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Industry News
Farm commodity prices show declining trend
Posted On : 2007-03-10 03:23:56( TIMEZONE : IST )
Farm commodity prices monitored by the Department of Consumer Affairs have generally remained steady or declined in the week ending 2.3.2007.
Wheat prices remained steady at 14 reporting centres and declined at Ahmedabad, Bhopal, Mumbai and Patna. Spot and futures prices of wheat registered a declining trend across all contracts.
Out of the 55 lakh tonnes of wheat contracted for import by the Government, 53.83 lakh tonnes has arrived as on 7.3.2007.
Sugar prices remained steady across majority of the centres and declined at a number of centres. Spot and futures prices of sugar registered a declining trend.
Onion prices reported sharp decline in Delhi from Rs. 18 to Rs. 15 per kg. The National Consumer Cooperative Federation of India (NCCF) is selling onion of best quality at Rs. 13 per kg. through its retail outlets.
Gram Dal prices have generally remained steady or declined except at Guwahati and Thiruvananthapuram. Prices of tur dal were steady across most of the centres, increased at Lucknow and Ahmedabad and declined at Delhi.
Out of the 30000 tonnes of urad and moong contracted for import by NAFED, 11568 tonnes has arrived and is being disposed of.
The 4% additional CV duty withdrawal announced in the Budget will translate to duty reduction of about 6% for soya oil. In addition, import duty on sunflower oil has been reduced by 15%.
The FMC has directed all the three National Commodity Exchanges that no new wheat and rice contracts be launched. The permission already granted for yet to be launched contracts stands revoked and no new position is allowed to be taken in respect of running contracts in these commodities.
The Abhijit Sen Committee to examine link between futures trading and price rise in agricultural commodities is expected to submit its report within two months. The Government will take a decision on matters regarding forward trading after examining the recommendations of this Expert Committee.
Since the validity of the Central Order dated August 29, 2006 issued under the Essential Commodities Act, 1955 to enable State Governments to take effective action against hoarders and speculators in respect of wheat and pulses was only upto August 28, 2006, this Department has issued a notification on February 27, 2007 extending the validity of the Central Order by a further period of six months.
