Oilmeal exports declined 57% in the first quarter of FY2009-10 on poor overseas demand. The total export of soybean oil fell 74%. Export of rice bran extract slumped to 38,448 tonnes from 81,418 tonnes and castor extract fell to 40,290 tonnes from 46,610 tonnes.
A huge surplus stock of wheat, which was built up after two years of ban on exports and a good harvest, is leading the government to allow wheat exports of 900,000 tonnes by the State-run firms and 650,000 tonnes of wheat products by private firms. However, traders’ interest was muted as their demand for export subsidy has been rejected by the government making exports only to Bangladesh viable.
Delay in the arrival of monsoon has affected the sowing of paddy which is down by 25% as in the first week of July over the same period last year. The data released by the government shows that only about 38.14 lakh hectares has been sown compared to 51.80 lakh last year. The last glimmer of hope for paddy is now the forecast by the Meteorological Department which predicts good rains in the coming week.
The Budget spooked bank stocks on fears of higher government borrowing; PSUs like GAIL and SAIL...
Jain Irrigation and Gas Authority were among the surprising winners in a bleak fortnight