Commodity News

India is likely to continue exporting Sugar in the 2018-2019 season, a top official of the Indian Sugar Mills Association (ISMA) said. "The exportable quantity will be best understood around July 2018," the official said at the Dubai Sugar Conference. The Indian Sugar industry will likely export 1 million tonnes in the 2017-2018 marketing year, he said. India’s Sugar production estimate has been revised upward by 4% to 26.1 million tonnes in the current 2017-18 marketing year (October-September) as against 20.3 million tonnes in 2016 -17, as per the industry data. The consumption is pegged at 25 million tonnes for this year.

Red Chilli prices are shooting up at the Guntur Chilli market yard, the biggest in the State and the country. According to trade sources, the prices of all varieties shot up to record levels led by robust demand from stockists and exporters following reports of low output in the State. The price of Teja and Badiga varieties shot up to Rs 11,000 a quintal. The remaining varieties are getting a price of Rs 2,000 to Rs 4,000 per quintal. Andhra Pradesh accounts for more than 65 per cent of Chilli production in the country. Of the 11 lakh tonnes produced in the country, 6.7 lakh tonnes is produced in AP alone.

Maharashtra government would soon procure Sugar from mills at the rate of Rs 3,200 a quintal to arrest the slide in Sugar prices, the state government said. The ministry said that around 25 per cent of total production in the state can thus be procured in the months to come. Sugar mills are facing an unprecedented crisis in view of the fall in Sugar prices. Mills in the state have even taken to reducing the first installment payment to growers in view of the liquidity crisis faced by them. Cane arrears in the state have already reached Rs 2,000 crore and millers fear it will grow further. “In view of the crisis in the Sugar sector, the Maharashtra State Cooperative Marketing Federation will purchase Sugar in a staggered manner.


Economic News

Onion prices surged more than 30% over the weekend in Maharashtra after the Centre lifted export restrictions on the commodity on Friday, the day after the Budget. The decision is expected to help support prices, which are expected to come under pressure from March as harvesting of bumper rabi crop begins. India had curbed onion exports by imposing a minimum export price (MEP) of $850 per tonne in November. This was reduced to $700 per tonne in January and was to remain in effect till February 20. In his Budget speech on February 1, however, Finance Minister Arun Jaitley promised to liberalise agriculture exports. "India's agri exports potential is as high as $100 billion against current exports of $30 billion. To realise this potential, export of agri commodities will be liberalised," he said. The government announced removal of MEP the next day. While announcing the removal of MEP, Union commerce minister Suresh Prasbhu tweeted: "We are taking all measures to promote exports of agriculture products.“

The biggest gainers from the new system of crop support prices will be small farmers who grow coarse grains in the politically important states of Rajasthan, Karnataka and Maharashtra, where the ruling BJP hopes to benefit from the Budget announcement. Rajasthan's agriculture minister, Prabhu Lal Saini, told ET that with coarse grains accounting for one-third of the cultivated land in the state, there would be significant gains for farmers growing bajra, jowar, maize, pulses and oilseed, as the government would make sure that they get support prices that are one-and-a-half times the input cost. Farmers who typically come under small and marginal categories and those who don't
have irrigation facilities will get the maximum benefits, Coarse cereals are grown on about 58.4 lakh hectares in the state, where farmers suffer because of erratic rainfall and extreme temperature. Finance minister Arun Jaitley's budget speech was dominated by measures to support the agriculture sector.


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