Soybean up in Indore on CBOT cues, flood reports.

Ram Gopal Yadav (6 years ago)

Prices of soybean in Indore rose, tracking gains in bellwether contracts on CBOT, and due to expectations of floods in the key growing areas of Madhya Pradesh. In Indore, the benchmark market for soybean, the commodity was sold at 3,575-3,625 rupees per 100 kg, up 25 rupees. In Maharashtra, sowing of soybean started 10-20 days ago, and any flood-like situation could hit the crop.

Mustard seed prices up on seasonal demand for oil.

Ram Gopal Yadav (6 years ago)

Prices of mustard seed rose in Jaipur due to strong demand for mustard oil in the ongoing monsoon season. In Jaipur, the benchmark market, prices of the oilseed rose 10-15 rupees to 4,210-4,225 rupees per 100 kg. Prices of mustard oil were up at 854 rupees per 10 kg, compared with 780 rupees on previous close. However, a rise in arrivals was insufficient to meet the demand from domestic stockists and oil millers, which supported prices.

Market players pegs 2017-18 mustard output a tad low at 6.6 mln tn.

Ram Gopal Yadav (6 years ago)

Mustard production in the country is seen at 6.6 mln tn in 2017-18 (Jul-Jun), marginally lower than 6.7 mln tn harvested in the previous year. The mustard basket also includes crops of taramira and toria.A fall in area in 2017-18 can be attributed as the main reason for a smaller crop. Acreage under mustard in the country was at 6.7 mln ha against 7.1 ml ha in 2016-17. The farm ministry has estimated 8.0 mln tn against 7.9 mln tn in 2016-17. New crop arrivals begin in February, and gain momentum by March. Arrivals remain in full swing till May and start dwindling from June. Currently, the entire crop has been harvested and total carryover stocks for 2018-19 are pegged at 500,000 tn.

India Wheat up on increased off take by flour mills.

Ram Gopal Yadav (6 years ago)

Wheat prices edged up by Rs 5 per quintal at the wholesale grains market today due to increased offtake by flour mills amid pause in arrivals from producing belts. pick up in demand from flour mills against restricted supplies from producing regions, mainly attributed the rise in wheat prices.

Saudi Arabia to buy up to 700,000 tonnes of wheat yearly from local farmers.

Ram Gopal Yadav (6 years ago)

Saudi Arabia’s state grain buyer, the Saudi Grains Organization (SAGO), said on Sunday that it had approved the purchase of a maximum of 700,000 tonnes of wheat annually from local farmers for five years. Wheat prices for the coming agricultural season, 2018-2019, will be similar to the organisation’s global import prices or at 1,250 riyals ($333) per tonne, whichever is higher. Prices will be reviewed after two agricultural seasons. SAGO imports Saudi Arabia’s entire wheat supply of about 3.5 million tonnes a year. Demand for wheat is expected to expand by an annual 3.2 percent to reach 4.5 million tonnes by 2025, largely due to population growth.

India below-normal rains hit planting; rice down 15%.

Ram Gopal Yadav (6 years ago)

Monsoon rainfall has deteriorated in July, falling 16% below average this month after being patchy and erratic in the first four weeks of the season, which has delayed crop planting significantly and raised concerns about agricultural output. Total rainfall shortfall since June 1 has widened to 8% after being 5% lower than average at the end of June. As a result, planting of rice, the season’s main crop, is already 15% lower while the area under pulses is 19% lower than the acreage this time last year.

Sri Lanka Yala 2018 rice forecast up 18% 1.080 mln tn.

Ram Gopal Yadav (6 years ago)

Sri Lanka is forecasting 1.080 million tonnes of paddy (rough rice) to be produced in the ‘Yala’ minor cultivation season that falls in the second half of the year, which is up 18 percent from last year output of 909,000 metric tonnes. Up to the end of May 273,471 hectares of rice had been sown, up from the last year’s extent of only 249,000 hectares amid one of the worst droughts in history.

Korean rice output forecast to fall by 6.1%.

Ram Gopal Yadav (6 years ago)

With the Korean government emphasizing less rice production, output in 2018-19 is forecast to fall by 6.1%, to 3.73 million tonnes. Consequently, estimated rice planting area has been revised down 6.6% to 705,000 hectares, about 50,000 hectares less than the previous year. The reduced paddy lands were converted to soybeans (8,891 hectares), forage (13,576 hectares), and other various crops (10,384 hectares).