Geojit's report on Agri Picks
Cotton yarn prices in India have risen sharply mainly due to improved demand from the domestic downstream segments as well as continued strong overseas demand during Oct-Dec, rating agency ICRA said in a release. The Indian Sugar Mills Association today scaled down its estimate for the country's sugar output in 2020-21 (Oct-Sep) to 30.2 mln tn from the 31.0 mln tn projected in October. For 2019-20, the association had pegged production at 27.4 mln tn. Agriculture and Agri-Food Canada forecast the average chana price in 2020-21 (Aug-Sep) to rise to $570 per tn from $490 per tn in the previous year due to strong demand and lesser carry-over stocks. Indicating a sharp rebound in economic activity, the Economic Survey for 2020- 21 (Apr-Mar) is likely to project India's GDP growth for the next financial year at 11%. This estimate would be very close to the projection of 11.5% released on Tuesday by the International Monetary Fund in its latest World Economic Outlook Update. India's non-basmati rice exports during Apr-Dec were a little over 8 mln tn, up 129% from the year-ago period, data from Agricultural and Processed Food Products Export Development Authority. The government may set the limit for sugar that mills can sell in February at 1.7 mln tn, sharply lower than 2.0 mln tn set for January, two senior government officials said.
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