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Epic Research Weekly Agri Commodity Report Of 6 August 2018

08-06-2018 08:47 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Epic Research

The U.S Department of Agricultures' (USDA) Foreign Agriculture Service (FAS) maintains Indonesia's 2017/18 Palm Oil production at 38.5 million tons, increasing 5 percent to 40.5 million tons in 2018/19. The projected increase is based on trend yield growth and revised area. After a drop in 2017, Indonesian biodiesel production and consumption are expected to increase in 2018. The re-opening of the EU market for biodiesel exports in March, increasing crude oil and gasoline prices and government plans to expand biodiesel blending to the mining and nonpublic transport sector will increase industrial consumption of palm oil. Accordingly, Post revises industrial consumption to 4.2 million tons in 2017/18 and 4.5 million tons in 2018/19.

The Tamil Nadu (TN) has been witnessing a decline in Sugarcane production. The production which was 280 lakh tonnes in 2014-15 fell sharply over the year and stood at 165 lakh tonnes last year. The capacity utilization by TN sugar mills during the current season is only around 25 percent, leading to the higher cost of production, much higher than that of their counterparts elsewhere in the country. The water intensive crop has seen drop in production after the N-E monsoon failed over the last five years barring 2015.

A Finance Ministry notification in June had said that the higher tariffs on imports from the U.S. would come into effect from Aug. 4. Commerce Ministry has suggested the Department of Revenue to amend the notification for further extension of retaliatory measures on 29 products imported from US which includes Almonds, walnuts and pulses by another 45 days. According to another official, India and the U.S. are holding discussions to remove trade hurdles between the countries and India is expecting some positive outcome. The import duty on Walnut was to be hiked to 120 percent from 30 percent earlier, duty on Chickpeas, Bengal Gram and Masur Dal was to be hiked to 70 percent from 30 percent. Levy on Lentils was to be hiked to 40 percent from 30 percent.

Economic News

Insurance companies have settled Rs 11,899-crore claims of eligible farmers under thePradhan Mantri Fasal Bhima Yojana (PMFBY) for the kharif 2017 season, the government said today. The claims are settled by both private and public sector general insurance companies. Under the flagship crop insurance scheme, both central and states provide premium subsidy in the 50:50 ratio over and above farmers' premium. "During kharif 2017 alone, claims of Rs 16,448 crore have been estimated and Rs 13,768 crore has been approved. Out of which, Rs 11,899 crore has been settled by the insurance companies," Minister of State for Agriculture Parshottam Rupala said in a written reply to the Rajya Sabha. In the 2016-17 crop year, total claims to the tune of Rs 15,352 crore were paid to the farmers, he said. To a query on drop in coverage under the PMFBY during 2017-18, the minister said this is mainly due to factors like the announcement of debt waiver scheme in Maharashtra and Uttar Pradesh, farmers' perception of mitigated risk, duplication due to Aadhar, among others.

Buffeted by lower cane output and capacity utilisation after a string of crippling drought years, owners and chief executives Tamil Nadu’s private sugar mills had met Prime Minister Narendra Modi on Monday with a memorandum seeking rescheduling of loans and exemption from export subsidies, among others, to help them tide over the crisis. The delegation led by Palani G Periasamy, President of South Indian Sugar Mills Association, met the Prime Minister, and top bureaucrats in the Food Ministry to explain to them why Tamil Nadu's mills has been facing unique stress factors over the last few years. The southern mill owners delegation was joined by Defence Minister Nirmala Sitharaman, Union Shipping Minister Pon. Radhakrishnan, state BJP General Secretary Vanathi Srinivasan. A severe drought – the year 2016 was declared 62% deficient in monsoon – and falling recovery rates have put tremendous stress on the sugar mills, said the memorandum to the Prime Minister. “We have a very productive meeting with the prime minister.

Commodity Headlines

• Insurers settle farmers' Rs 11,899-crore claims under PMFBY for 2017 kharif season
• Tamil Nadu sugar mills execs meet Prime Minister Modi on financial crisis
• Integrated farming key to boost farmers income: Agriculture Minister
• Sugarcane arrears to farmers down to Rs 16,600 crore: Government
• Rains damage crops over 46,440 lakh hectare
• Corporates look to procure apple from Kashmir growers as Himachal braces for another lean season due to climate change
• Mango output in 2017-18 seen higher by 8 pc
• Centre committed to double farmers income by 2022: MoS finance
• Agri Min suggests green logistics corridor, use of e-comm to boost exports to $60 bn by 2022
• States agree to supply milk under Mid-Day Meal, Anganwadi schemes
• Govt removes restrictions on urea import for industrial, non-agriculture grade

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