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Agri Picks Report: Geojit.

Date: 24-09-2021
Subject: Agri Picks Report: Geojit
India is likely to import 13.0 mln tn of vegetable oil in 2020-21 (Nov-Oct) due to the unprecedented rise in prices in international markets, Atul Chaturvedi, president of the Solvent Extractors' Association of India. India received 6.8 mm rainfall yesterday, 31% above the normal weighted average of 5.2 mm, according to the India Meteorological Department. The National Commodity and Derivatives Exchange has revised the pre-expiry margin and the lean-period margin on all running and yet-to-be-launched contracts in soybean futures, the bourse said in a release. The pre-expiry margin which is currently being levied at 3.50% per trading day, during the last seven trading days (including expiry day) till the expiry day for the respective contracts, will now be levied at 2.50%. Lean period margin, which was levied at 7% for contracts expired in the month of August and September, shall now be levied at 2% on all the con-tracts expiring during lean period," the release said. Production of soybean is expected to rise 12.4% on year to 10 mln tn in 2021-22 (Jul-Jun), mainly because of an increase in crop yields this year, said Govindbhai G. Patel, partner of trading firm Dipak Enterprise, Rajkot. Spices traded steady to weak on NCDEX on Thursday. Turmeric October futures slid more than two per cent on subdued demand amidst prospects of better crop this sea-son. Dhaniya October futures too inched down on rise in arrivals in the spot market. Jeera October futures, in the meantime, ended rather flat. Production of spices in India is likely to have risen 3.5% on year to 10.5 million ton in 2020-21 (Jul-Jun), according to data from Spices Board India. Jeera production is seen at 856,505 ton in FY 2020-21, down 6.1% on year according to the Spices Board. India exported 299,000 tn of jeera in 2020-21, up 40% on year according to the Spices Board. According to a survey conducted by the Federation of Indian Spice Stakeholders, jeera production in India is likely to be 478520 tons in 2020-21 (Oct-Sep), down by 11 per cent yoy.


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