Agri Picks Report June 13, 2024: Geojit Financial Services

commodities

Geojit Financial Services's report on Daily Agri Picks

The southwest monsoon is likely to advance into more parts of Odisha and coastal Andhra Pradesh in the next three to four days, the India Meterological Department said in a note. On Wednesday, the southwest monsoon has further advanced into more parts of Maharashtra, the entire Telangana, and some more parts of Chhattisgarh, the release said. The northern limit of the monsoon will now pass through Navsari in Gujarat, Jalgaon, Amravati, and Chandrapur in Maharashtra, Bijapur and Sukma in Chattisgarh, Malkangiri in Odisha, Vizianagaram in Andhra Pradesh, and Islampur in West Bengal. The southwest monsoon hit the coast of Kerala on May 30, two days ahead of the normal onset of Jun 1. The agency had previously forecast the monsoon to enter Kerala on May 31. • The government is mulling over raising the minimum selling price of sugar for the upcoming sugar season starting October, a senior official told Informist. The current minimum selling price of the sweetener is 31 rupees per kg and has not been changed since 2019. The minimum selling price of sugar is likely to be revised for the next sugar season and not the current season, the official said. "The government will only give a reasonable hike, which will be below the industry demand," he added. The industry has been demanding that the minimum selling price of sugar be raised to 40-41 rupees per kg. Citing the rise in fair and remunerative prices of sugarcane, millers have been clamouring for a hike in the minimum selling price of sugar to cover the production cost. However, the official pointed out that though the fair prices of cane were announced in February, it will be effective only from the next sugar season starting Oct 1. Sugar mills pay fair and remunerative prices to sugarcane farmers on cane purchases.

For all commodities report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

13062024 - co