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Last Updated : Aug 14, 2020 09:46 AM IST | Source: Moneycontrol.com

Agri Picks Report: Geojit

According to Geojit,The water level in 123 key reservoirs across the country fell 12% on year to 92.916 bcm as of yesterday, according to data from the Central Water Commission.


Geojit's report on Agri Picks


The water level in 123 key reservoirs across the country fell 12% on year to 92.916 bcm as of yesterday, according to data from the Central Water Commission. It was 2% lower than the average for the past 10 years. The water level was at 54% of the total storage capacity. In India, the demand for onion is usually inelastic, as the vegetable is considered essential to most food preparations. Prices of this political 'hot potato', therefore, move only on supply cues. But this theory of inelastic demand holds ground for normal times, and these times are anything but normal. The International Energy Agency expects the fall in global demand for oil to be steeper than its July forecast due to the unabated spread of coronavirus and its continued impact on the aviation sector. The Paris-based agency said today that it expects the demand to fall by 8.1 mln barrels per day in 2020 to 91.9 mln bpd, 140,000 bpd more than its July estimate. India yesterday received 15.4 mm rainfall, 67% above normal, the India Meteorological Department said. With rainfall above normal for the fifth consecutive day, overall rains so far this monsoon season remained at normal levels. State-owned oil marketing companies have invited expression of interest to purchase 530 mln ltr of anhydrous denatured ethanol from sugar mills for blending with petrol, according to a tender on Bharat Petroleum Corp Ltd's website. Sugarcane acreage in Uttar Pradesh is seen rising 1.42% on year to 2.72 mln ha in 2020-21 (Jul-Jun), said Sanjay R. Bhoosreddy, cane and sugar commissioner of the state.

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First Published on Aug 14, 2020 09:46 am
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