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Agri Picks Report: Geojit

Date: 23-09-2020
Subject: Agri Picks Report: Geojit
The farm ministry today pegged the country's kharif food grain output in 2020- 21 (Jul-Jun) at a record high of 144.52 mln tn, according to the first advance estimates released. Food grain stocks held by government agencies continued to decline with more grains being distributed under the Pradhan Mantri Garib Kalyan Anna Yojana and lower procurement in August. The Food Corp of India is set to tap the debt market for the first time in the current financial year with a government-guaranteed bond offering worth 80 bln rupees, sources familiar with the development said. India has received 10.3 mm rainfall yesterday, 102% above normal, the India Meteorological Department said. Above normal rains for the past few days has also pushed the downpour, so far, above the long-period average of 880.6 mm the whole season. Import of edible oil is likely to rebound in the next oil year starting November and may rise to a record 15.2 mln tn, Sunvin Group Head Sandeep Bajoria said. This year, the imports are likely to fall 10% to 13.5 mln tn, largely due to low demand in the wake of months of lockdowns to contain the spread of COVID-19. The Rajya Sabha passed the controversial Essential Commodities (Amendment) Bill, 2020, which seeks to replace the Essential Commodities (Amendment) Ordinance, 2020, promulgated in June this year. The government has sold 262,450 tn wheat under the open market sale scheme since April, a senior government official said. So far in September, the government has sold 90,830 tn wheat. The government has sold 673,910 tn of rice under the open market sale scheme since April, a senior government official said. Farmers have sown soybean across 12.1 mln ha in the kharif season as of Thursday, up 6.9% from a year ago, farm ministry data showed. As of Thursday, groundnut acreage across the country in the 2020-21 (Jul-Jun) kharif season was nearly 5.1 mln ha, up 30.2% from a year ago.


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