Posts Tagged ‘Coffee Board’

Coffee Board Cuts Output Estimates

The Coffee Board of India slashed India’s 2009-10 (October-September) output projection by approximately 5.5% to 289,600 tonnes. Reduced estimation is mainly due to crop damage by heavy rains in major growing states.

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“The reduction in crop output is seen largely in Karnataka, while regions in Andhra Pradesh, Kerala and Tamil Nadu showed a nominal drop,” Coffee Board Chairman GV Krishna Rau said.

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He said heavy rains in Karnataka during October-November led to adverse crop conditions like berry dropping and wet feet in certain growing areas. Karnataka alone accounts for a fall of 15,775 tonnes of the estimated 16,700 tonnes decline in coffee output.

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In Other major Commodities Update, there is news of pepper futures fell sharply on bearish sentiments that pulled down the prices of all contracts.

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Pepper Future Report Fall

On Monday, pepper futures fell sharply on bearish sentiments that pulled down the prices of all contracts.

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Bearish sentiment that new crop would arrive any time in the market and there is no domestic demand to absorb it was being spread widely.

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Besides, 1,200 tonnes of pepper’s validity will expire on Feb 5 and hence it will be liquidated in January and that will come for delivery next month, thus goes the misinformation, market sources said.

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December contract on NCDEX dropped by Rs 367 to close at Rs 14,055 a quintal. January and February fell by Rs 376 and Rs 382, respectively to close at Rs 14,332 and Rs 14,560 a quintal.

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Total turnover increased by 3,064 tonnes to 6,925 tonnes. Total open interest moved up by 391 tonnes to 13,113. December open interest fell by 499 tonnes while that of January increased by 755 tonnes and February up by 92 tonnes.

Centre May Raise Coffee Package to Rs 802 Crores

Hello Friends here we come up with the Latest Agri Commodities updates from various parts of the globe.

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Centre may raise coffee package to Rs 802 cr

Centre may raise coffee package to Rs 802 cr

Centre may raise coffee package to Rs 802 cr:

The Centre is likely to increase the debt relief package for coffee growers to Rs 802 crore, 58 per cent more than the recommendations of Coffee Board, Union minister of law and justice, M Veerappa Moily said.

There are discussions at different stages to work out the package.

The figures of the total loan owed by the coffee industry to banks are Rs 1,700 crore.

The coffee board recommended a scheme for Rs 504 crore.

The coffee growers are in need of an urgent relief package, so as to give them a one-time life line to come out of the crisis.

The coffee industry is continuously facing low productivity due to drought of 2003 and 2004, which have had a domino effect on productivity.

In Other major Commodities Updates we can see how Corn, Soybeans advanced on the Speculation of excess rains which can delay the harvesting of crops”.

Corn, Soybeans Rally on Speculation Rains to Delay U.S. Harvest:

Corn and soyabeans advanced on the concern that higher-than-normal rainfall in parts of the U.S. may raise the risk of yield losses in the world’s biggest exporter of both crops.

Above average rainfall was forecast in producing states, including Iowa, Illinois, Nebraska and Indiana between Nov. 21 and Nov. 25, according to a U.S. Climate Prediction Center report dated Nov. 15.

The four states are among the biggest corn and soybean growing areas in the U.S. Corn for March delivery added as much as 0.9 percent to $4.0925 a bushel in after-hours electronic trading on the Chicago Board of Trade, and was at $4.09 as of 9:58 a.m. Singapore time.

Soybeans for January delivery climbed as much as 1.4 percent to $10.0125 a bushel in Chicago and last traded at $9.9475.

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