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Epic Research Daily Agri Commodity Report Of 01 FEBRUARY 2018

Commodity News

Due to increasing arrival of Onion from different parts of the Maharashtra, price has fallen by 23 percent in four days to Rs 21.50 per kg and its expected to stay under pressure even as shipments to overseas markets remain muted due to high minimum export price (MEP). Onion arrivals have shot up nearly threefold to 39,844 quintals on Monday from 13,253 quintals on January 1. In other Onion growing states such as Karnataka and Madhya Pradesh too, prices are on the decline, having fallen about Rs 10 per kg over the past one month.

It is estimated that Potato production in Bengal will be marginally lower by 9 percent in 2018 down from last year’s bumper harvest of 110 lakh tonnes (lt) and is unlikely to have an impact on prices, as it will be offset by carry over stock of close to 9 lt from last year which will be available in the market till mid February. Potato cultivation in Bengal is spread across close to 4.6 lakh hectares of land. The area under cultivation is likely to be lower by five per cent (or around 4.4 lakh hectares) this season. There has been a dip in area under cultivation of Potato this year as farmers were disincentivised by unremunerative prices last year.

Basmati Rice exports from India is set to rise as Iran, the largest buyer of India’s aromatic Rice, recommences imports. In recent years, Iran has been placing temporary curbs on Rice imports during the July-January period, mainly to protect its domestic paddy growers and support local prices during the harvest season. Iran accounts for a fourth of India’s annual aromatic Rice shipments of around four million tonnes. “Based on the current export trend, we expect basmati shipments to be higher than last year,” said a senior official at APEDA (Agricultural and Processed Food Products Export Development Authority).

Economic News

Minister of State for Civil Aviation Jayant Sinha stressed the importance of following frugal development model for India rather than farm-to-factory model. He was speaking at 12th Lakshmanrao Bhide Memorial Lecture on "Asia-Africa Growth Corridor and Blue Economy" organised by Vishwa Adhyan Kendra and Keshav Srushti in association with Regional Passport Office (RPO), Mumbai and Indian Council for Cultural Relations (ICCR) at Videsh Bhavan Auditorium, Bandra Kurla Complex, Mumbai. He said, "There are three key factors which make a frugal development work. One is mass is mass services. Second is entrepreneurial capitalist. And third is universal social security." He said these three pillars would be crucial in speeding up development in India. He said," We cannot completely depend on mass manufacturing products such as cars, clothes, leather goods. Even our labour intensive factor would not work. China has done a wonderful job as regards manufacturing.

The Marine Products Export Development Authority (MPEDA) has tied with a Swiss firm to develop organic aqua farming to help meet the growing demand for organic seafood from Europe. A Jayathilak, Chairman, MPEDA, today signed an agreement in this regard with Gerhard Zurlutter, Member of Management, Coop Cooperative. Under the project, MPEDA will assist in identifying entrepreneurs and provide them with technical advice on producing high-quality organic shrimps that meet national and international certification protocols. Coop, which currently has nearly 2,200 sales outlets throughout Switzerland and wholesale/production business active across Europe, has offered to procure the processed organic shrimps at a premium of up to 15 per cent and with an additional 5 per cent through financing for development activities, including training. "The reason why many farmers are hesitant to get into organic farming is the increased costs involved.

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News Release: Epic Research Daily Agri Commodity Report Of 01 FEBRUARY 2018
Submitted on: February 01, 2018 04:38:39 AM
Submitted by: EpicResearch
On behalf of: