Agriculture Current Affair 6 October 2022

Mahindra & Mahindra eyes $200 million gross merchandise value from farm services

To grab a pie of the $600 billion agriculture market beyond tractors, Mahindra & Mahindra is eyeing $200 million of gross merchandise value through its farming as a service vertical Krish-e by 2025.

Through Krish-e, Mahindra aims to offer affordable and accessible farming technologies and services to over 2 million farmers, enabling the company to engage with them throughout the entire value chain of farming – right from offering advisory services, sell inputs like seeds and pesticides, and offer mechanised equipment and tractors on rent via a subscription or pay per use model.

Rice, wheat prices show diverging trend amid steady festive demand

Prices of two major staples – rice and wheat – are moving in two different directions this festive season. While wheat prices have gone up by 4% in the ongoing festive season, rice prices have fallen. Basmati rice prices have fallen by 12%, while non-basmati prices have slipped by up to 5%.

Roller Flour Millers Federation of India (RFMFI) president Anjani Aggarwal said wheat prices will remain firm till the new crop comes, while the huge arrivals of basmati rice in the market has brought down its prices.

India’s Sept palm oil imports jump to 1-year high of 1.2 mn

India’s imports of palm oil jumped in September to their highest in a year, boosted by strong demand for the tropical oil ahead of the festival season and a steep discount to other oils, six dealers on Tuesday.

Greater buying could help top producer Indonesia cut swelling inventories and support benchmark Malaysian palm oil prices, which have nearly halved from this year’s record highs.

The September imports jumped 21% from a month ago to 1.2 million tonnes, the highest since September last year, the average estimate from six dealers with trading firms showed.

“Palm oil was much cheaper than other edible oils,” said Rajesh Patel, managing partner at GGN Research. “It was natural for refiners to increase buying.”

Palm oil is nearly $300 cheaper than soyoil for September shipments as Indonesia was trying to reduce its stockpile, dealers said.

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