w eekly AgriReport(16 July 2012)
India Wheat exports to gain momentum on high global prices
India's wheat exporters are having huge opportunities to tap the global grain
market on the basis of price differences. The domestic wheat is offered at very
competitive prices in the world commodity market on the back of record
production in the country
India's veg oil imports surges 24.65% during first eight months OY'12
With the rise in domestic demand amid lower availability of oilseeds for
crushing, India's vegetable oil imports rose 24.65% to 6,395,199 tons during
the first eight months (November to June) of the current oil year (OY).
Food, Fuel prices to soar over next 10 year: FAO, OECD
High income growth in developing countries is likely to hike the food and fuel
over the next 10 years amid depleting global stocks and production, according
to a joint report by Organization for Economic Cooperation and Development
(OECD) and the Food and Agriculture Organization (FAO).
Soybean hits record high; soya oil up as imports drop
Indian soybean futures rose two percent on Friday to hit a record high,
tracking a rally in the world market due to dry weather in the United States,
though a pick-up in soybean sowing in India weighed on sentiments.
Monsoon worries are building up fears of worsening inflation. Agri-commodity prices
have already shot up 19% on the commixes since the beginning of July. Experts also
ascribe the price rise to depreciating rupee and brisk demand from China for certain
Indian commodities. The spurt in commodity prices in a span of 10 days will not make
the task of the RBI easy to cut rates.
Active futures prices of most of the commodities on the NCDEX, the commex with the
most liquid contracts, saw average rise of 7%. Turmeric lead the list with 19% rise. The
August delivery turmeric futures rose to Rs 4,862 level from Rs 4110 at close of June 30.
Others include barley (12.7%), jeera (11.8%), cotton seed oil cake (12.6%), wheat (11.8%)
and coriander (10.1%).
Future prices of kharif oil seeds like Soybean and castor seed also rose by 9.6% and 9.5%
respectively for the August delivery contracts. Soybean made all-time high of Rs 4,428
on Thursday on the back of price topping in the international market on Wheat has seen
an 8% rise in just six trading sessions on stronger cues from international markets. India
allowed 20 lakh tonne of wheat export on July 4 .Country produced a record 8.60 crore
tonne wheat in the last Rabi marketing season. Cereals like maize also followed strong
cues from global markets.
Weekly soya bean chart
Weekly Chana chart
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