NCDEX coriander up 1% on firm demand from stockists.

Ram Gopal Yadav (6 years ago)

Coriander futures on the NCDEX rose over 1% due to improved demand from stockists at low price levels. The most active July contract of coriander on NCDEX traded at 4,607 rupees per 100 kg, up 1% from the previous close. In Kota, the benchmark market, badami variety was sold at 4,750 rupees per 100 kg and the eagle variety was quoted at 5,050 rupees per 100 kg, both up 30-40 rupees. Arrivals of coriander in Rajasthan were 9,000 bags (1 bag = 40 kg), up 1,000 bags from the previous day

Ukrainian farmers started harvesting winter rapeseed.

Ram Gopal Yadav (6 years ago)

Harvesting of winter rapeseed has started in the southern regions of the country (Zaporizhia, Odesa, Kherson). Risoil Group has begun receiving rapeseed at its elevator in Rozdilna (Odesa region). The company reports a high oil content in the first rapeseed arrivals: roughly 48%, or more than 50.5% in dry matter terms. This is a high value for the central part of Odesa region early in a season. As of June 18, 2018, farmers had harvested 6 KMT of winter rapeseed from 3 Th ha (out of this season’s projected harvest area of 983 Th ha) with an average yield of 1.74 MT/ha.

Madhya Pradesh mustard procurement ends; purchases at 119,291 tn.

Ram Gopal Yadav (6 years ago)

Mustard procurement in Madhya Pradesh has come to an end with the state government having bought a total of 119,291 tn of the oilseed at minimum support price under the Krishak Samruddhi Yojana. In Madhya Pradesh, around 1.6 mln farmers are registered under the Krishak Samruddhi Yojana scheme which allows them to sell their produce at minimum support prices and avail incentives. This year, the state government is giving an incentive of 100 rupees per 100 kg on mustard procurement. For 2017-18 (Jul-Jun), mustard output in Madhya Pradesh is estimated at 5.3 mln tn, up from 4.5 mln tn harvested last year

Jaipur mustard up on limited supply, rise in demand.

Ram Gopal Yadav (6 years ago)

Prices of mustard rose in Jaipur, Rajasthan, due to limited supply of the oilseed and a rise in demand from domestic stockists and oil millers. In Jaipur, the benchmark market for the oilseed, prices rose by 5-10 rupees to 4,095-4,105 rupees per 100 kg. Arrivals of mustard in Jaipur were unchanged at 100,000 bags (1 bag = 85 kg). Expectations of a rise in demand during the monsoon also supported prices.

European feeds-Soymeal higher as U.S. sell-off abates, Brazil prices firm.

Ram Gopal Yadav (6 years ago)

Soymeal on the European meals and feeds market rose after a slight recovery in U.S. futures from the previous day’s sell-off and helped by firm premiums in Brazil. Brazilian high-protein soymeal for July shipment was offered up $7 at $436 a tonne, cif Rotterdam, while Argentine high-protein soymeal for the same period was marked up $2 to $405 a tonne, cif Rotterdam. Rising cash premiums in Brazil, where strong demand from China amid a row with Washington has coincided with logistical backlogs due to a transport dispute, were also supporting European prices. Rapemeal was quoted between unchanged and two euros per tonne higher, after holding up better than soymeal earlier in the week when it was supported by a falling euro.

CBOT spot soybeans consolidate a day after multi-year low.

Ram Gopal Yadav (6 years ago)

Nearby soybean futures on the Chicago Board of Trade closed fractionally higher as the market consolidated a day after the front contract fell to a 9-1/2 year low. CBOT July soybeans settled up 1/2 cent at $8.89-1/2 per bushel while new-crop November ended down 1/2 cent at $9.10-1/2. CBOT July soymeal fell $1.30 at $333.20 per short ton. CBOT July soyoil rose 0.52 cent at 29.37 cents per pound. Rebound in soybeans capped by ongoing trade tensions between the United States and top global soy buyer China. Also, forecasts for beneficial Midwest rains this week hang over the market, bolstering early prospects for a big US crop. Ahead of the US Department of Agriculture’s weekly export sales report on Thursday, traders expect the government to report US soybean sales at 400,000 to 1,000,000 tonnes (old and new crop years combined).

Soybean prices to trade sideways to down.

Ram Gopal Yadav (6 years ago)

NCDEX Jul Soybean closed lower due to profit booking by the market participants on expectation of good sowing. However, there expectation good physical demand due to anticipation of higher domestic crushing of soybean after government increase customs duty on crude as well as refine soy oil to 35% and 45% respectively. Prices have been under pressure on forecast of normal rains and lower meal exports data from both SEA and SOPA is weighing on prices this month. Soybean acreage till last week is 56 % higher than at 50,000 ha as compared to the last year acreage. Bangladesh, one of the largest importers of soymeal from India, reduced the import duty to nil which may result into tough competition for the country from South American peers in soymeal exports to Bangladesh.

Manila Port rice discharge halted by bad weather.

Ram Gopal Yadav (6 years ago)

The reason why the rice imports, which are intended for Metro Manila, have yet to be completely discharged from the vessel was due to the weather condition these past few days. Around 25,000 MT of imported rice from Vietnam are being unloaded to trucks at the Naval Supply Depot (NSD) in Subic Bay Freeport Zone.

Egypt to import rice to avoid price shock.

Ram Gopal Yadav (6 years ago)

The Egyptian government has announced a decision to import rice to increase supply and avoid a potential price shock to consumers. Although milled and paddy rice prices increased in April, the recent announcement to increase imports caused prices to fall. It anticipates prices will continue downward as the August/September harvest commences and imports start arriving. Since a recent peak of 4.8 million tonnes in 2016-17, Egypt production fell to 4.3 million in 2017-18 and is forecast to drop to 3.3 million in 2018-19, according to the USDA. Meanwhile, it forecasts 400,000 tonnes of rice imports in 2018-19, up from 50,000 tonnes in 2017-18.

India Rice up on export enquiries, tight supply.

Ram Gopal Yadav (6 years ago)

Prices of rice basmati as well as non-basmati rose by up to Rs 100 per quintal at the wholesale grains market due to pick up in export enquiries and local demand. Increased export enquiries and rising demand from local parties attributed the rise in rice basmati and non-basmati prices.

Australia’s April wheat exports at 1.39Mt slip 5pc from March

Ram Gopal Yadav (6 years ago)

Australia exported 1.39 million tonnes (Mt) of wheat in April, down 5 per cent from 1.46Mt in March. The April figure is made up of 136,654 tonnes of containerised wheat and 1.26Mt of bulk wheat, both down from the corresponding March-shipment figures. In the bulk market, Indonesia followed by The Philippines remained Australia’s two largest customers by volume in April with 261,447t and 156,903t respectively. Durum cargoes to Nigeria which totalled 104,400t made the North African nation Australia’s third-biggest bulk market for the month. In containerised exports, Vietnam followed by Taiwan and Myanmar were Australia’s largest markets by volume in April.

China’s wheat output set to drop sharply in wake of bad weather

Ram Gopal Yadav (6 years ago)

China’s wheat output could drop as much as 20 per cent this crop year after bad weather hit fields in major growing areas, likely boosting imports by the world’s top producer and consumer of the grain. Increased Chinese demand for wheat cargoes could pile more upward pressure on international prices for the commodity, which have already soared nearly 15 per cent since early April on worries over tight global supplies. The China National Grain and Oils Information Centre, a government think tank, earlier this month estimated that China’s wheat output would drop 3 million tonnes in the 2018/19 season from the year before to 126.73 million tonnes.

Morocco wheat production seen flat 4.8 mln tn in 2018/19

Ram Gopal Yadav (6 years ago)

Morocco’s soft wheat is forecast to total 4.8 million tonnes in 2018/19. Total wheat production was little changed from the prior season when the soft wheat crop was at 4.89 million and durum wheat at 2.2 million. The forecast crop would, however, be sharply up from 2016/17 when there was a soft wheat crop of just 1.86 million and durum crop of 0.87 million. Soft wheat imports were seen at 3.00 million tonnes in 2018/19, up from 2.66 million in the prior season but below the 4.19 million imported in 2016/17.