Lasalgaon onion prices on the rise amid low supply.

Ram Gopal Yadav (6 years ago)

Onion prices in Maharashtra are moving up. Over the past month, the modal prices in the Lasalgaon market have risen 46 per cent owing to higher demand and supply constraints due to crop damage in other parts of the country. At the Lasalgaon market near Nashik, which serves as the bellwether for the bulb, prices rose from rs351-940 per quintal on June 5 to rs500-1,191 on June 20. On July 5, the price reigned at rs 500-1,475, with the modal price at rs 1,250. Crop in States such as Rajasthan and Madhya Pradesh had wilted due to excessive heat, resulting in additional demand from Maharashtra. This rally will continue for three months until the new crop arrives in the market. Over the past month, the retail price of onion has increased from rs 20 to rs32.

Vietnam rice export upbeat in first half.

Ram Gopal Yadav (6 years ago)

In June alone, the country shipped abroad about 604,000 tonnes of rice worth US$317 million, raising the first half’s figures to 3.6 million tonnnes and US$1.8 billion, respectively. Vietnamese rice was sold at an average price of US$505 per tonne in the first five months of the year, up 13.4% year-on-year. China remained the country’s largest rice importer, making up 30% of the market share, with more than 844,000 tonnes valued at US$449.4 million. Vietnam is expected to garner 23.3 million tonnes of rice in the remaining months of 2018, raising total output in the year to 43.9 million tonnes, representing a year-on-year rise of at least 1.2 million tonnes. Notably, Vietnam’s rice exports to Indonesia rose 290.8 times in volume and 269.5 times in value against the same period last year to reach 596,058 tonnes and US$280.04 million, accounting for 17.3% of the country’s total export turnover to Indonesia.

Egypt turns from rice exporter to importer due to water scarcity.

Ram Gopal Yadav (6 years ago)

After being a rice exporter, Egypt will turn into an importer following the governmental measures reducing the rice-cultivated areas due to the water shortage crisis the country is suffering from. Thus, it is expected that Egypt will produce about 3.3 million tons this year as one feddan produces 4 tons, while the Egyptians’ annual consumption of rice is estimated at 4.3 million tons.

FAO has increased the estimate for global rice output in 2018-19.

Ram Gopal Yadav (6 years ago)

The organisation has increased the estimate for global rice output in 2018-19 to record 511.4 mln tn, from 511.3 mln tn seen last month and 504.6 mln tn produced last year. Global utilisation of rice has been pegged at 509.5 mln tn, up from 509.3 mln tn projected earlier, and 504.3 mln tn last year. Following rise in the estimate for global rice consumption, the agency has lowered its projection for 2018-19 ending stocks to 173.7 mln tn from 173.8 mln tn projected earlier. Global trade in rice is seen at 47.5 mln tn, 0.1 mln tn higher than the earlier estimate, but lower from 47.8 mln tn last year.

Japan buys 79,770 tonnes of food wheat via tender.

Ram Gopal Yadav (6 years ago)

Japan’s Ministry of Agriculture bought 79,770 tonnes of food-quality wheat from the United States and Australia in a regular tender that closed late on Thursday. it has suspended its tender and sale of wheat from Canada after grain containing a genetically modified trait was discovered last summer in Canada’s Alberta province.

FAO lowers 2018-19 global wheat output estimate by 18 mln tn.

Ram Gopal Yadav (6 years ago)

The United Nations Food and Agriculture Organization has cut its forecast for global wheat output for 2018-19 by 18 mln tn to 736.1 mln tn. The lower forecast follows a cut in estimate for output in the European Union, Russia and Ukraine. The agency has also lowered outlook for global ending stocks to 264.2 mln tn from a record 283.4 mln tn estimated last month. Global wheat utilisation has also been slashed to 741.1 mln tn from 743.5 mln tn projected earlier.

Govt plans to sell 8 mln tonnes wheat at 1,890/qtl to bulk consumers.

Ram Gopal Yadav (6 years ago)

Saddled with huge stock, the government plans to offload 7-8 million tonnes of fresh wheat in the open market at Rs 1,890 per quintal rate for meeting the demand from flour millers and other bulk consumers. The food ministry is likely to sell 7-8 million tonnes of wheat grown in 2017-18 crop year that ended last month. The rate at which the grain will be offloaded would be around Rs 100 per quintal higher than the last year. Last year, the OMSS rate for wheat was fixed at Rs 1,790 per quintal – ex-Ludhiana. As on June 1, the government was holding a wheat stock of 44 million tonnes. Its procurement agency FCI has purchased 35.5 million tonnes of fresh wheat in 2017-18.

Mustard seed futures prices rise on spot demand.

Ram Gopal Yadav (6 years ago)

Mustard seed prices looked up by Rs 9 to Rs 4,073 per quintal in futures trade as traders created fresh positions in sync with higher physical markets sentiment. Pick up in demand from oil mills amid halt in arrivals from growing belts in the spot markets, encouraged traders to build up exposure, which reflected the upturn in mustard seed futures prices. At the National Commodity and Derivatives Exchange, mustard seed delivery for July went up by Rs 9, or 0.22 per cent, to Rs 4,073 per quintal.

Brazil may buy upto to 1 million metric tons of U.S. Soybeans.

Ram Gopal Yadav (6 years ago)

Brazil, the world’s largest soybean exporter, may have to import up to 1 million tonnes of the oilseeds from the United States by the end of this year to satisfy demand from local processors. If China’s demand for Brazilian soy rises amid a trade war with the United States, local processors may have to resort to imports from the United States.