Jaipur mustard seed firm on demand from oil mills.

Ram Gopal Yadav (6 years ago)

Prices of mustard seed rose in Jaipur due to strong demand from oil millers and crushers. In Jaipur, the benchmark market, the oilseed was sold at 4,240-4,260 rupees per 100 kg, up 10-20 rupees. Arrivals in Rajasthan remained unchanged at 60,000 bags (1 bag = 85 kg). Strong demand for mustard oil in the ongoing monsoon season supported prices along with expectation of a rise in demand for mustard meal.

Indore soybean up on low arrivals, rise in demand.

Ram Gopal Yadav (6 years ago)

Prices of soybean surged in Indore as arrivals declined while demand from crushers rose. In benchmark Indore market, soybean was selling at 3,575-3,600 rupees per 100 kg, up 50 rupees from the previous close. Arrivals of soybean in Madhya Pradesh declined to 50,000 bags (1 bag=100 kg) from 60,000 bags. The near-month July contract rose 1% to 3,549 rupees per 100 kg, while the most active October contract fell 1%.

India Soybean seen falling as sowing gains pace.

Ram Gopal Yadav (6 years ago)

Futures contracts of all components of the edible oil basket, barring soybean, are seen rising on domestic exchanges. Soybean futures on the National Commodity and Derivatives Exchange are likely to fall due to a rise in sowing with the progress of the monsoon. Expected weakness in soybean futures on the Chicago Board of Trade may further weigh on prices on the Indian exchange. On the US bourse, soybean prices may fall due to strained ties between Washington D.C. and Beijing, and because the US Department of Agriculture gave a good rating for crop condition.

NCDEX coriander at 2-week low on forecast of rains.

Ram Gopal Yadav (6 years ago)

Futures contracts of coriander on NCDEX hit a two-week low of 4,611 rupees per 100 kg because of forecast of good progress of the monsoon in Gujarat and Rajasthan. The most-active August contract was down 1.3% at 4,708 rupees per 100 kg. Profit booking in the front-month July contract ahead of expiry on Jul 20 also weighed on coriander futures. The fall in prices, however, is seen restricted at 4,550 rupees per 100 kg, as investors may buy the commodity at lower prices on the back of lower production this year.

USDA expects 12.50 % decline in Australias wheat production for MY 2018/19.

Ram Gopal Yadav (6 years ago)

Australian wheat production is forecast at 21 MMT for 2018/19, 12.5 percent below the official forecast, due to very dry and hot conditions across major wheat growing areas. The harvested area is expected to fall slightly to 12 million hectares. Wheat domestic consumption is estimated at 8.5 MMT for 2018/19. Australian wheat exports are forecast at 15 MMT for 2018/2019, reflecting lower production caused by poor rainfall and higher average temperatures.

Russia plans to sell 1.5 million tonnes wheat from reserve in the 2018/19.

Ram Gopal Yadav (6 years ago)

Russia’s Agriculture Ministry plans to sell up to 1.5 million tonnes of wheat from the state grain reserve in the 2018/19 marketing season, which started on July 1. The draft proposal came in days after the Agriculture Ministry suspended plans for tenders to sell up to 500,000 tonnes of grain from its 4 million tonne grain stockpile to free up storage space and to reduce budget spending on servicing the stock. Between June 20 and July 4, it was offering the grain in small batches in the hope that buyers would then export it. It sold 122,539 tonnes of grain during the period.

Egypt imports rice to control market, prevent increasing prices.

Ram Gopal Yadav (6 years ago)

The decision to import rice aims at controlling the market and preventing the prices hike. On June 5, the government announced its plan to import rice (paddy, mulled and cargo rice), in a way to reduce the rice-cultivated areas due to the water shortage crisis the country is suffering from.

Centre raises buying price, rice exports set to fall from October.

Ram Gopal Yadav (6 years ago)

India’s rice exports are set to ease from October as the world’s biggest shipper of the grain boosts guaranteed prices that farmers receive for much of their crop, making new season cargoes expensive compared to supply from rival growers. Lower exports would mean that India loses market share in key Asian and African markets.

Andhra paddy farmers told to check stem borer pest.

Ram Gopal Yadav (6 years ago)

IMD’s Agrimet has advised farmers in Andhra Pradesh to control the spread of stem borer in the paddy crop by spraying pesticides. Paddy crop in the state is at tillering stage and current weather conditions are favourable for the occurrence of the pest. Farmers have been advised to keep an eye and spray pesticides if the infestation is spotted after spells of rain. The pest enters the stem and leaves and feeds on the internal tissues, which eventually hits the yield.

Onion steady in Lasalgaon on lower arrivals, demand.

Ram Gopal Yadav (6 years ago)

Prices of onion remained almost unchanged in the key market of Lasalgaon, Maharashtra, as the effect of subdued demand was offset by a fall in arrivals. In Lasalgaon, onion was sold at an average price of 1,130 rupees per 100 kg. Arrivals were pegged at 825 trolleys, each carrying 1.5-2.0 tn, down from 1,235 trolleys. Supply of the vegetable was lower due to disruptions caused by rains in the region. In Pimpalgaon, another key market in the state, onion was quoted largely unchanged at 1,100 rupees per 100 kg.

Wheat extends gains on increased offtake by flour mills.

Ram Gopal Yadav (6 years ago)

Wheat prices rose further by Rs 30 per quintal at the wholesale grains market today on increased offtake by flour mills against restricted supplies from producing belts. Other bold grains also went up on uptick in demand from consuming industries. Besides increased offtake by flour mills, pause in arrivals from producing regions kept wheat prices higher.