Agri Picks Report October 15, 2024: Geojit Financial Services

commodities

Geojit Financial Services's report on Daily Agri Picks

The India Meteorological Department Monday said that the Northeast Monsoon is likely to begin over southeastern peninsular India around Tuesday and Wednesday. The weather bureau also said the Southwest Monsoon is likely to withdraw from the remaining parts of the country in two days. Meanwhile, the Southwest Monsoon has withdrawn from the entire Assam, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, and most parts of the northern Bay of Bengal. Currently, conditions are favourable for further withdrawal of the monsoon from the remaining parts of Gujarat, Madhya Pradesh, Chhattisgarh, Odisha, and Maharashtra over the next two days. The Southwest Monsoon started to withdraw from parts of Rajasthan and Gujarat on Sept. 23, against the normal date of Sept. 17. • The Multi Commodity Exchange of India has announced the launch of trading in futures contracts in cotton seed wash oil from Tuesday. Initially, the contracts for November, December and January will be available for trading, MCX said in a circular Friday. These contracts will be cash settled, it said. The trading unit in the futures contracts for cotton seed wash oil will be five tonnes, with quotations in rupees per 10 kg and a maximum order size of 400 tonnes, the circular said. The maximum open position is allowed at 12,000 tonnes for individual clients. For members, the limit is 120,000 tonnes collectively for all clients, or 15% of the market-wide open position, whichever is higher, the exchange said. The delivery centre will be Kadi in Gujarat. The National Commodity and Derivatives Exchange had started trading in cotton wash oil futures contracts on Sept. 2.

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15102024 - co