U.S Corn Exports For The Period Of 12-18 Feb’16
As per USDA, U.S corn exports reached 14,048,329 metric tons in the 2015-16 marketing year. At 8,70,660 MT (for the period 12th Feb- 18th Feb, 2016) exports were up 19 percent from the previous week and 36 percent from the prior 4-week average. The primary destinations were Mexico (353,200 MT), Japan (248,600 MT), Colombia (182,300 MT), South Korea (58,100 MT), and Taiwan (11,700 MT).
Indian Weekly Rice Export Up by 5.6%
Total Rice exported from India in the third week of February was 171893.14 tons out of which basmati rice contribute 46.02%, and non-basmati rice is 53.97% in this period with quantity of around 79106.46 tons and 92786.68 tons respectively as per latest data extract from IBIS. Major importers of Indian Basmati rice in this period were, Kuwait, UAE & Saudi Arabia. We expect Middle East countries to remain the major basmati buyers of Indian Basmati from Mundra, Kakinada and Kandla Port in coming months. Major non basmati importers were Benin, Ivory Coast, & Cambodia. Total rice exported was up by 5.6% from last week export of 162753.4 tons.
Buying Of Castor Seed At Rs 2800 Per Qtl May Ensure Good Return In 2016
Buyers should start procuring seed around Rs 2800/2900 per qtl for stock purpose. Future prospect for good return seems in the second half of the year. As oil export has been higher than normal pace, almost 80 percent old stock seems to be consumed so far.Major dip from current level is unlikely.
Market fundamentals and recent developments hint that the year will remain favorable for castor oil consumers as upside potential is very limited in the short to medium term. Speculators have burnt their fingers and would prefer to remain sidelined in futures if futures contracts are re-launched. Under current condition castor business may revert to fundamental good demand -supply equations
State Wise Rice Procurement Up So far Despite Lower Production
Government’s rice procurement has increased 21.47% to 26.98 million tons in the 2015-16 marketing year so far despite prospects of lower production due to poor monsoon. The Centre has kept rice procurement target of 30 million tons for the current marketing year, which started in October-2015. These agencies had procured 22.21 million tons a year-ago, while the total purchases had reached 32 million tons. At present, procurement has been completed in Punjab and Haryana which is up by 20% and 41% respectively with quantity of 93.50 lakh tons and 28.60 lakh tons, while the operations are in full swing in Uttar Pradesh, Chhattisgarh, Andhra Pradesh and Telangana. As per the government’s latest data, rice procurement in Uttar Pradesh has risen to 5.97 lakh tons so far this year as against 4.29 lakh tons a year-ago. Procurement in Chhattisgarh increased to 39.72 lakh tons from 33.54 lakh tons, while that of Andhra Pradesh has increased to 25.13 lakh tons from 12.71 lakh tons in 2014. Rice purchase in Telangana was lagging behind at 10.14 lakh tons so far this year as against 15.23 lakh tons in the corresponding period of the 2014-15 marketing year.
Black Pepper Production Expected Lower Current Year
As per Agriwatch production estimate, due to bad weather condition during flowering stage pepper crop reported damaged. Current year India’s pepper production expected to be around 52,000 – 56,000 tonnes compared to last year bumper production of 70,000 tonnes. Lower production expectations current year may support prices in coming days.