Geojit's report on Agri Picks
The area under castor may shrink over 25% in 2020-21 (Jul-Jun) as farmers are likely to shift to other remunerative crops such as groundnut and cotton, prompted by a good monsoon, market participants said. • The Cotton Corp of India has lowered its reserve sale price of the fibre by 300 rupees a candy (1 candy = 355 kg) following a decline in spot prices. This is the second time that the agency, which has procured a huge stock of cotton this year, has undertaken a price cut this month. • The government may not extend allocation of free food grains under the Pradhan Mantri Garib Kalyan Ann Yojana beyond this month, a senior government official said. • Swarms of locusts have entered western Uttar Pradesh, the country's largest sugarcane producing region, and are posing a threat to the standing crop, a senior official with Uttar Pradesh Sugar Mills Association said. • India received 6.9 mm rainfall on yesterday, 11% below the normal of 7.8 mm for the day, the India Meteorological Department said. Since Jun 1, the country has received 189.0 mm rainfall, 19% higher than the normal of 159.0 mm for the period. • Maharashtra government has lifted the ban on sale of molasses to other states and countries due to higher availability of the by-product, the state government said in a notification. • The rate of ethanol blending in petrol in India is at 5.09% currently, the Indian Sugar Mills Association said in a release. • The Ministry of Food Processing Industries today launched PM Formalisation of Micro Food Processing Enterprises Scheme to support unorganised processing units in the country, with an outlay of 100 bln rupees. • The UK-based Cotton Outlook has scaled up its estimate for global ending stocks of the fibre to 3.8 mln tn for 2019-20 (Aug-Jul) from 3.6 mln tn projected last month, the agency said in its June report.
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