Geojit's report on Agri Picks
A NITI Aayog task force has recommended scrapping of the buffer stock subsidy scheme for sugar on grounds that it incentivises mills to over produce and is an additional expense for the government, a source said. Closing stocks of sugar in the current season ending Sep 30 are seen at 10.5 mln tn, the food ministry said in a tweet. The country received 11.4 mm rainfall yesterday, 16% above the normal weighted average of 9.8 mm, according to the India Meteorological Department. Breeding of locusts is currently underway along India-Pakistan border areas, Food and Agriculture Organization of the UN said in its latest Locust Watch. The government has procured 811,182 tn oilseeds harvested in 2019-20 (JulJun) from farmers under the price support scheme as of Monday, a government official said. MCX on Tuesday received delivery intention for 4,100 bales (1 bale = 170 kg) of cotton from sellers against the July contract, the exchange said in a notice. So far, the bourse has received intention for delivery for 7,550 bales from sellers and around 11,900 bales from buyers, the notice said. The tender period for the July contract will expire on Friday.
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