earlier than last year and 17 days earlier than in 2016. Ukraine harvesting progress as on 18th June is 10 KMT winter wheat with yield 2.62 MT/ha.

South Korea, Japan halt imports of Canadian wheat.

Ram Gopal Yadav (6 years ago)

South Korea announced on June 18 that it has suspended imports of wheat and flour from Canada after Canadian officials revealed last week the discovery of genetically modified wheat in southern Alberta. This follows Japan’s announcement on June 15 that it has suspended its tenders and sales of wheat from Canada. The CFIA noted that no evidence was present to suggest that the GM wheat was present anywhere other than the isolated site where it was discovered. In addition, Health Canada has concluded that the finding does not pose a food safety risk. Canada is one of the world’s largest wheat exporters and is South Korea’s No. 3 wheat supplier after the U.S. and Australia. Japan imported 1.4 million tonnes of wheat from Canada last year and 1.6 million tonnes the year before. In 2016, Japan and South Korea temporarily suspended U.S. wheat imports after a similar GM wheat finding.

ABARES raises forecast for 2018-19 global wheat prices on low output.

Ram Gopal Yadav (6 years ago)

The Australian Bureau of Agricultural and Resource Economics and Sciences has raised its forecast for global wheat prices in 2018-19 to $243 per tn from $234 projected in March. The forecast is 6% higher than the average of $230 per tn in 2017-18. Wheat prices are seen rising in light of a decline in production in major exporting countries and expectations of stronger demand for human consumption. The agency has estimated global wheat output in 2018-19 at 743 mln tn, down 1.9% from a record high crop last year. The most significant fall in production comes from the Black Sea region, comprising Russia, Kazakhstan and Ukraine, where output is seen falling to 114 mln tn from 127 mln a year ago. Wheat output in the European Union is also seen 1% lower on year at 150 mln tn. For India, the agency estimates production at 93.5 mln tn, down from 98.5 mln a year ago. While output is likely to fall, global consumption of the grain is seen rising to 748 mln tn in 2018-19 from 740 mln a year ago.

Egypt issued a milling wheat tender.

Ram Gopal Yadav (6 years ago)

June 19, 2018, GASC will hold a milling wheat tender for delivery on August 1 – 10, 2018. In the last tender on June 12, 2018, Egypt purchased 420 KMT of milling wheat from Russia and Romania to be delivered on July 15 – 25, 2018 at an average price of USD 224.44/MT C&F.