According to Geojit, With the sudden announcement of a ban on onion exports, wholesale prices of the commodity saw a correction.
Geojit's report on Agri Picks
With the sudden announcement of a ban on onion exports, wholesale prices of the commodity saw a correction. But the relief may be short-lived, as traders say prices may spike again due to torrential rains in key growing states. India received 8.4 mm rainfall yesterday, 71% above normal, the India Meteorological Department said. Since the start of monsoon season on Jun 1, the country has received 7% above normal rainfall at 898.6 mm rainfall. Global oil prices slipped following reports that Libya was set to resume some of its oil production after months of blockade, which had crippled the country's overall output. The government of India saved 50.69 bln rupees towards its crude oil imports bill by filling up the entire 5.3-mln-tn strategic crude oil reserves in Apr-May, when prices of the commodity had slumped, Petroleum Minister Dharmendra Pradhan informed the Rajya Sabha. The government is aiming at a record 108.0 mln tn of wheat output in the 2020- 21 (Jul-Jun) rabi season, according to data released by the farm ministry. In 2019-20, the wheat crop was pegged at 107.6 mln tn. India's maize output for the 2020-21 (Jul-Jun) kharif season is seen at 14.1 mln tn, an average of estimates by 10 market participants polled by Cogencis showed. The Solvent Extractors' Association of India said it expects up to 1.25 mln tn of additional edible oil produced from domestically grown oilseeds in the 2020-21 (Nov-Oct) oil year. Farmers have sown moong across 3.58 mln ha in the kharif season, up 16% on year, as of Wednesday, farm ministry data showed. Farmers have sown cotton across 12.9 mln ha as of Thursday so far in 2020-21 (Jul-Jun), up 2% from the previous year, data from the farm ministry showed.
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