Russian Wheat Export May Reach 23.5MMT Due To Weaker Rouble & Ample Stock
Russia is set to become the world’s second largest wheat exporter in the 2015/16 marketing year, eating into Canadian and the U.S. market share, owing to a weak rouble and a decline in supplies from its main rivals.Russian wheat exports are running at a historically record pace this season, which lasts until June 30, thanks to a large crop of 61 million tonnes in 2015 and the weaker rouble.Global prices are, however, depressed and leading exporters have to compete for a smaller market share due to the oversupply and the 2016/17 season is expected to start with high stocks. Wheat export may reach at 23 to 23.5MMT-Reuters
Castor Cash Markets Trade Weak Despite 90% Lower Arrival
Castor cash market traded weak despite lower arrivals in mandis due to holifestival.Fresh trading activities are expected from next week.Arrival decreased around 90 percent as mostly market remained closed. Futures too stayed steady at previous level.About 5,000 bags arrived in Gujarat against 45,000 bags and price decreased by Rs10 to Rs585-605 per 20 kg. At Saurashtra arrival was at 500 bags and price declined Rs5 to Rs580-605 per 20 k.
South Africa Maize Crop Pegged Down By 32% To 6.77 MMT
South Africa will cut its 2016 maize forecast by almost 7% as late rains have failed to provide enough relief for a crop scorched by drought.Maize is South Africa’s staple food and the price of the white variety, used for human consumption, doubled last year and is pressuring inflation, which accelerated to 7% in February, its highest in seven years, from 6.2% in January
The Crop Estimates Committee (CEC), which will provide its third production forecast for the 2016 crop on March 30, is seen pegging the harvest at 6.77 million tonnes, down almost 7% from last month’s estimate of 7.255 million tonnes and 32% less than last year’s harvest-Source: Reuters
South Africa Would Receive Above Normal Rainfall, Summer Maize Crop Still Under Stress
South Africa are forecast to receive above average rainfall in the autumn season from April. It is too late to benefit the drought-seared summer maize crop.South Africa experienced its driest year on record in 2015 and record temperatures in January this year as an El Nino weather pattern triggered drought and heatwaves, threatening the staple maize crop among others.
The weather service said that there are “enhanced chances” for above-normal rainfall for the southern hemisphere winter months of June through August in most of the country apart from the central region.Higher than normal rainfall could bring much-needed relief to parched pasture lands and dam levels, which the water minister has said could take more than three years to recover to pre-drought levels.
Ethiopia To Buy % Lakh T Wheat Through Tender
Ethiopian has issued an international tender to buy around 499,000 metric tons of milling wheat sourced from optional origins as the country continues purchases following a serious drought.The tender closes on March 25.Shipment of the wheat is sought between May and July.Failed rains during spring and summer 2015 have sparked food and water shortages in the country, which boasts one of Africa’s highest growth rates but depends heavily on farming.On Jan. 31, Ethiopia urged international donors to offer aid promptly for relief operations to support 10.2 million people critically short of food.Ethiopia last tendered to buy 70,000 metric tons of wheat in February-Source: Reuters