According to the chairman of the Food Corporation of India (FCI), the government body that buys grains from farmers at the minimum support price, 42% of the wheat the government sold in the open market through its first tender last week was purchased by flour mills that create atta and maida. Wheat processors anticipate that…
Extra-long staple cotton, a specialty crop with strong demand in the textile sector, was given a huge boost by the host of initiatives Finance Minister Nirmala Sitharaman announced for increased productivity and improved rewards to farmers. “We will use public-private partnerships (PPP) to adopt a cluster-based and value chain approach to increase the productivity of…
The government increased the import tax on silver bars, dore (the unprocessed form of silver), and other items to match and platinum from 9.21 percent to 14.35 percent. The government raised the import tax on gold bars and gold dore around the end of last year. In order to close the duty gap, it was…
Since the sugarcane crop has been hampered by excessive rainfall, primarily in Maharashtra and Karnataka, the Indian Sugar Mills Association (ISMA) has revised lower the country’s production of the commodity to 34 million tonnes (mt) for the current season (October 2022 September 2023). The projection by ISMA, an association of private sugar mills, is 5%…
Data from the World Gold Council (WGC) showed that the country’s demand for gold fell by 3% in 2022, with a significant 20% decline in the fourth quarter. Due mostly to an increase in price, demand for the yellow metal fell to 276 tonnes in the December quarter from 344 tonnes in the corresponding time…
The fear of additional interest rate hikes and ongoing Russian crude exports caused oil prices to decline by more than 2% in the previous session. However, prices stabilized in early Asian trade on Tuesday. Brent crude futures were up 28 cents to $85.18 per barrel, while U.S. Crude oil futures for West Texas Intermediate (WTI)…
Due to lower arrival quality and rumors of a larger crop, turmeric prices have fallen to about 5,000 per quintal in some areas of Maharashtra. Due to significant stockpiles held by consumers and stockists, prices in other regions of the country are generally lower than they were during the same time last year. Turmeric prices…
The Food Corporation of India (FCI) has chosen to launch the first tender on Friday, one day after the central government made the decision to sell 3 million tonnes (mt) of wheat that was in official reserves on the open market. The actual online auction could happen on February 1. According to sources in the…
The government has been requested by rice exporters to relax limitations on the export of non-basmati rice by eliminating the 20 percent export levy on white (raw) rice and permitting the transport of one million tonnes (mt) of broken rice. The Centre must evaluate the Food Corporation of India’s purchase of paddy cultivated in the…
Keeping up with the strong trend in the global markets, gold rates in the futures market may reach a new high of ₹68,350 per 10 grams. On Tuesday, when the U.S. dollar fell, gold for March delivery saw a high of ₹68,700 and a low of ₹68,210. The near-month price of the February gold contract…
