Geojit's report on Agri Picks
Indonesia will lift its ban on exports of palm oil from Monday, President Joko Widodo said today. The world's largest producer and exporter of the commodity had banned export of palm oil and other cooking oils on Apr 28 in a bid to stabilise rising domestic prices. Tomato prices have soared in major markets across the country as unfavourable weather has affected the crop in key growing areas, causing a supply shortage, market participants said. Conditions are favourable for the southwest monsoon to advance into some more parts of south and central Bay of Bengal, and some parts of south Arabian Sea in the next two days, the India Meteorological Department said . Sugar mills are likely to purchase record-high sugarcane worth 1.1 trln rupees in 2021- 22 (Oct-Sep), an official release said. A meeting convened by Finance Minister Nirmala Sitharaman on Wednesday to discuss problems faced by cooperative sugar mills failed to decide on any concrete steps for the sector, a senior government official said. The government, in its third advance estimates, released today, cut production of food grain to 314.51 mln tn in 2021-22 (Jul-Jun), from 316.06 mln tn estimated in the second advance estimate.
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