According to Geojit, Crushing of mustard seeds by mills in the country surged 52.4% on year to 800,000 tn in July, data from the Mustard Oil Producers Association of India showed.
ICICI Direct As policy rates remained unchanged, focus will shift to global currencies once again. A move above 94 levels for dollar index may be the first sign of a reversal.
ICICI Direct The rupee spot prices moved below 75 levels once again while futures saw declines of almost 30 paisa ahead of monetary policy.
According to Geojit, The International Cotton Advisory Committee has scaled up its estimate for global consumption in 2020-21 (Aug-Jul) to 23.9 mln tn, compared with 23.3 mln tn projected in the previous month.
According to Geojit, Within months of launching Agridex and a monsoon index, the National Commodity and Derivatives Exchange Ltd is exploring the introduction of an edible oil index, in line with suggestions by stakeholders, Managing Director Vijay Kumar said., up 8.3% from a year ago, as of last week, farm ministry data showed.
ICICI Direct As the Dollar index saw sharp reversal from its two year’s low and started moving up, the rupee also depreciated.
According to Geojit, Farmers in the country have sown crops for 2020-21 (Jul-Jun) kharif season across 88.2 mln ha so far, nearly 14% higher than the corresponding period a year ago, according to the farm ministry data.
ICICI Direct As the Dollar index fell to two years low and moved towards May 2018 low, we feel the rupee will appreciate and is likely to move towards 74.50 level •
According to Geojit, The Solvent Extractors' Association of India has questioned the Soybean Processors' Association of India’s proposal to put a quantitative cap on imports of soyoil and sunflower oil.
ICICI Direct As the Dollar index fell to a two years low and moved towards May 2018 low, we feel the rupee will appreciate and again move below 75 levels •
According to Motilal Oswal, Oil prices could see a near-term correction if a recovery in fuel demand slows further, especially in the United States.
According to Motilal Oswal, NCDEX Soya bean has been trading in consolidation zone at the moment and a break below Rs.3740 level is likely to result in the continuation of previous trend (Bearish).
According to Motilal Oswal, This week economic docket have a few important ‘look outs’, core durable good order and GDP number is expected from the US, also inflation number from few major economies is also scheduled later this week; if reported positive could metal prices in check.
According to Geojit, MCX has so far received delivery intention for 14,900 bales (1 bale = 170 kg) of cotton from sellers against the July contract, the exchange data showed.
According to Geojit, A NITI Aayog task force has recommended scrapping of the buffer stock subsidy scheme for sugar on grounds that it incentivises mills to over produce and is an additional expense for the government, a source said.
ICICI Direct Volatility could be seen in the rupee and other EM currencies due to FOMC meet.
According to Geojit, The US Department of Agriculture's Foreign Agricultural Service has raised its estimate for India's 2019-20 (Aug-Jul) cotton ending stock to 17.7 mln bales (1 US bale = 218 kg) from 16.8 mln bales projected last month.
ICICI Direct Profit booking is clearly visible in the US$INR at higher levels. Looking at the declining Dollar index, we feel EM currencies would appreciate •
ICICI Direct Despite the rupee falling 8 paise, the US$INR pair remained almost flat.
According to Geojit, In a bid to promote inland water transport as a supplementary, eco-friendly and cheaper mode of transport, the government today decided to waive waterway usage charges with immediate effect for three years.
According to Geojit, Enrolment under Pradhan Mantri Fasal Bima Yojana by non-loanee farmers has increased 148% on year this kharif season in Rajasthan, the state government said in a release.
ICICI Direct Despite the Dollar index remaining choppy, the US$INR saw long accumulation for two days.
ICICI Direct Marginal short positions were formed in the US$INR pair at higher levels.
According to Geojit, India is unlikely to import maize under the tariff rate quota in the current financial year as the landed cost may be higher than spot prices, despite a far lower duty, most market participants believe.
According to Geojit, The National Commodity & Derivatives Exchange will seek the Securities and Exchange Board of India's approval to launch options in goods contracts for chana, guar seed, guar gum and soybean, after it discontinued options trade n futures contracts, an exchange official said.