Cotton industry body urges CCI to procure 100 lakh bales in 2017-18

With a bumper Cotton crop expected during the 2017-18 season (October-September), the Indian Cotton Federation (ICF) has urged the union government to direct the state-run CCI (Cotton Corporation of India) to procure 100 lakh bales (a bale is 170 kgs).

While a record crop of 400 lakh bales is estimated for the 2017-18 season making India the biggest producer of Cotton for the third consecutive season, mill consumption will be around 300-310 lakh bales, ICF noted.
 

Cotton sowing has reached a record high of 122.6 lakh hectares in the country during the just concluded kharif season on the back of good rainfall in key growing regions.

According to lnternational Cotton Advisory Committee's (ICAC's) latest report, a similar situation is expected in other Cotton growing countries, resulting in 75% surplus cotton globally for 2017-18.  

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Rice prices in India dip on rising supply; Thailand eyes Sri Lankan demand

Rice prices in India slipped this week on expectations of a rise in supplies from the new season crop, while rates for the staple grain edged higher in Thailand as traders were optimistic about the possibility of demand from Sri Lanka.

Thailand's benchmark 5-percent broken rice was quoted at $375-$388 a tonne, free-on-board (FOB) Bangkok, up from $375-$385 last week.

"There looks to be demand from Sri Lanka, which we're optimistic will translate into more demand for Thai rice," said a Bangkok-based rice trader.

The government of Sri Lanka has issued a tender to buy 200,000 tonnes of rice as recent floods in the country have destroyed crops.

In Thailand, however, heavy rain have not hurt crops and all of the rice has already been harvested. But, the rains have caused difficulties for shipments to be collected and delivered, which has had a negative impact on exports, traders said.

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India drags feet on GM mustard permit amid powerful opposition

India has frozen requests to commercially release a locally developed genetically modified mustard, an environment ministry document released on Tuesday showed, amid stiff opposition to lab-altered food from domestic activists and politicians.

The mustard variety would have been the first transgenic food crop to be allowed for commercial cultivation. But the environment ministry's Genetic Engineering Appraisal Committee (GEAC) has deferred approval despite a panel the ministry supervises giving the genetically modified (GM) mustard technical clearance last year.

"Subsequent to receipt of various representations from different stakeholders, matters related to environmental release of transgenic mustard are kept pending for further review," the GEAC said in minutes of a meeting released on the environment ministry's website marked "confidential and restricted circulation".

Cotton is the only GM crop currently allowed to be sold in the world's second most populous country where arable land is shrinking. U.S. company Monsanto Co dominates the cotton seed market in India, and often faces resistance from local companies over its position.

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Base metal and Agri commodity fall down

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India`s coffee output seen rising 12.3 percent on higher acreage: Board

India's coffee output is likely to rise 12.3 percent from a year ago to 350,400 tonnes in 2017/18 due to an expansion in the area under cultivation, the state-run Coffee Board said on Tuesday.

The South Asian country, which is famous as a tea producer, is also the world's No.6 coffee grower, mainly churning out the robusta beans used to make instant coffee, but also producing some of the more expensive arabica variety.

The country's robusta production is likely to rise 14 percent to 247,300 tonnes in the marketing year that started on Oct. 1, while arabica output could rise 8.5 percent to 103,100 tonnes, the board said.

India, which some say started coffee cultivation in 1670 with seven smuggled beans, exports three-quarters of its production.

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White metal up amid robust global cues

Silver futures were trading higher during the afternoon trade in the domestic market on Wednesday taking positive cues from the global market. Market analysts said a firm trend in precious metals in global market mainly attributed to the rise in silver prices at the futures trade.

At the MCX, silver futures for December 2017 contract was trading at Rs 41380 per kg, up by 0.40 per cent, after opening at Rs 41242, against a previous close of Rs 41,216. It touched the intra-day high of Rs 41,434.

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Lead futures down on easing demand

Lead futures were trading lower during the afternoon trade in the domestic market on Friday as participants reduced their exposure amid subdued demand from consuming industries in the spot market. Marketmen said the weakness in lead futures was due to a sluggish demand from battery-makers at the domestic markets.

At the MCX, lead futures for September 2017 contract is trading at Rs 146.80 per kg, down by 1.54 per cent, after opening at Rs 148.95, against a previous close of Rs 149.10. It touched the intra-day low of Rs 146.60.

 

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Crude Oil prices to trade lower

WTI oil prices declined by 0.3 percent yesterday to close at D46.4 per barrel as Reuters estimated that at least 3.65 million barrels per day (bpd) of refining capacity was offline or 19.6 percent of total U.S. capacity after Motiva  shuttered the largest U.S. refinery. Tropical Storm Harvey knocked out several refineries and disrupted fuel production, while a backup in crude supplies pushed U.S. crude oil futures down more than 2.5 percent.

Brent crude, the international benchmark for crude trading, was down 30 cents at $51.70 a barrel by 0825 GMT. U.S. crude fell 25 cents to $46.19.

U.S. crude inventories fell by 5.78 million barrels last week, the API industry group reported on Tuesday, suggesting a gradual tightening of the U.S. oil market. The figures, however, do not reflect the impact from Harvey.

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