FCI Opens Direct Rice Sales to Grain-Deficient States Without E-Auction from 1st August 2024

The Food Corporation of India FCI currently holds 45.57 million tonnes MT of grain, including 32.68 million MT of rice stocks and 12.89 million MT receivable from millers. This is well above the buffer requirement of 10.25 million MT for October 1. The government has permitted grain-deficient states to buy rice directly from the FCI under the Open Market Sale Scheme (OMSS) without participating in the electronic auction (e-auction) starting August 1. Under OMSS, FCI will sell rice to state governments at Rs 2,800 per quintal. Additionally, surplus rice from FCI stocks will be available to bulk buyers through e-auction at the same base price. States with rice shortages will be able to purchase rice under OMSS without the need for e-auction participation.

Argentina to Boost Wheat Production and Exports in 2024-25, Says USDA Report.

Argentina is projected to increase its wheat production and exports in 2024-25, driven by an expanded planting area, according to a report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture. Wheat production is forecasted to reach 18.6 million tonnes, up from 15.7 million tonnes in 2023-24. The planted area has grown to 6.2 million hectares, as improved conditions in April and May encouraged farmers to exceed their initial planting plans. Exports are expected to rise to 12.4 million tonnes, compared to 9.2 million tonnes in the previous season. Brazil will be the primary destination for these exports, followed by Indonesia and several African countries, according to the FAS.

Chennai Port: Pulses Import Update

As per trade sources, a total of 58,375 MT Pulses were imported at Chennai port during the period of 1st to 21st July, 2024. The total quantity imported during the period included 22,875 MT Tur, 32,050 MT Urad, 750 MT Lentil, 600 MT Chickpea, 750 Black Eye Beans, 650 MT Yellow Peas & 175 MT Cow Peas and 50 MT Lima Beans.

Southwest Monsoon Intensifies in Kerala, Potential Impact on Cardamom Prices Expected

The southwest monsoon has been exceptionally strong in Kerala, bringing heavy to very heavy rainfall across many areas and extremely heavy downpours in isolated spots. This significant rainfall is expected to impact cardamom production and is expected to support the prices further. A clearer understanding of the situation will emerge in 4 to 5 days.

DGFT Permits 1000 MT of Non-basmati White Rice to Namibia Through NCEL

As per notification no. 21/2024-25 released on July 29, the Directorate General of Foreign Trade (DGFT), Government of India, has permitted the export of 1,000 MT of non-basmati white rice to Namibia through the National Cooperative Exports Limited (NCEL).

US Wheat crop looks good as per recent USDA crop progress report

The USDA Crop Progress report reveals that around 82% of the winter wheat crop has been harvested, up from 77% at this time last year. For US spring wheat, 94% had reached the heading stage by July 29, 2024, slightly down from 96% the year before. Notably, 74% of the spring wheat crop is rated good to excellent, a significant improvement from the 42% reported during the same period last year. Harvesting of the spring crop has also begun in most states. Overall, the crop outlook in the US is promising, indicating a potentially strong supply this year.

India's Oilseed Sowing Reaches over 170 Lakh Hectare by 26th July 2024: Ministry of agriculture

As of July 26, 2024, the Ministry of Agriculture reports notable progress in Kharif oilseed sowing. Soybean cultivation went up and reached 121.72 lakh hectares, a 4% rise from last year’s 116.99 lakh hectares. Groundnut sowing also recorded an increase and went up by 14% to 41.03 lakh hectares. However, Sesamum acreage dropped by 18% to 7.32 lakh hectares. Sunflower sowing has expanded by 33% to 0.6 lakh hectares, while Niger has seen new planting at 0.22 lakh hectares. Castor sowing has declined significantly, down to 0.72 lakh hectares, a 74% reduction. Overall, total oilseed acreage for the Kharif season stands at 171.64 lakh hectares, reflecting a 4% increase from last year owing to conducive weather conditions.

Guar Sowing Progress Dips in Gujarat

According to the latest report dated July 29, 2024, guar sowing in Gujarat is progressing more slowly than last season. Current sowing stands at 0.42 lakh hectares, compared to 0.86 lakh hectares in the previous season. This slower pace is primarily due to favorable week-on-week rainfall in the Kutch region that has been advantageous for the region's profitable crops, such as groundnut and cotton. Overall, the guar acreage in Gujarat is expected to be lower by 5-10% compared to the previous season amid the continued bearish prices.