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Epic Research Daily Agri Commodity Report Of 22 JANUARY 2017

Commodity News

As the National Agriculture Cooperative Marketing Federation (Nafed) has decided to stop procurement of Groundnut at minimum support price (MSP) once it gets eight lakh tonnes, the limit set by the central government, the woes of Gujarat farmers are getting worse day by day.Nafed has already procured 7.65 lakh tonnes of Groundnut and the remaining 35,000 kg will be completed in two days. The Nafed is the designated agency to procure Groundnut at MSP. At the same time, the Nafed has also decided to close down four procurement centres in Junagadh and Rajkot districts following several complaints of malpractices by traders.

Global production of natural Rubber rose by 6.8 percent last year to 13.3 million metric tons as compared to the 12.4 millions tons produced in 2016, according to a recent release from the Association of Natural Rubber Producing Countries (ANRPC). The association noted that almost 90 percent of the world supply was produced by its member countries. Global natural Rubber consumption, meanwhile, rose by a mere 1.4% to 12.9 million tons during 2017, according to ANRPC.

The government may raise the import duty on vegetable oils such as refined Palm Oil and Palm olein, Sunflower Oil and Cottonseed Oil for the third time since August 2017, amid lobbying by the country's refiners and to protect local farmers, industry source said. The government had raised import duties in August 2017 and again in November in the wake of intense lobbying by the Indian refiners, and in order to cater to farmers' requests ahead of a key state election in Gujarat, industry sources said.

Economic News

Planting of crops in the current rabi season is at the fag end, with the acreage 0.52% less compared with this time a year earlier, data from the agriculture ministry showed. The figures suggest that acreage of wheat, coarse cereals and oilseeds decreased from a year earlier, that with pulses and rice increased. Winter crops were planted on 617.79 lakh hectares as of Friday , compared with 620.99 a year ago, according to data from the agriculture ministry. The government's target for this year is to plant rabi crops on 623.53 lakh hectares. Wheat planting fell by 4.02% to 298.67 lakh hectare, largely in Maharashtra, Madhya Pradesh, West Bengal, but increased in Gujarat, Himachal Pradesh and Karnataka, the ministry said. Mustard which is the key oilseed crop in the season also saw planting less than 5.01% at 66.60 lakh hectare. Other crops like groundnut, sunflower and linseed saw an increase. However, farmers increased planting of pulses by 4.72% to 163.11 lakh hectare compared with the previous year.

The Maharashtra government has approved a Rs 4,000-crore project aimed at promoting climate-resilient agriculture, to be partially funded by the World Bank. A government resolution (GR) issued yesterday said the project, named Nanaji Deshmukh Krishi Sanjivani Yojna, will be implemented in 5,142 villages across 15 districts. It will roll out in 2018-19 and continue till 2023-24. The total cost of the project is Rs 4,000 crore, 70 per cent of which will be borne by the World Bank while the state will contribute 30 per cent over six years, said the GR. Principal secretary, finance, and principal secretary, agriculture will decide the rate of return and repayment period by holding talks with the World Bank officials, the GR stated. The scheme would cover small- and medium- scale farmers, who are more vulnerable to the impact of climate change. The state government had set up a seven-member panel, headed by principal secretary, agriculture, to select drought-prone villages for the implementation of this project.

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News Release: Epic Research Daily Agri Commodity Report Of 22 JANUARY 2017
Submitted on: January 22, 2018 04:37:08 AM
Submitted by: EpicResearch
On behalf of: