Posts Tagged ‘profit-booking’

Wheat Sowing Starts, to Gather Pace After Cane Fields Vacated

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

Wheat sowing starts, to gather pace after cane fields vacated

Wheat sowing starts, to gather pace after cane fields vacated

 

Wheat sowing starts, to gather pace after cane fields vacated:

Sowing of wheat, the biggest foodgrain grown during the rabi season, has started in some parts of the country.

The crop has been planted in around 25.7 lakh hectare till November 5, almost 9.4% less than the same period last year.

Though wheat sowing has got off to a slow start this year, but still there is not much concern as the delay is mainly due to late harvesting of kharif crops.

Sowing of rapeseed has also started on a weak note and till Thursday, around 3.48 lakh hectares of land has been brought under the crop as against 6.65 lakh hectares sown during the same period last year.

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In Other major Commodities Updates we can see that Mentha oil futures have turned weak and Corn and soybeans have fell for the third straight day.

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Mentha oil futures turn weak:

Mentha oil futures prices fell by 0.30 per cent today as traders indulged in profit-booking at higher prices amid fall in demand in the spot market.

Increased arrivals from producing belts in Uttar Pradesh also put pressure on the prices.

At the MCX counter, mentha oil for November contract declined by 0.30 per cent to Rs 533.60 a kg clocking business volume in 201 lots.

Similarly, mentha oil for delivery in December contract eased by 0.26 per cent to Rs 540.20 a kg in business turnover in 53 lots.

Fall in mentha oil prices was mostly due to profit-taking by speculators and subdued trend in spot markets.

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Corn, Soybeans Fall as Warm, Dry Weather May Speed U.S. Harvest:

Corn and soybeans fell for the third straight day on speculation that warm, dry weather will hasten U.S. harvesting, boosting supplies for food and feed producers.

Weather conducive to field work is expected across the Midwest in the next 15 days.

About 49 percent of U.S. soybeans and 75 percent of the corn remained to be gathered as of Nov. 1, according to government estimates.

Grain and oilseed markets also fell on reduced investment demand for raw materials as an inflation hedge.

The rising unemployment rate is not good news for demand.

Corn futures for December delivery fell 9.5 cents, or 2.5 percent, to $3.67 a bushel on the Chicago Board of Trade.

The decline pared the week’s gain to 0.3 percent, the fourth increase since Oct. 2.

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