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Epic Research Daily Agri Commodity Report Of 08 FEBRUARY 2018

Commodity News

India exported 116,150 tonnes of Oilmeal during January 2018, down 52% as compared to 239,613 tons in January last year, according to latest data from the Solvent Extractors' Association of India (SEA). The overall export of oilmeals during April 2017 to January 2018 provisionally reported at 2,362,049 tons compared to 1,409,527 tons during the same period of last year, up by 68%. On 17th November 2017, Government raised the import duty on edible oils by 12.5 to 15% across the board and increased MEIS on Soybean meal to 7% from 5%. This steps has made Indian oilmeal more competitive in the world market and may result in to larger export of oilmeals during current year.

India has imported 50.8 lakh tonnes of Pulses for Rs 17,280 crore during April-December period of this fiscal, the government said. Pulses output increased sharply to an all-time high of 22.95 million tonnes in 2016-17 crop year (July-June) from 16.35 million tonnes in the previous year, as per the agriculture ministry data. "India imports pulses and edible oils to meet the gap between domestic production and demand. Pulses and edible oils in India are imported by private sector and not by the government," the government said.

To protect the domestic farmers the government has doubled the import duty on Sugar to 100 percent, earlier the customs duty or import tax on sugar was 50 percent. The higher tax has been imposed with immediate effect and without an end date. The move is aimed at curbing cheaper imports and ensure remunerative prices to domestic growers. The Sugar industry has been demanding hike in import duty as ex-mill rates have fallen below the cost of production, affecting their ability to make cane payment to farmers on time.

Economic News

The government has procured over 5.60 lakh tonnes of urad and moong at the support price, worth Rs 3,077 crore, under the Price Support Scheme (PSS) in the 2017-18 kharif season so far, according to official data. Under the PSS, procurement is undertaken to protect farmers when market rates fall below the minimum support price (MSP) level. As on January 30, agri-cooperative and state agencies have procured 5,60,335 tonnes of urad and moong grown in the 2017-18 kharif (summer) season, the data showed. These pulses have been procured at the MSP in seven states -- Telangana, Andhra Pradesh, Karnataka, Rajasthan, Maharashtra, Gujarat and Uttar Pradesh. The maximum quantity of 3,93,059 tonnes of urad and moong has been purchased from Rajasthan under the PSS, followed by 64,098 tonnes from Maharashtra and 35,085 tonnes from Karnataka. The pulses procured so far are worth Rs 3,077.50 crore. The procurement has been undertaken in 472 centres.

Agriculture Minister Radha Mohan Singh today informed the Lok Sabha that the Centre and Niti Aayog will hold deliberations with states to come out with a new mechanism to ensure that farmers get 1.5 times of the production cost of their crops. Singh was responding to a question of NCP MP Supriya Sule who said different states have different costs of cultivation. He also said that
area under cultivation in the current season had gone down by 1.46 per cent compared to the last year but it was more than the five-year average. The figure can be revised as many states will provie updated data, he said. To a question about dispute between insurance companies and states over insurance claims made by farmers, Singh said he had asked states to use modern technology to get correct figures to ensure timely payment as data collected manually creates controversy and causes delay.

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News Release: Epic Research Daily Agri Commodity Report Of 08 FEBRUARY 2018
Submitted on: February 08, 2018 04:33:20 AM
Submitted by: EpicResearch
On behalf of: