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Agri Picks Report: Geojit

According to Geojit ,Indonesia's sudden brake on export of crude palm oil is likely to further exacerbate soaring food inflation in India, but the domestic industry is hopeful that the southeast Asian country will reconsider, or at least relax, these curbs and prevent a runaway increase in global prices.

May 06, 2022 / 09:05 AM IST

Geojit's report on Agri Picks


Indonesia's sudden brake on export of crude palm oil is likely to further exacerbate soaring food inflation in India, but the domestic industry is hopeful that the southeast Asian country will reconsider, or at least relax, these curbs and prevent a runaway increase in global prices. Crude oil inventories in the US rose by 1.3 mln barrels to 415.7 mln bbl in the week ended Friday, data from the country's Energy Information Administration showed. Analysts in a poll by Dow Jones had expected inventories to fall by 200,000 bbl during the week. The chilli market in Guntur, Asia's largest wholesale market for the commodity, will be shut for about a month--from May 16 to Jun 12--amid the peak summer, following requests by workers and merchants' associations, said Venkateshwara Reddy, secretary at Guntur Agricultural Produce Market Committee. Mills in India produced 34.2 mln tn of sugar during Oct-Apr, up 14% from the year-ago period, the Indian Sugar Mills Association said in a release • Water level in 140 key reservoirs across the country was 62.124 bcm as of today, 35% of the total storage capacity, according to a data from the Central Water Commission. Water level in these reservoirs is 8% higher than a year ago and 27% more than the 10- year average.


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first published: May 6, 2022 09:05 am
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