Agri Picks Report September 11, 2023: Geojit
The UN food agency’s food price index fell in August to a new two-year low, as a decline in most food commodities offset increases for rice and sugar.
The FAO’s food price index averaged 121.4 points in August, down from 124.0 in July. The index was also 24% below its all-time high reached in March 2022.
The decline was led by drops in dairy products, vegetable oils, meat and cereals. However, rice prices rose to a 15-year high following Indian export restrictions.
The National Commodity and Derivatives Exchange is in talks with the Maharashtra government to launch subsidized options contracts in turmeric for farmers.
Through the put option, farmers can lock their prices by paying a certain amount of premium at the very time of sowing.
Minimum support price is the minimum price that the government pays farmers for their produce to support them. However, not all crops are covered under the minimum support price framework.
“There is a need to look beyond MSP. We are not asking to replace MSP, but put option is only complimenting MSP efforts,” said Dev.
Turmeric is widely grown in Maharashtra and Andhra Pradesh. Farmers in these two states have been actively demanding minimum support prices for the yellow spice.
“Minimum support prices are only applicable for core commodities. But some state governments like Maharashtra and Andhra Pradesh are keen to support other commodity farmers like turmeric,” said Dev.
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