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Daily Agri Commodity Report Of 11 JANUARY 2017 by Epic Research

Commodity News

India’s Rice exports likely jumped 22% in 2017 to a record 12.3 million tonnes as neighbouring Bangladesh ramped up purchases after flooding hit its crops, industry officials said. The boost in shipments from the world’s top exporter of the grain is set to extend into 2018 as Bangladesh and Sri Lanka continue to buy aggressively amid depleting inventories in No.2 exporter Thailand, the officials said. Bangladesh’s purchases likely lifted India’s non-basmati Rice exports by 38% in 2017 to 8.4 million tonnes and total exports to 12.3 million tonnes, the officials said. That would surpass 2014’s record of 11.5 million tonnes.

Sugar mills in the southern region of India are reeling under low production and extremely low cane crushing capacity utilisation. While drought has resulted in low capacity utilisation due to lower cane availability, the mills are also having to deal with increasing fixed cost and price falls, which are impacting their financials. According to latest data from Indian Sugar Mills Association (ISMA), 21 sugar mills in Andhra Pradesh and Telangana produced 190,000 tonnes of Sugar till December 31, 2017, which is 16,000 tonnes lower than the sugar produced by 25 mills in 2016-17 SS (sugar season) till December 31, 2016. Sugar season is October to September.

Coffee exports from India, the third-largest producer in Asia, is set to fall this year as unfavourbale weather and pest attacks is likely to lower production amid slump in the prices, the Coffee Exporters Association said. The exports may slide about 5% to 2.40 lakh tonne in 2018 calendar year, the association said. The country had exported 2.53 lakh tonne in last year after the Coffee Board approved shipments for 3.86 lakh tonne. Normally, when production is down, prices should be higher. But due to a global surplus, overall prices are down and that has affected rates in India too, the association said.

Economic News

BJP led Assam government on Wednesday started Assam Agribusiness and Rural Transformation Project (APART), a World Bank funded project. Assam Chief Minister Sarbananda Sonowal expressed optimism that this project would be able to uplift the agricultural sector of the state and inspire the farmers to adopt latest technology to increase production. Reiterating the state government's commitment to motivate the farmers of the state to make the shift from single to multi cropping for increasing the farm income, the chief minister said that this project would be able to fulfil the state's much larger vision of an agriculture based rural transformation by increasing productivity, raising private sector investment and create better job opportunities among others. He also said that this new project would be able to supplement other state government initiatives like Chief Minister's Samagra Gramya Unnayan Yojna (CMSGUY), Ease of Doing of Business etc.

The government is likely to increase the budget allocation for the Pradhan Mantri Fasal Bima Yojana (PMFBY) to Rs 13,000 crore for 2018-19 from Rs 10,701 crore for the current financial year, sources said. The Union Budget for 2018-19 will be presented on February 1. Under the upgraded crop insurance scheme PMFBY, launched early 2016, farmers pay very nominal premium and get full claim for the crop damage. According to sources, the budget allocation for the PMFBY could go up to Rs 13,000 crore for the next fiscal taking into account about 10 per cent likely increase in the sum insured. While the Agriculture Ministry has demanded Rs 11,000 crore budget for the next fiscal for the flagship scheme, but the ministry is hopeful of getting more funds from the Finance Ministry considering the importance of the scheme. For the current fiscal, the government had initially given a budget of Rs 9,000.75 crore for the PMFBY.

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News Release: Daily Agri Commodity Report Of 11 JANUARY 2017 by Epic Research
Submitted on: January 11, 2018 05:16:59 AM
Submitted by: EpicResearch
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