Agri Picks Report April 03, 2024: Geojit

commodities

Geojit's report on Daily Agri Picks

Malaysia has decided to maintain the export tax rate for crude palm oil at 8% for April, while raising its reference price, according to a notification by the Malaysian Royal Customs Department displayed on the Malaysian Palm Oil Board website. Malaysia is the second-largest producer of palm oil and India is its large importer. The reference price for April has been increased to 3,958.58 ringgits (69,441.13 rupees) per tn, up from 3,793.94 ringgits (66,538.12 rupees) per tn in March. Under the current tax structure, crude palm oil shipments are subject to a starting tax rate of 3% when prices for a tnrange between 2,250 ringgits and 2,400 ringgits (39,460.89 to 42,088.28 rupees). However, if prices surpass 3,450 ringgits per tn, the maximum tax rate of 8% is applied. The India Meteorological Department has forecast more heat wave days than usual for the Apr-Jun period. The weather agency expects 10–20 days of heat wave conditions in different parts of the country during Apr-Jun compared with the normal of four to eight days for the period, it said in a monthly outlook today. Incidentally, the General Elections will also begin from Apr 19. According to the agency, the most prone areas to experience increased heat waves are likely Gujarat, Madhya Maharashtra, Maharashtra, north Karnataka, Rajasthan, Madhya Pradesh, north Chhattisgarh, Odisha and Andhra Pradesh. "Anticipated increase in outdoor activities during the 2024 General Elections could heighten public vulnerability to heat waves," IMD said in its monthly outlook. "During heatwaves, elevated temperatures pose significant risks, especially for vulnerable populations like the elderly, children, and those with pre-existing health conditions, who are more susceptible to heat-related illnesses such as heat exhaustion and heatstroke," it said. In April, more heat wave days are projected over many parts of the south peninsula and adjoining northwest central India. In addition, some eastern areas along with the plains of northwest India are also likely to experience more above normal heat wave days, IMD said. In the above-mentioned areas, two to eight days of heat wave conditions are expected against the normal of one to three days in April, the bureau said.

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