57 per cent of tea on offer unsold amid poor demand at Coonoor auction
Demand at the post Diwali auctions (Sale No: 47) of the Coonoor Tea Trade Association has been weak and despite prices dropping by as much Rs 7.76 a kg over the pre-Diwali levels, teas worth Rs 16.78 crore have remained unsold, with no takers for as much as 57 per cent of the offer.
In effect, more teas remained unsold than were sold at the auctions, forcing producers to look for buyers outside the auctions or to take up the option of re-cataloguing them for future auction.
SEA sees edible oil imports to be between 12.5 mt and 13.5 mt in 2020-21
The import of edible oils is expected to remain range-bound between 12.5 million tonnes (mt) 13.5 mt for the oil year 2020-21, according to Atul Chaturvedi, President, Solvent Extractors’ Association (SEA) of India.
This was highlighted by him in a letter to the members of SEA on Monday. (The edible oil year ranges from November to October.)
Referring to the factors having a significant bearing on edible oil imports during 2020-21, he said India is a price-sensitive market, and high prices may affect consumption negatively.
Paddy procurement season opens on a disappointing note for farmers
What started as a good year is turning into a problematic one for paddy farmers in Telangana. The State, under the maiden regulated cropping system, grew paddy in over 50 lakh acres, including 20 lakh acres of super fine variety.
Farmers have alleged that the procurement season has begun on a disappointing note as a low number of procurement centres have opened so far. Backed by good rains and irrigation facilities, farmers expected a good harvest this season. Their hopes, however, were dashed as heavy rains hit the State, damaging the crop in over 5 lakh acres.