U.S. crude oil inventories dropped by 1.6 million barrels to 417.5 million barrels, reaching their lowest level in a year, according to the Energy Information Administration (EIA). Stocks at the Cushing, Oklahoma hub fell by 2 million barrels, marking their 10th decline in 11 weeks. Despite earlier losses, Brent and WTI futures recovered, with Brent trading at $73.53 per barrel and WTI at $71.10. Meanwhile, gasoline and distillate stockpiles rose by 100,000 barrels each, less than expected, w...
U.S. Crude Stocks Hit Yearly Low, Fuel Inventories Show Moderate Builds by Amit Gupta, Kedia Advisory
India’s kharif sowing has surpassed the normal acreage, reaching 1,096.65 lakh hectares, driven by favorable monsoon conditions. Paddy cultivation saw a 4% increase, but export restrictions on non-basmati rice persist due to weather-related risks in key regions. Oilseeds and maize coverage rose, with soybean and groundnut areas expanding, potentially boosting price trends. Pulses also showed growth, though their overall acreage remained below normal levels. Cotton acreage, however, fell...
India's Kharif Sowing Exceeds Normal Acreage Amid Increased Coverage of Key Crops by Amit Gupta, Kedia Advisory
India’s kharif sowing has surpassed the normal acreage, reaching 1,096.65 lakh hectares, driven by favorable monsoon conditions. Paddy cultivation saw a 4% increase, but export restrictions on non-basmati rice persist due to weather-related risks in key regions. Oilseeds and maize coverage rose, with soybean and groundnut areas expanding, potentially boosting price trends. Pulses also showed growth, though their overall acreage remained below normal levels. Cotton acreage, however, fell...
India`s Kharif Sowing Exceeds Normal Acreage Amid Increased Coverage of Key Crops by Amit Gupta, Kedia Advisory
India has raised the basic import tax on crude and refined edible oils by 20 percentage points to support local farmers facing lower oilseed prices. The new tax will increase the total import duty on crude palm oil, soyoil, and sunflower oil to 27.5%, up from 5.5%, while refined oils will now attract 35.75% duty, up from 13.75%. The move is expected to raise domestic edible oil prices, dampen demand, and reduce India’s reliance on overseas imports, particularly from Indonesia, Malaysia,...
India Increases Import Tax on Edible Oils to Support Domestic Farmers by Amit Gupta, Kedia Advisory
India's cotton exports for the 2023-24 season have surged by 80%, reaching 28 lakh bales, driven by strong demand from Bangladesh and Vietnam, according to the Cotton Association of India (CAI). Imports have also increased to 16.40 lakh bales, while domestic consumption is projected at 317 lakh bales, reflecting steady local demand. Cotton acreage has declined to 112.13 lakh hectares, mainly in Gujarat, Maharashtra, and Telangana, though Karnataka and Odisha saw slight increases. With sup...
Cotton Exports Surge 80% in 2023-24 Season Amid Global Demand Growth by Amit Gupta, Kedia Advisory
India held bilateral meetings with several nations on the sidelines of the G20 Agriculture Ministerial Meeting in Brazil, expressing the commitment to cooperate in mutually beneficial areas, it was announced on Sunday.
Minister of State for Agriculture and Farmers’ Welfare, Ram Nath Thakur, led the Indian delegation along with Ambassador of India to Brazil, Suresh Reddy, and other senior government officials.
India held bilateral meetings with the US, Brazil, Germany, the UK...
India, key nations to cooperate in mutually beneficial areas in agriculture
The U.S. cotton balance sheet for 2024/25 shows a significant reduction in production, now forecasted at 14.5 million bales, down 600,000 from August due to lower yields. This decrease has led to a cut in exports to 11.8 million bales and ending stocks reduced by 500,000 bales to 4 million. Globally, cotton production is lowered by 1.2 million bales, influenced by declines in the U.S., India, and Pakistan. World consumption is reduced by 460,000 bales, with major decreases in Vietnam, Banglad...
U.S. Cotton Production and Global Supply Shrink Amid Lower Yields by Amit Gupta, Kedia Advisory
U.S. sugar supply for 2023/24 has increased by 239,152 short tons, raw value (STRV), reaching 14.941 million STRV due to higher production and imports. Beet sugar production rose by 41,049 STRV, driven by early 2024 harvests, while Louisiana’s cane sugar production climbed by 53,024 STRV. Imports surged by 145,000 STRV, boosted by reexport and high-tier tariff imports. Ending stocks are now projected at 2.278 million STRV, raising the stocks-to-use ratio to 18.0%. However, the outlook f...
U.S. Sugar Supply Surges for 2023/24 on Increased Production and Imports by Amit Gupta, Kedia Advisory
The U.S. wheat price outlook remains stable at $5.70 per bushel for the 2024/25 season. However, globally, wheat supplies are projected to increase by 1.5 million tons to 1,062.1 million tons, driven by higher beginning stocks, especially in Canada. While production declines in the EU due to adverse weather, Australia and Ukraine are expected to see increases in output. Global consumption is also forecasted to rise, driven by higher feed use, while global trade is projected to grow, supported...
Global Wheat Market Sees Rising Supplies and Trade by Amit Gupta, Kedia Advisory