Agri Picks Report October 11, 2024: Geojit Financial Services

commodities

Geojit Financial Services's report on Daily Agri Picks

Production of crude palm oil in Malaysia fell 3.8% on month to 1.82 million tonnes in September, according to preliminary data from the Malaysian Palm Oil Board. However, month-end palm oil stocks and exports increased in September, the data showed. In September, Malaysia's palm oil exports rose 1% on month to 1.54 million tonnes, and stocks increased 7% to 2.01 million tonnes, the data showed. "Stocks rose more than expected in September to hit an eight-month-high, as a sharp fall in local consumption outweighed an increase in exports and reduced production," The Edge Malaysia, a leading financial news organization, said Thursday. A Reuters poll had forecast stocks in September at 1.95 million tonnes, the output at 1.87 million tonnes, and exports at 1.5 million tonnes. Malaysia is the world's second-largest producer of crude palm oil, and India is the largest consumer of edible oils. • The National Commodity and Derivatives Exchange has dropped Ramgunjmandi in Rajasthan as an additional delivery centre for its coriander (symbol: DHANIYA) futures contracts from November, it said in a release. Kota in Rajasthan will continue as an additional delivery centre, and Gondal in Gujarat will continue to be the main delivery centre, the exchange said in a circular. This decision was taken on the basis of feedback received from market participants, it said. Additionally, NCDEX has decided to drop the INR 300 per 100 kg premium on delivery at Kota "to align the contract with the current market dynamics", NCDEX said in the circular. Currently, coriander futures contracts expiring in the months of October, November, December and January are available for trading and would continue to be traded as per the existing contract specification. The change will be applicable to coriander futures contracts for expiry from April 2025, with effect from Nov. 1, it said.

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11102024 - co