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Agri Picks Report: Geojit

According to Geojit , Global demand for crude oil is expected to rise sharply in Oct-Dec, supported by seasonal petrochemical and heating fuel consumption as well as the possibility of fuel switching to oil from natural gas in the power generation sector, the Organization of the Petroleum Exporting Countries said.

October 14, 2021 / 08:55 AM IST

Geojit's report on Agri Picks


Global demand for crude oil is expected to rise sharply in Oct-Dec, supported by seasonal petrochemical and heating fuel consumption as well as the possibility of fuel switching to oil from natural gas in the power generation sector, the Organization of the Petroleum Exporting Countries said. Global coffee prices were at 170.02 cents per pound in September, up 6.2% from the previous month due to concerns about the weather in major producer Brazil, according to the International Coffee Organization's composite indicator. The US Department of Agriculture has scaled down its estimate for global wheat consumption in 2021-22 to 787.1 mln tn from 789.6 mln tn projected a month ago. The government slashed import duty on key edible oils, including crude and refined soyoil, palm oil, and sunflower oil, in a bid to cool domestic prices. The effective duty cut, in the range of 16.50 to 19.25 percentage points, will come into force from Thursday, the finance ministry said in a notification. The government today cut customs duty and Agriculture Infrastructure Development Cess on key edible oils, including soyoil and palm oil to moderate domestic prices. The US Department of Agriculture has scaled down its estimate for 2021-22 (Aug-Jul) cotton production in India to 28.0 mln bales (1 US bale = 218 kg, from 28.5 mln bales projected a month ago. India's vegetable oil imports rose by 66% on year to nearly 1.8 mln tn in September, the Solvent Extractors' Association of India said.

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first published: Oct 14, 2021 08:55 am

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