Agri Digest
All eyes on monsoon
· Monsoons continue to play hide & seek. While rains have been deficient by 31% so far, current live storage is lower than last year by 40%, though it is in line with last 10 yr average
· Delay in monsoons has impacted kharif sowing. Rice sowing is down by 26% while oilseeds witnessed 17% decline till date; coarse cereal planting is down 53%
· Foodgrain buffer at 82mn mt reaches all-time high. Though MSPs have been hiked however excess foodgrain supply in the system will act as a hindrance
· Fertiliser/agrochemical prices increased in response to rupee depreciation will impact consumption further. Though MSPs have been increased, however market prices remain weak
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