India’s cotton exports stall as farmers delay sales hoping for higher prices
farmers are delaying sale of their harvest hoping for higher prices in coming months, industry officials told Reuters.
The limited supplies are keeping local prices significantly above the global benchmark, making overseas sales unviable from the world’s biggest producer of the fibre.
“Harvesting of the new crop started last month, but many farmers are not willing to sell. They are holding crop hoping prices would rise like the last season,” said Atul Ganatra, president of the Cotton Association of India (CAI).
Farmers received record prices for their last season’s crop, but the new crop is unlikely to get the same prices as local production has risen and global prices have fallen, Ganatra said.
No action to control wheat prices yet: Food Secretary Sanjeev Chopra
The government has ruled out any action to control wheat prices as it keeps a close watch on the price movement of the commodity. The price rise of the food grain is in tandem with the increase in the minimum support price (MSP) and general inflationary trends, said Sanjeev Chopra, secretary, the Department of Food.
“Rice prices are just flat. Wheat prices have gone up by 7 percent in retail after the imposition of wheat ban in May and if we take into account the increase in minimum support price (MSP), the price rise is 4-5 per cent,” he said.
Chopra said that no decision has been taken yet on Open Market Sake Scheme (OMSS) of wheat to cool down the prices adding that the stock position of wheat and rice are comfortable and more than the buffer norms.
Demand for tea dropped by 10.35 pc during Sale-47: CTTA data
The total demand for all categories of teas dropped by 10.35 per cent during Sale-47, Calcutta Tea Traders Association data (CTTA) said. Sale-47 was held from November 22 to 24.
However, Darjeeling leaf scored a gain in demand during this week as compared to last auction, it said.
According to CTTA officials, the total offerings amounted to 2,46,299 packages (included 71,22,834 kg) comprising 1,31,783 packages of CTC leaf, 72,850 packages of Orthodox, 3,417 packages of Darjeeling leaf and 38,249 packages of Dust teas.
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