Agri Picks Report: Geojit
According to Geojit, The government is likely to import around 100,000 tn of onion to shore up domestic supplies and cool off the surge in prices of the staple, a government official said.
October 28, 2020 / 12:00 PM IST
Geojit's report on Agri Picks
The government is likely to import around 100,000 tn of onion to shore up domestic supplies and cool off the surge in prices of the staple, a government official said. Duty reductions and canalising imports through state agencies are some of the options the government is considering to cool off spiralling edible oil prices in the domestic market and provide relief to consumers, a senior government official said. The Organization of the Petroleum Exporting Countries remains "cautiously optimistic" about recovery in global oil demand, which has so far been "anaemic" due to the COVID-19 pandemic and is taking longer than earlier anticipated, the cartel's Secretary General Mohammad Sanusi Barkindo said. Godrej Agrovet's oil palm plantation business launched a high-yielding oil palm sapling with average yield of 37-38 tn per ha, it said in a release. Amidst a sharp rise in prices of onion in all key markets across the country, Kerala government will sell the bulb vegetable at 45 rupees per kg from Sunday, state Finance Minister Thomas Isaac said. The Kerala government has decided to provide minimum support price for 17 vegetables at an average of 18% above the cost of production, state Finance Minister Thomas Isaac said. As of Monday, the government procured nearly 16 mln tn of kharif paddy in the 2020-21 (Oct-Sep) marketing season, 18.6% higher on year, according to an official release. The Solvent Extractors Association Of India urged the commerce ministry to discourage China from importing castor seed from India in bulk, as this would hit domestic crushing plants. The National Commodity & Derivatives Exchange has extended the 5% additional surveillance margin on guar gum contracts by a day to Nov 18, the exchange said in a circular.
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