Agriculture and Commodity Updates(Week of July 8-14,2024).

Monday 8/7/2024:

High Density Planting of Cotton Crop Shows Promising Results:

A pilot project on high density planting of cotton in India has demonstrated significant profitability. Farmers have reported earning Rs. 10,000 net income per acre with an investment of Rs. 4,000 per acre.

India Receives 39% Surplus Rainfall in First Week of July 2024:

India experienced a surplus of 39% rainfall during the first week of July 2024, which is expected to benefit agricultural production across the country.

Tuesday 9/7/2024:

Mixed Tea Price Trends in India-

Tea prices are anticipated to rise in North Indian auction centers but have seen a decline in South Indian auction.

Wednesday 10/7/2024:

Basmati Rice Exports Rise by 13%:

India's basmati rice exports during April-May 2024 increased by 13% to reach $1.03 billion, driven by rising global demand.

Thursday 11/7/2024:

Akshayakalpa Organic Expands Focus:

Akshayakalpa Organic, India's first certified organic dairy enterprise, is expanding its operations with a focus on Bangalore, Chennai, and Hyderabad.

Rubber Production and Consumption Insights:

The Rubber Board projects natural rubber production to reach 875,000 tonnes during FY-25, with an increase in rubber plantation area.

Friday 12/7/2024:

WRMS Introduces New Agri Solutions:

WRMS, an agricultural solutions provider, announced plans to offer bundled insurance services along with the installation of weather stations to support farmers.

Edible Oil Imports Update:

India imported 10.09 million tonnes of edible oil in the first 8 months of the oil year, with notable changes in palm oil, soybean oil, and sunflower oil imports compared to the previous year.

Water Storage Capacity Increases:

Storage capacity in 150 reservoirs across India has increased by 26%, contributing positively to water management strategies.

Saturday 13/7/2024:

Commodity Market Updates:

Robusta coffee futures fell by 17% on ICE, while Malaysian palm oil contracts for September delivery lost 0.53% on BMD.

NABARD Launches Agri-SURE Fund:

NABARD has launched a Rs. 750 crores Agri-SURE fund to support startups and rural enterprises in the agricultural sector.

Shift in Crop Planting Trends:

Central Indian farmers are reportedly shifting from soybean to cotton and pulses due to changing economic factors and market demands.

Saturday 14/7/2024:

Tea Prices Decline in Kochi Auction:

Tea prices in Kochi auction dropped due to increased arrivals, impacting market dynamics for tea producers in the region.

The week saw significant developments in agriculture, including innovative farming techniques, weather impacts, market fluctuations in commodities like tea, coffee, and edible oils, and strategic initiatives by agricultural enterprises and government bodies.