AGRI BUSINESS/ECONOMY UPDATES:
NSEL sacks CEO, 5 others after payment default
The Ministry of Consumer Affairs has taken the NSEL default seriously and the matter has been referred to the Prime Minister’s Office (PMO), an official in the Consumer Affairs Ministry said.
Cotton output seen higher by 5% next season
Cotton production for the new season starting October is likely to be higher about five per cent than the current season at 372 lakh bales (of 170 kg), according to the Cotton Association of India.In a statement
releasing the first estimate of the cotton crop, the association said that the higher production would be despite the acreage remaining unchanged.
OIL & OILSEED
Soybean arrivals were very low on occasion of Rakhi Purnima and are expected to remain lower for today as well. Crop loss fears have gripped the farmers of M.P as heavy rainfall is still continued in
producing areas.
Soybean is likely to trade in range with downside limited on firm global cues amid dry weather and expectation of good meal demand but the extent of upside may be limited on higher estimates for Indian and S. American crops and expected profit booking.
Other Commodities
Jeera September future prices ended down on account of sufficient supplies and slow domestic demand. Good monsoon in Gujarat bringing the expectation of better sowing of Jeera also weighed on the prices.
Chana is likely to trade in range with firm bias on buying support amid festive buying but extent of upside may be limited on higher acreage of summer sown pulses.
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