According to Geojit, As COVID-19 raged across the globe, leading to lockdowns in key markets such as the European Union, coffee exports from the subcontinent were stymied. A smaller crop made it a double whammy.
Geojit's report on Agri Picks
As COVID-19 raged across the globe, leading to lockdowns in key markets such as the European Union, coffee exports from the subcontinent were stymied. A smaller crop made it a double whammy. Madhya Pradesh is planning to advance the date of starting procurement of major kharif crops--paddy, jowar, bajra and cotton--harvested in 2020-21 (JulJun) from Nov 15 to anytime, an official with the state government said. Maharashtra has allowed sugar mills in the state to start crushing operations for 2020-21 (Oct-Sep) from Thursday, the state's sugar commissioner Shekhar Gaikwad said. The Rajasthan government has waived mandi fee and farmers welfare fee on the purchase of pulses and oilseeds at the minimum support price for the current kharif marketing season. The International Energy Agency expects growth in global oil demand to reach its highest level within the next decade. This is in stark contrast to the Organization of the Petroleum Exporting Countries' belief that oil consumption will continue to grow until 2040. Mills in Brazil's centre-south region produced 2.87 mln tn sugar during the second fortnight of September, up 59.6% on year from 1.80 mln tn a year ago, the country's sugarcane industry association, known by its Portuguese acronym UNICA, said in a report. The output of most kharif crops in Karnataka, barring sugarcane, is expected to decline in the 2020-21 (Jul-Jun) season as heavy rains in the growing regions is likely to affect yields of the standing crops, a senior official said. India's CPI inflation coming in at an eight-month high of 7.34% in September has likely marked the peak in the inflation cycle, which will allow the Reserve Bank of India's Monetary Policy Committee to deliver rate cuts up to 75 basis points in the current financial year, economists said.
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