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Epic Research Daily Agri Commodity Report Of 25 JANUARY 2017

Commodity News

Wheat production in India is estimated to drop by 2.31% to 96.1 million tonnes in the 2017-18 crop year due to shift in the area to other crops, private agri-commodities management and services firm NCML said. Although the government has not come out with its official estimate on wheat and other rabi crops for 2017-18 crop year (July-June), but the agriculture ministry is hopeful of a record 100 million tonnes of wheat output this year. Wheat output stood at 98.38 million tonnes in the 2016-17 crop year, as per official data. "Contrary to the governments speculation of wheat crossing 100 million tonnes, NCML forecasts the 2017-18 Wheat crop at 96.1 million tonnes," National Collateral Management Services Limited (NCML) said in a statement.

Drop in temperature and cold weather in northern plains due to rain spell would benefit standing rabi crop, especially Wheat, Gram and Mustard. Cold wave conditions may continue over Punjab, Haryana, west UP and north Rajasthan for the next two days. Wheat, Gram, Mustard and other rabi crops have benefited due to the rain, though wheat area is largely irrigated, 10% to 15% is rain fed and farmers will benefit from this.Mustard requires 2-3 spells of rain and the current spell will be very favourable. Low temperature were beneficial for pulses, particularly the gram which is in the flowering stage in Madhya Pradesh and already been harvested in some parts of Karnataka and Maharashtra.

The International Grains Council (IGC) has raised its forecast for total grains production in 2017-18 to 2.1 billion tonnes, up from 2.079 billion tonnes in November, but down from 2.14 billion forecast for 2016-17. Total consumption was lowered to 2.104 billion tonnes from 2.107 billion tonnes. The IGC forecast world Wheat production in 2017-18 at 757 million tonnes, up from 749 million tonnes in November and up from 755 million tonnes forecast in 2016-17. World Wheat ending stocks were forecast at 254 million tonnes, up from 249 million tonnes in November and up from 241 million tonnes in 2016-17.

Economic News

There is need to diversify agriculture into energy sector in order to increase farmers' income and reduce the country's dependence on petroleum products, Union Minister Nitin Gadkari said today. "There is a need for diversification of agriculture into energy and power sector. This will not only empower the farmers but would reduce the huge crude import bills of Rs 7 lakh crore," the Road Transport, Highways, Shipping, Water Resources and Ganga Rejuvenation Minister said here. Addressing an event Rural & farm resurgence: Road to prosperity, organised by India Foundation for Rural Development Studies in collaboration with National Cooperative Development Corporation, Gadkari said farmers could easily produce ethanol from bamboo, rice and wheat straw, which could not only fetch them high returns but will reduce the dependence on petrol and diesel. "The second generation ethanol can be made using bamboo, cotton straw, rice straw and residual cane-waste (bagasse)," he said, adding that innovation, entrepreneurship, technology and research were needed in farming.

The rain spell on Tuesday over the northern plains leading to drop in temperatures and cold weather conditions would benefit standing rabi crop, especially wheat, gram and mustard, said scientists and traders.The weather office has forecast cold wave conditions to continue over Punjab, Haryana, west UP and north Rajasthan for the next two days. It has also said that under the influence of the rain-bearing weather system called western disturbance, rainfall would cover northern plains. "This rain has happened at the right time. It is especially beneficial for wheat, gram, mustard and other rabi crops. Though wheat area is largely irrigated, 10% to 15% is rain fed and farmers will benefit from this," said Trilochan Mohapatra, director-general of the Indian Council of Agricultural Research, the country's top agriculture research institute. Mohapatra said that the chana and mustard crop growth were good. "The good news is that there has been no report of pest infestation till date.

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News Release: Epic Research Daily Agri Commodity Report Of 25 JANUARY 2017
Submitted on: January 25, 2018 04:22:17 AM
Submitted by: EpicResearch
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