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Epic Research Weekly Agri Commodity Report 29 JANUARY 2018

Commodity News

Higher prices of Cotton since November seems to have taken a substantial toll on country's Cotton yarn exports, raising concerns that India may see at least a 10% decline in total exports for 2017-18 (Apr-Mar), trade sources said. In 2016-17, India exported 1.2 million tonnes of Cotton yarn, down 9% from the previous year. In Apr-Nov, India exported 675,797 tonnes, down 3% on year, an official at textile commissioner's office said, citing data from Directorate General of Commercial Intelligence and Statistics. India rating and research agency CRISIL had earlier noted that margins of spinning companies has been hurt by decline in Cotton yarn exports.

Farming area has declined by more than 30-40 % in the major growing areas with farmer moving to cotton and other crops, due to which there may be low supply of Chilli and the prices are likely to touch record high by the year-end. The supply is very low when compared to last year’s 18 lakh tonne. The current market prices are in the range of 85-115 per kg. Good quality chilli is trading above 150 per kg and average good chilli can only be procured above Rs 100 per kg. India is the world leader in chilli production followed by China and Pakistan. Area under chilli is estimated to be lower by 25-30% and the yield from the current crop is also seen lower by another 25-30%.

The procurement operations for Groundnut crop by the National Agricultural Cooperative Marketing Federation of India Ltd (Nafed) under the Price Support Scheme (PSS) were suspended in Gujarat after the agencies made a record purchases of 8 lakh tonnes of the oilseed at the support price of Rs 4,500 per quintal. However, considering a bumper crop of about 32 lakh tonnes in the last kharif season, the Gujarat government has asked Centre to approve additional procurement of 4 lakh tonnes, to which the Union Agriculture Ministry has raised queries about the State’s preparedness for storage of the massive volumes of the oilseed in a scientific manner.

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.

Modi apples are here! The popular apple variety from Italy has officially entered India by appointing IG International as its authorised distributor for the country. Even as owners of this patented club variety hope to get a strong footing in India's growing fruit market, the name of the variety has no connection, whatsoever, with the Indian Prime Minister, Narendra Modi. The variety was developed by CIV (Consorzio Italiano Vivaisti) --a group of specialist plant breeders set up in Italy in 2007-- by crossing the popular Liberty and Gala varieties of apples. According to the company, the variety was named after the artist Amedeo Modigliani, called "Modi" by his friends, who became famous for his female portraits with shiny and bright colours. Tarun Arora, director of IG International, said, "Modi apples are a club variety and it would be the single largest club variety to be imported into India. These apples have already become available at the Star Bazar stores and agricultural markets of metro cities.”


1) MPEDA, Coop to sign pact on developing organic seafood supply systems
2) Excess production to keep lid on milk prices this year
3) Tea Board of India issues identity card with QR code to small tea growers of Assam
4) Diversify agriculture into energy sector: Nitin Gadkari
5) Rabi crops to gain as cold wave slated to continue for two days
6) Modi apples from Italy enter India through IG International
7) Bayer launches new rice hybrid seed Arize AZ 8433 DT
8) Budget 2018: Government may hike agri-credit target to Rs 11 lakh crore
9) Tea planters in Darjeeling region are expecting bright First Flush
10) Rain to hit North India soon, to help wheat, mustard crops
11)Floor price for onion exports reduced by $150/tonne

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News Release: Epic Research Weekly Agri Commodity Report 29 JANUARY 2018
Submitted on: January 29, 2018 04:54:51 AM
Submitted by: EpicResearch
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