Geojit's report on Agri Picks
MCX has so far received delivery intention for 14,900 bales (1 bale = 170 kg) of cotton from sellers against the July contract, the exchange data showed. The bourse has also received intention of around 27,900 bales from buyers. With some cities and towns imposing lockdowns to contain the spread of COVID19, prices of fruits and vegetables are seeing another spike due to expectations of a hit to supply and the tendency of consumers to hoard. The National Agricultural Cooperative Marketing Federation of India has extended the deadline for procuring onion at the market price to build a buffer stock of 100,000 tn by a week to Aug 7, a senior official with the agency said. The country received 10.4 mm rainfall yesterday, 11% above the normal weighted average of 9.4 mm, according to the India Meteorological Department. With above average rainfall, the season's average has also turned 1% above normal again. Global rice quotations are likely to recede further in the coming months as supply, particularly from Thailand, is seen rising with gradual lifting of containment norms imposed to curb the spread of COVID-19, Fitch Solutions said in a report.
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