Posts Tagged ‘rice’

COMMODITY NEWS DIGEST

  • Farmers raising the Rabi crop under Krishna Delta this year will fall due to short of water by 16 tmcft (thousand million cubic feet).

  • Government has decided to temporarily wind up its sale of wheat for bulk consumers by March-end in states of Punjab, Haryana and Uttar Pradesh.

.

  • Monsanto’s Bt cotton fails to control pests in 4 Gujarat districts.

.

  • The validity period for sale and delivery/dispatch of nonlevy sugar has been extended on a weekly basis to the weeks ending March15, 22, 31 and April 7 respectively.

.

  • The Centre could extend the ban on pulses exports until March 31, 2011 besides allowing duty-free imports for another year.

.

  • The data received from States reveal that about 278.17 lakh hectares wheat has been sown as compared to last year’s coverage of 275.89 lakh hectares.

.

  • Rice procurement by state-run agencies has dropped by just 3.25% to 23.8 million tonnes till now in the 2009-10 crop marketing season.

.

  • British retail sales recovered last month from January’s snow-related slide.

.

  • Confidence among U.S. consumers unexpectedly declined for a second month in March, 2010.

    .

Stay Tuned for More updates

Food Inflation Rose for the Second Week on the Trot

Hello Friends here we come up with the Latest Agri Commodities updates from various parts of the country.

.

Food Inflation Rises for the Second Week

.

Food inflation rises for the second week

.

Annual food inflation rose for the second week on the trot, affirming RBI’s fears of a spill over into other commodities and services and mounting pressure on the government to take more measures to arrest prices.

.

Annual inflation in food articles rose to 17.56 per cent for the week ended January 23 from 17.4 per cent in the previous week, partly due to a poor harvest after the worst monsoon in nearly three decades, according to data released by the commerce ministry on Thursday.

.

While prices of wheat, pulses and vegetables have increased, cereals and rice have become cheaper.

.

Fuel price inflation, in tandem with global oil prices, increased to 5.88 per cent from 5.7 per cent in the previous week, spurred by a spike in light diesel oil and furnace oil prices.

.

The wider inflation, as measured by the wholesale price index (WPI), has already risen to 7.31 per cent for December, forcing RBI to raise its forecast to 8.5 per cent for the fiscal year-end.

.

🙂

In Other major Commodities Update, there is a news of Centre approving the largest quantity of wheat under its open market sale scheme (OMSS) for bulk buyers to consumers in the North zone and India’s corn exports could drop by 60 %in the year.

🙂

.

Nod for salve of 4.4 Lt wheat in North:

.

The Centre has approved the largest quantity of wheat amounting to 4.43 lakh tonne under its open market sale scheme (OMSS) for bulk buyers to consumers in the North zone.

.

Sources said, for bulk consumers in South zone around 2,01,000 tonne of wheat has been approved by the government for sale from Food Corporation of India (FCI) godowns till now.

.

While for East zone, largely comprising of states like West Bengal, Orrisa and Bihar, around 63,900 tonne of wheat has been approved.

.

Almost 1,07,000 tonne of wheat has been approved for sale in West zone of the country and 9,500 tonne has been approved for North-Eastern states.

.

Of the 8.4 lakh tonne of wheat, approved in total, almost 77% amounting to around 6.36 lakh tonne has been lifted by bulk consumers till Wednesday.

.

🙂

.

Corn exports likely to decline 60% this year:

.

India’s corn exports could drop by 60 % in the year to September due to a poor domestic crop, quality issues, lower global prices and good crop prospects overseas, traders and industry officials said on Thursday.

.

Likely exports are between 1.0-1.3 million tonne due to late harvests because of the drought and rising domestic demand, Amit Sachdev, India representative of the US Grains Council said.

.

🙂

.

Note : For More Latest Industry, Stock Market and Economy News and Updates, please Click Here

Area Sowing of Rabi Crops Crosses Last year Level

Hello Friends here we come up with the Latest Agri Commodities updates from various parts of the country.

.

Area sown under Rabi wheat picks up

.

Area sown under Rabi wheat picks up

.

Sowing of Rabi wheat, rice, coarse cereals and pulses has crossed last year’s level but there is a decline of about 6.2 per cent in the acreage of oilseeds.

.

The shortfall in oilseed is mainly due to the decline in acreage of mustard in Rajasthan on account of poor weather conditions.

.

A crop and weather watch group coordinated by the Ministry of Agriculture reviewed the situation on Friday.

.

It was informed that as against a coverage of 88.85 lakh hectares in oilseeds last year, so far 83.33 lakh hectares had been sown this year.

.

The shortfall was in mustard, groundnut, safflower, and Seamus sowing.


The area under pulses, however, increased to 125.60 lakh hectares this rabi, against 120.84 lakh hectares in the corresponding period last year.

.

The highest area coverage was in Madhya Pradesh, followed by Uttar Pradesh and Karnataka.

.

In the case of wheat, the area sown so far is 260.71 lakh hectares compared to 255.62 lakh hectares last year.

.

Sowing in Uttar Pradesh was delayed owing to a late harvest of the kharif sugarcane crop.

The area under coarse cereals stood at 326.20 lakh hectares as against 324.04 lakh hectares in the corresponding period last year.

.

Rabi rice was sown in 4.55 lakh hectares against 3.61 lakh hectares last year.

.

In Other major Commodities Updates there is news of government allowing import of refined sugar at zero duty up to December 31 this year.

🙂

.

Govt allows duty free sugar imports till Dec end

.

The government allowed import of refined sugar at zero duty up to December 31 this year in the wake of sweetener prices nearing Rs 50 a kg in the retail market.

.

The Cabinet Committee on Prices (CCP) also decided to permit UP mills to process imported raw sugar outside the state due to restrictions there.

.

Import of white sugar was allowed till March 31 this year earlier.

.

🙂

.

Note : For More Latest Industry, Stock Market and Economy News and Updates, please Click Here

Rice Procurement Tops 16 Million Tonne

Hello Friends here we come up with the Latest Agri Commodities updates from various parts of the country.

.

Rice Procurement Tops 16 Million Tonne

.

Rice Procurement Tops 16 Million Tonne :

.

Rice procurement by Food Corporation of India (FCI) and state agencies for 2009-10 crop marketing year has surpassed 16 million tonne and was estimated at 16.3 million tonne as on Tuesday.

.

This year, as usual Punjab and Haryana have contributed bulk of the total procurement with around 9.25 million tonne and 1.80 million tonne to the central pool.

.

The procurement in other key rice growing states such as Chhattisgarh (1.43 million tonne), Andhra Pradesh (1.10 million tonne) and Uttar Pradesh (1.53 million tonne) have also picked up pace in the last few weeks.

.

🙂

.

In Other major Commodities Updates, we have news about coffee exports globally dipping 7.8% and the retail prices of Jaggery getting costlier.

.

Global coffee exports dip 7.8% in Oct-Nov:

.

Coffee exports globally have fallen 7.8 per cent to 13.4 million bags (1 bag= 60 kg) in the first two months of the 2009-10 crop year.

.

In India, exports have risen over 20 per cent to 516,000 bags in the same period, the International Coffee Organisation (ICO) has said.

The coffee year runs from October to September.

.

Global coffee export figures remained bleak due to a sharp fall in shipments from Brazil, the world’s largest coffee producer.

.

During the October-November period, overseas sale of coffee bean from Brazil dipped 11.11 per cent to 5.34 million bags from 6.01 million bags in the corresponding period last year.

.

🙂

.

Jaggery to get costlier on festive demand:

.

Retail prices of jaggery, one of the key ingredients used by south Indians in their Pongal/Sankranthi celebrations is set to become costlier and are likely to touch Rs 40-44 per kg as against Rs 37-38 per kg at present.

.

Jaggery prices in the key southern states of Andhra Pradesh and Karnataka have already gone up between 4% and 12% during the last one month.

.

🙂

.

Note : For More Latest Industry, Stock Market and Economy News and Updates, please Click Here

INFLATION – “THE SILENT CREEPER” Final Part

Hello Friends here we come up with an extension of our previous blog, INFLATION

–  “THE SILENT CREEPER” Part 2.

.

INFLATION – “THE SILENT CREEPER” Part 3

In previous Blog we had touched upon the possible Measures to check inflation.

.

Now in this part we would look into other concerns in Indian economy regarding the parameters to check inflation.

.

Concerns in Indian Economy Regarding Inflation :

.

Apart from reasons and measures to check inflation, other concern in Indian economy is the parameters to check inflation.

.

It is well known that India is the only country which considered WPI (Wholesale Price Index) while rest of the countries measured CPI (Consumer Price Index).

.

WPI consists of 435 goods over 1993-94, as base year in which the weightage of food items is only 16%, which has large weightage of consumer spending in India.

.

Though WPI in India is still in single digit, if we consider CPI it is already in double digit due to dearer farm articles and their higher weightage in measures.

.

In CPI, food articles have 50% weightage.

Hence there is a wide gap between the weightage of food articles of WPI and CPI, which are unable to give the clear pictures.

.

Furthermore, 2/3rd of the price quotations used to calculate the WPI are sourced from only four metros.

Hence to get the real picture, area should be widened.

.

comparison between food inflation and WPI from January, 2008 to October, 2009.

.

In the above chart, it is a comparison between food inflation and WPI from January, 2008 to October, 2009.

.

Line chart is representing WPI monthly inflation whereas bar chart is indicating food article inflation.

.

It appears that food article inflation is on continuous rise while WPI monthly inflation saw both side movements.

.

It has started its northward journey in the month of March-April and it is still continued.

.

Arrival of kharif crop is less likely to cool it as we are expecting 18% decline in kharif crop.

.

Hence downside will be limited, rather it may move in a range with upside bias.

.

The words of future RBI (Reserve Bank of India) has revised its outlook for inflation and expecting that it should be between the range of 5% to 6-6.5% for the year ending March 2010.

.

There is a fear in the economy that the real impact of almost 18% drop in kharif rice production is to reflect in inflation.

.

It would occur when kharif produce; rice, pulses, oilseeds and cereals would start coming in the market.

.

With witnessing favourable weather conditions, economy is expecting strong rabi produce, which may cool off inflation of food articles to some extent.

However, we cannot rule out the possibility adverse weather.

.

Ultimately what matters is final produce and yield.

Government has to take care of everything like, demand –supply equilibrium, money supply, distribution etc.

.

Otherwise it will become nightmare for “aam admi” and hamper the economic growth.

.

🙂

.

Note : For More Latest Industry, Stock Market and Economy News and Updates, please click here

INFLATION – “THE SILENT CREEPER” Part 2

.

Hello Friends here we come up with an extension of our previous blog, INFLATION –  “THE SILENT CREEPER”.

.

Inflation Silent Creeper Part 2

.

In previous Blog we had touched upon the impacts of inflation on economy in current scenario and the reasons for the inflation.

.

Now in this part we would look into the possible Measures to check inflation.

Measures to check inflation:


•  To give immediate relief from inflationary pressure, government is planning to check the supply deficiency.

.

It has allowed importing sugar.

.

It will import rice, as rice production is expected to drop in 2010.

.

Import duties on oil seeds have been slashed.

•  Money supply should be checked, otherwise in the time of scarcity excess liquidity will accelerate inflation further.

•  Distribution process should be very fast and transparent.

.

Currently we need a well managed and coordinated distribution of stocks through PDS (Public Distribution System), open market sales of public stocks etc.

.

Hoarding should be avoided here and government should keep an eye on this.

•  This rising inflation has become a major threat for economy.

.

The only key way to check the inflation is to bridge the gap between demand and supply, which may control the price rise.

•  Unfortunately, Indian agriculture is characterized by low input and low output systems.

.

Hence we have to increase the productivity.

.

For example: Yield of paddy in India is only 2.9 tonnes/hectare as compared to 7.5 tonnes/hectare in US.

•  Check the rising cost of cultivation.

Increasing land, labour, fertilizers and other inputs are discouraging farmers to produce more in absence of sufficient liquidity.

•  Apart from grain, government should also create buffer stocks or strategic reserve of oil seeds and other crop, so that it can release it at the time of crisis.

Next Blog we would try to know about the other concerns in Indian economy regarding the parameters to check inflation.

.

Stay Tuned for more on this.

🙂

However For More latest Industry, Stock Market and Economy News Updates, Click Here

Futures Trading in Rice, Sugar and Pulses Should be Banned

Hello Friends here we come up with the Latest Agri Commodities updates from various parts of the country.

🙂

'Futures trading in rice, sugar and pulses should be banned'

‘Futures trading in rice, sugar and pulses should be banned’:

A parliamentary panel today suggested that futures trading should be banned in case of wheat, rice, sugar and some pulses till the country becomes self sufficient in these food items.


The Estimates Committee asked the government to bring a new legislation to control the retail prices of essential commodities like rice,wheat, pulses, edible oils, sugar, milk and vegetables.


On futures trading, the report said: “Since food security of the country is at the stake, the Committee recommends that futures trading in wheat, rice, tur dal, urad dal and sugar should be banned till the country achieves self-sufficiency in the production of these items on a continuous basis”.


🙂

In Other major Commodities Updates we can see exports of Spice declining and on the other hand price of pulses rising up 80% in a year time.

🙂

Spice exports decline 1.3% in April-October:

Exports of spices fell 1.3 per cent in volume and 1.6 per cent in value during the April-October period of the current financial year.


According to the latest estimates of Spices Board, total exports in the period were 280,885 tonnes valued at Rs 3,031.59 crore against 284,560 tonnes valued at 3,080.25 crore in the same period last year.


Pepper exports suffered a serious setback as the figures dropped to 11,500 tonnes valued at Rs 179.16 crore as against 14,750 tonnes valued at Rs 246. 70 crore in the same period last year.


Export of chilli also declined to 100,500 tonnes valued at Rs 706.50 crore as against 121,500 tonnes valued at Rs 660.17 crore.


Coriander exports had a better performance at 25,250 tonnes valued at Rs 128.12 crore against 17,100 tonnes valued at Rs 116.80 crore.

🙂

Pulse prices rise up to 80 per cent in one year:

The government today said prices of pulses have surged by up to 80 per cent in the national capital over the last one year.


While prices of tur have gone up by 80 per cent in the last one year to Rs 90 a kg, that of moong dal surged 74 per cent to Rs 82, according to the data presented by Food and Agriculture Minister Sharad Pawar in a written reply to the Lok Sabha.


Even import of about 16 lakh tonnes of pulses between April and October has not eased pressure on the prices, the data showed.

Not just pulses, prices of sugar have almost doubled to Rs 38 a kg.

🙂

Note : For More Latest Industry, Stock Market and Economy News and Updates, please Click Here

Rabi Sowing Picks Up in State

Hello Friends here we come up with the Latest Agri Commodities updates from various parts of the country.

🙂

Rabi sowing picks up in State

Rabi sowing picks up in State:

The recent rain in several parts of Karnataka seem to be playing a key role in rabi sowing with farmers going in for large-scale coverage of jowar, Bengal gram and sunflower, particularly in the northern districts.


As sowing is in progress, data from the Agriculture Ministry shows that rabi crops were sown on 27.05 lakh hectares of land accounting for 73 per cent progress against the target of 37 lakh hectares as on November 18.


Sowing of maize, wheat, Bengal gram and sunflower continued in the northern districts while transplanting of paddy and sowing of black gram was in progress in parts of Dakshina Kannada and Udupi.

Bengal gram has been sown on 8.78 lakh hectares of land against 7.67 lakh hectares during the corresponding period last year, while jowar, the major rabi crop, has been sown on 9.25 lakh hectares, wheat on 1.9 lalkh hectares, and sunflower on 2.90 lakh hectares.


Overall coverage of pulses such as Bengal gram, horse gram, black gram, green gram, cowpea and avare stood at 9.93 lakh hectares against the coverage of 8.99 lakh hectares last year.


However, the area under cereals — rice, jowar, ragi,maize, wheat, and minor millets — trails at 12.32 lakh hectares against 14.39 lakh hecatres during the corresponding period last year.

🙂

In Other major Commodities Updates we can see  FMC has recently instructed bourses to ensure compliance of the PMLA and Sugar production in India may exceed estimated figures.

🙂


Commodity bourses must follow PMLA norms : “FMC”

In order to step up the regulatory grip on commodity derivatives market, Forward Markets Commission (FMC) has recently instructed bourses to ensure compliance of the Prevention of Money Laundering Act 2002 (PMLA) by their members.


“This is more of a pre-emptive step to prevent unscrupulous money coming into our (commodity futures) market,” BC Khatua, chairman, FMC, said.

🙂


Sugar output may beat estimates “Survey”:

Sugar production in India, the world’s second-largest grower, may be 11 percent more than estimated after farmers boosted planting and yields improved because of increased fertiliser use.


Output may jump to 17.68 million metric tonne in the season started Oct. 1, according to interviews with 631 farmers across six states by Geneva-based SGS SA for Bloomberg.


🙂

Note : For More Latest Industry, Stock Market and Economy News and Updates, please click here

Govt Decides Against Rice Imports

Hello Friends here we come up with the Latest Agri Commodities updates from various parts of the country.

🙂

Govt Decides Against Rice Imports

Govt decides against rice imports:

In a calculated move to signal categorically to the world market that India was not in a desperate situation with respect to rice, the government said on Friday that it will not import rice for now.

The immediate implication of this move is that retail prices of rice, up 15 per cent over last year, will remain firm at least until early next year.

Rice output is estimated to have dropped 15 million tonnes due to poor monsoons this kharif.

The government has, over the last two days, put in place strictures that will force traders to report purchases of more than 10,000 tonnes of rice in a bid to check prices.

Punjab has also imposed stock holding limits on traders and millers for both rice and pulses.

🙂

In Other major Commodities Updates we can see how Government has bowed down to demands of Farmers after their mass protest in capital this week.

🙂

Government to amend new sugarcane price rule:

The government on Friday said it would amend a new sugarcane pricing rule, bowing to protests held in the capital by farmers demanding higher prices for their produce.

The government would delete the contentious part of the new cane pricing rule, Railways Minister Mamata Banerjee told reporters after a meeting of senior ministers.

Cane farmers believe the new cane price rule, which puts the onus on state governments if they decide to raise the cane floor rates fixed by the federal government, will curtail their bargaining power.

Earlier, Farmers from Uttar Pradesh (UP) state in northern India, which produces almost half of the country’s cane, have been on warpath for about three weeks to press for higher prices, forcing Prime Minister Manmohan Singh to consider changes in fixing cane prices.

🙂

Note : For More Latest Industry, Stock Market and Economy News and Updates, please Click Here

After 20 Years, India to Import Rice

Hello Friends here we come up with the Latest Agri Commodities updates from various parts of the country.

🙂

 

After 20 Years, India to Import Rice

After 20 years, India to import rice:

India, a traditional rice exporter, will import the grain for the first time in 20 years to meet a projected shortfall of the crop hit by drought and floods, government said yesterday.

😦

The government estimates that there would be a shortfall of over 15 million tonnes in the 2009-10 Kharif (summer) season due to drought and floods in several states.

Thailand’s Foreign Trade department announced that the world’s biggest rice exporter is expected to release part of its huge stock of almost six million tonnes of rice stockpile to India, besides eight other countries, through g-to-g sales programmes.

🙂

In Other major Commodities Updates we can see that the demand-supply gap for natural rubber in the country is set widen.

Demand-supply gap for rubber stretches:

The demand-supply gap for natural rubber in the country is set widen as production is expected to fall and demand set to rise above earlier stimates.

Rubber production for April-October period was 9.4 per cent lower at 4,35,125 tonnes against 4,80,230 tonnes last year.

Consumption grewn three per cent to 5,36,100 tonnes (5,20,375 tonnes).

🙂

The production-consumption mismatch resulted in a sharp rise in imports and a corresponding fall in exports.

Imports increased 133 per cent to 1,26,472 tonnes (54,283 tonnes), while exports plunged 92 per cent to 3,859 tonnes (34,000 tonnes), sources in the Rubber Board said.

The Rubber Board has scaled down the production target for the current fiscal by 2.8 per cent to 8.40 lakh tonnes from the earlier estimates of 8.67 lakh tonnes announced in April.

The forward estimates of production has moved up 6.8 per cent to 9.31 lakh tonnes from the earlier estimate of 8.81 lakh tonnes.

🙂

Note : For More Latest Industry, Stock Market and Economy News and Updates, please Click Here