Agri Picks Report: Geojit

Geojit's report on Agri Picks

With the shortage of edible oil supply from imports due to the crisis in Ukraine, the Soybean Processors Association of India has recommended measures to augment the supply and cool down prices. The agency estimates a shortfall of edible oil supply from imports due to the war of approximately 200,000 tn a month of sunflower oil, it said in a note. The government is looking at alternative sources for edible oils and fertilisers, as geopolitical tensions between Russia and Ukraine have hit the supply chain, Nomura said in a report. India's direct trade exposure to Russia-Ukraine-Belarus is small, but its supply dependence on specific products is much higher. India accounts for 11.5% of edible oil exports and 11% of fertiliser exports from Russia-Ukraine-Belarus. Ukraine and Russia together account for over 90% of India's sunflower oil imports, and in terms of fertilisers, Russia accounts for over 17% of muriate of potash and 60% of nitrogen, phosphorus, and potassium fertiliser imports. As of today, farmers in the country have sown summer crops across 2.9 mln ha in 2022, slightly down by 0.4% on year, data from the farm ministry showed. Sugar output in the country in the 2021-22 (Oct-Sep) season is pegged 7.8% higher on year at 33.3 mln tn, according to data from the India Sugar Mills Association released today. It had estimated sugar output at 31.5 mln tn in the second advance estimate in January. The Haryana state government has imposed a prescribed stock limit on edible oils and oilseeds till Jun 30 with immediate effect to cool down cooking oil prices, according to an official release. Canada's farm agency has revised downward its average price forecast of dry peas, lentils and chickpeas for 2021-22 (Aug-Jul), despite a sharp fall in the ending stocks, it.

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