Agri Picks Report: Geojit

Geojit's report on Agri Picks

The government has procured 795,945 tn mustard harvested in 2019-20 (JulJun) in five states under price support scheme, a government official said. • A bigger output in 2019-20 (Jul-Jun) and arrival of fresh crop early in March have led to depressed prices of chana. There are now fears of the government liquidating its stocks and fall in import prices in Oct-Nov. • The committee of secretaries has approved an increase in the minimum selling price of sugar by 2 rupees per kg to help mills clear dues to sugarcane farmers and increase cash flow, two senior government officials said today. The government had raised the minimum sale price of the sweetener in February 2019 to 31 rupees per kg. • India received 12.6 mm rainfall yesterday, 48% above the normal average of 8.5 mm, the India Meteorological Department said. • The finance ministry said there are signs of green shoots emerging in the Indian economy as the country passes through a phased relaxation in restrictions to curb the spread of COVID-19. • Fearing higher costs, the edible oil millers of Saurashtra have written to the Gujarat government against the Centre's order mandating the use of only fresh tin containers to package edible oil. They believe the order is unviable for the industry as well as consumers. • The Centre has agreed on Madhya Pradesh's request of taking 645,000 tn wheat procured in 2019-20 (Apr-Mar) rabi marketing season in its pool, a government official said. • Area under sugarcane across the country was at 5.06 mln ha as of Thursday, up 1.5% from a year ago, according to the farm ministry's latest report for 2020-21 (Jul-Jun). • Area under cotton doubled on year to 9.2 mln ha in the 2020-21 (Jul-Jun) season, and based on the average of last five years, acreage of the crop is higher than the normal of 6.6 mln ha for the period, farm ministry data showed.

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Geojit-07.07.2020