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Agri Picks Report: Geojit

Date: 17-08-2020
Subject: Agri Picks Report: Geojit
This is no storm in a teacup. India's tea exports, already on the downhill since the start of the season, are staring at a grim future as the country is losing out to rivals due to its higher prices amid the pandemic-led disruption in global demand. The food ministry has asked sugar mills to utilise at least 85% of their existing distillery capacity to produce ethanol, it said in a notification. India on 14th August received 13.5 mm rainfall, 54% above the normal, the India Meteorological Department said. With rainfall above normal for the sixth consecutive day, overall rains this monsoon season remained higher than the normal. India's tea production surged 43.7% on month to 138.52 mln kg in June, Tea Board of India data showed. India's tea exports during Jan-May declined 26.6% on year to 74.4 mln kg. India's annual inflation rate based on the Wholesale Price Index remained in the negative territory for fourth consecutive month in July, but rose to (-)0.58% from (-)1.81% the previous month due to sharp sequential rise in food and fuel prices, data released by the commerce and industry ministry showed. With India's headline inflation based on the Consumer Price Index (Combined) jumping to 6.93% in July from 6.23% the previous month, hopes of a cut in the policy repo rate in October have been dashed. India's edible oil imports rose 13% on year to over 1.5 mln tn in July, The Solvent Extractors' Association of India said in a release. The US Department of Agriculture has cut its estimate for global wheat output in 2020-21 to 766.0 mln tn from 769.3 mln tn pegged a month ago, the agency said in its report for August. The US Department of Agriculture has pegged global oilseed production in 2020- 21 at 610.4 mln tn, compared with its estimate of 577.2 mln tn for 2019-20, and 604.2 mln tn estimated in July, primarily due to higher soybean production on the back of higher yields, the agency said in its report for August. The US Department of Agriculture has scaled up its estimate for India's cotton output in 2020-21 (Aug-Jul) to 29.7 mln bales (1 US bale = 218 kg) from 28.5 mln bales projected the previous month, the agency said in its latest report.

Source:- moneycontrol.com

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