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The government is likely to significantly enhance allocation for key farm sector schemes and push credit in the interim Budget to boost rural economy as growth in the agriculture sector is projected to decelerate to 1.8% in 2023-24 from 4% a year ago. Finance Minister Nirmala Sitharaman is scheduled to present the interim Budget on February 1, which will be the last major economic document of the Narendra Modi-led government ahead of the 2024 Lok Sabha elections. Catch Manisha Gupta in conversation with Chattanathan D, co-founder Arya.ag.
According to Geojit, India's soymeal exports fell 47% on year in December to 125,000 tn, the Soybean Processors Association of India said today.
Brent crude futures rose 25 cents, or 0.3%, to $82.65 a barrel by 0105 GMT. U.S. West Texas Intermediate crude was up 31 cents, or 0.4%, at $77.09 a barrel.
The Finance Minister Nirmala Sitharaman will make the interim budget announcement on February 1. What are the expectations of the pulses sector from the budget? Some are, increased allocation of ₹1000 crore funds for subsidies for cold storage infrastructure development. To know more about the budget expectations from the pulses sector watch this edition of Commodites Corner with Manisha Gupta and Deepak Pareek, Founder, HNYB tech incubation.
Spot gold was up 0.4% at $2,025.99 per ounce by 0403 GMT. U.S. gold futures also rose 0.4% to $2,025.20.
Risks of a widening conflict comes as Russian refined product exports are set to fall, with several refineries under repair following drone attacks.
According to Geojit, The area under rabi crops in Telangana stood at 4.22 mln acres as of Wednesday, 8% lower than 4.60 mln acres a year ago, according to data from the state government.
Brent crude futures climbed 83 cents to $84.38 a barrel by 2341 GMT after hitting a session-high of $84.80. U.S. West Texas Intermediate crude rose 78 cents to $78.79 a barrel.
Commodity market participants will carefully scrutinize policy guidance by Federal Reserve next week.
Brent crude futures eased 32 cents, or 0.39%, to $82.12 a barrel by 01:15 GMT. U.S. West Texas Intermediate crude fell 41 cents, or 0.5%, to $76.95.
India’s Steel Majors Are Seeking Govt Intervention To Control Raw Materials Prices. Mills has flagged issues in the price discovery process of coking coal by international players and has reportedly asked the government to push for a “more realistic” price discovery mechanism. Steel makers, through the Indian Steel Association (ISA) – which includes AM/NS India, JSW, Tata Steel, Jindal Steel & Power and PSUs like SAIL and RINL – have called for intervention and action across two key price indexes, namely Platts and Argus Indexation which “remain subjective” in determining coking coal price. Catch Manisha Gupta in conversation with Dhruv Goel, CEO, Big Mint
According to Geojit, The area under summer crops in Karnataka fell 30.5% on year to 68,800 ha in the current season as of Saturday, but it is still higher than the normal area of 64,000 ha for the season, according to the state agriculture department's report.
The March contract for Brent crude gained 20 cents, 0.3%, to $80.24 a barrel as at 0128 GMT. U.S. West Texas Intermediate crude climbed 22 cents, or 0.3%, to $75.31 a barrel.
According to Geojit, The area under rabi crops in Gujarat was at 4.59 mln ha in the current season as of Monday, up 3% from 4.46 mln ha last year, according to data from the state agriculture department.
Spot gold edged 0.1% lower to $2,027.39 per ounce by 0156 GMT.
The front-month March contract for Brent crude inched up 5 cents to $79.60 a barrel as at 0138 GMT. U.S. West Texas Intermediate crude ticked up 7 cents to $74.44 a barrel.
According to Geojit, India's production of horticulture crops in 2022-23 (Jul-Jun) is estimated to reach a new record high of 355.25 mln tn, according to the government's third advance estimate.
Brent crude futures fell 14 cents, or 0.2%, to $79.92 a barrel by 0125 GMT, while U.S. West Texas Intermediate crude futures (WTI) were last down 10 cents, or 0.1%, at $74.66 a barrel.
Spot gold edged 0.1% higher to $2,030.87 per ounce by 0116 GMT.
Brent crude fell 41 cents, or 0.5%, to $78.15 a barrel by 0105 GMT after settling down 54 cents on Friday.
Commodity market participants will closely watch the ECB's monetary policy decision, particularly after some members of the Governing Council pushed back against aggressive easing calls, acknowledging potential upside risks to inflation.
India, ranking as the third-largest global consumer and importer of oil, is actively pursuing a reduction in crude oil consumption by transitioning to eco-friendly alternatives like biofuels. The nation aims to increase the blending of ethanol with gasoline to 20% by 2025. The Assam biorefinery, developed at a cost of 40 billion rupees in collaboration with NRL and Finnish partners Chempolis and Fortum, marks India's pioneering use of bamboo as a feedstock. Catch Manisha Gupta in conversation with Bhaskar Phukan, Managing Director, India's Numaligarh Refinery and KPJ Reddy, Prof-IISc
According to Geojit, India's oilmeal exports in December rose 23% on year to 532,729 tn, according to data released by The Solvent Extractors' Association of India today.
Brent crude futures fell 17 cents, or 0.2%, to $78.93 a barrel by 0151 GMT, and U.S. West Texas Intermediate crude futures (WTI) slid 3 cents to $74.05.
According to Geojit, The area under rabi crops in Gujarat was at 4.56 mln ha in the current season as of Monday, up 2.4% from last year, according to data from the state agriculture department.
