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Castor Oil Export Increases By 4.81% news update 7 June 2016

At oil export front, volume was seen increasing in comparison to April-2016. India exported 45948.22 tonne castor oil in May-16, higher by 4.81 %(43839.45 T) from April- 2015.China, EU and US were active buyers throughout the year as seed and oil prices continue to rule lower in comparison to previous year.  India exported castor oil at an average FoB of $1157.62 per tonne in May-2016, slightly lower from previous month. More dip in average FoB quote is unlikely as Agriwatch expects market to stabilize around $1100 to $1120 per tonne for common grade, Commercial grade may hover in between $870 to $920 per tonne during next one month.

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US weather to speed up corn sowings News 30 march 2016

US weather to speed up corn sowings – but bodes ill for wheat :-  US corn sowings, after a slow start, are expected to make better progress as they begin in the key Midwest region – but dryness-pressed winter wheat crops face more of the dryness worrying investors.
The opening stages of the US corn planting period, in southern states, have been hampered by wetness which limited to 8% sowings progress in Arkansas as of Sunday, well below the typical 20% at this time of year, US Department of Agriculture data showed.
In Mississippi – where wetness curtailed seedings to 5%, compared with the average of 29% – one USDA scout reported that “abnormal amounts of rainfall continue to prevent producers from all fieldwork.
“Most corn planted prior to the excess rain will be replanted due to saturated conditions.”
And in neighbouring Louisiana, where “some fields are still under water” after receiving 7-10 inches of rain last week, 36% of corn is seeded, well behind the average of 60%.

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Agri Commodity News Update 26 March 2016

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

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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.

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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

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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.

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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

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Grain prices may see ‘spike’ – but long-term outlook flat

Grain prices are at risk of a short-term “spike” but look poised for declines over the next few years, with rapeseed values to drop too despite extra need for oilseed meals.

The European Commission, in annual report on long-term crop forecasts, said that while world cereals markets were, mostly, characterised by “ample supply and comfortable stocks-to-use ratios”, that did not rule out the potential for a jump in prices from current levels.

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Milk prices drop further, despite falling New Zealand output

Commodity milk markets continued to fall, as prices on the GlobalDairyTrade auction site dropped for the third event in a row.

Milk prices on the auction site, which is run by New Zealand milk giant Fonterra, were down 7.9% from the previous event, held at the start of the month.

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IGC tempers ample grain stocks talk, despite harvest upgrade

The International Grains Council tempered talk over elevated world grain inventories despite raising its harvest estimate, highlighting the extent of stocks held in China, beyond the reach of global trade.

The IGC raised, for a fourth successive month, its forecast for the world harvest of coarse grains, such as barley and corn, and wheat in 2015-16 – this time by 3m tonnes to 1.999bn tonnes, reflecting a drop of 27m tonnes year on year.

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Turmeric

Turmeric futures ended down on India’s National Commodity&Derivative Exchange (NCDEX) on Tuesday. Turmeric dipped 0.7% to Rs 6448 per quintal at 11.30hrs.

Milan Shah, agri research analyst at Commodity Online, said over all trend for Turmeric NCDEX September delivery is looking negative and likely to trade down in near term as well. “Support is seen at 6440 while 6710 is the resistance for the same,” Milan Shah added.

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