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Agri Picks Report: Geojit

According to Geojit ,Bangladesh’s cotton imports are expected to rise 2.2% on year to 8.9 mln bales (1 bale = 218 kg) in 2022-23 (Aug-Jul), the US Department of Agriculture’s Foreign Agricultural Service said in a report.

April 20, 2022 / 09:03 AM IST

Geojit’s report on Agri Picks

Bangladesh’s cotton imports are expected to rise 2.2% on year to 8.9 mln bales (1 bale = 218 kg) in 2022-23 (Aug-Jul), the US Department of Agriculture’s Foreign Agricultural Service said in a report. This is due to rising demand for yarn and fabric by the country’s ready-made garment industry. A record high production notwithstanding, prices of sugar are expected to remain firm in the medium term because of a rise in exports and low closing stocks, CARE Ratings said in a report. India’s oilmeal exports fell 25% on year to 242,043 tn in March, according to data released by The Solvent Extractors’ Association of India today. For 2021-22 (Apr-Mar), exports of oilmeal were down 36% on year at 2.4 mln tn. The National Commodity and Derivatives Exchange has extended the additional surveillance margin of 2.5% on contracts of funds till May 11 from May 9, the bourse said in a release. India’s sugar production in the current season 2021-22 (Oct-Sep) is expected to be 13% higher on year at about 35 mln tn as per the government’s revised estimates, a release from the Ministry of Consumer Affairs, Food & Public Distribution said . The government has set a target to produce a record 328 mln tn of food grain in 2022- 23, officials from the farm ministry said at the National Conference on Agriculture for Kharif Campaign 2022-23. The International Monetary Fund today cut its forecast on global GDP growth in 2022 by 80 basis points to 3.6% due to the economic fallout of Russia’s invasion of Ukraine. uts FY23 India GDP growth forecast to 8.2% from 9.0% earlier.

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