Rabi crop sowing picked up in December led by favorable weather conditions. Aggregate rabi acreages are higher by 1% yoy; wheat & oilseeds acreages are higher by 2% yoy; coarse cereals up by 5% yoy. Emkay Crop Index increased by 3% MoM/21% yoy during Dec'12. Jowar prices increased by 14% MoM; paddy and bajra increased by 12% MoM. Green gram/maize up by 13%/5% MoM. Govt. has increased the minimum support price of wheat for the present crop season by Rs. 65/qtl to Rs. 1350/qtl. Last year, govt. had increased wheat MSP by Rs. 165/qtl. CCEA has cleared New Investment Policy on urea. New UIP is expected to pave the way for fresh investments in urea sector thereby restricting the level of imports.
Rabi crop sowing area higher by 1% yoy at 567lakh hectares
After initial delays in sowing, rabi crop sowing picked up in December led by favorable weather conditions. Data available with the Ministry of Agriculture indicates that rabi acreages have increased by 1% this year compared to being flat last month. Wheat acreages have increased by 2% yoy currently while coarse cereals acreages are higher by 5% yoy. Oilseeds acreages have increased by 2% yoy however rabi rice acreages declined by 25% yoy.
Emkay Crop Index increased by 3% MoM/21% yoy
Market prices of key crops increased in the range of 3% to 14% MoM during Dec'12. Emkay Crop Index which tracks prices of 10 key crops increased 3% MoM / 21% yoy. Jowar turned out to be the biggest gainer during Dec'12 increasing by 14% MoM ; paddy and bajra increased by 12% MoM. Green gram prices increased by 13% MoM while maize prices increased by 5% MoM. However, wheat & black gram prices declined by 6% & 10% respectively.
Reservoir levels remain comfortable
Total live storage in 84 important reservoirs in different parts of the country, monitored by Central Water Commission as on 03rd Jan'13 stood at 88.1 bcm (57 % of the storage capacity at Full Reservoir Level). The current year's storage is nearly 91% of last year's storage and 107% of the average of last ten years. Out of 84 reservoirs, 49 reservoirs reported more than 80% of normal storage & 35 reservoirs reported 80% or below of normal storage.
New Urea Investment Policy cleared by CCEA
The Cabinet Committee on Economic Affairs (CCEA) has approved the New Investment Policy (UIP) on urea. The New UIP is expected to pave the way for fresh investments in urea sector thereby restricting the level of imports. Under the new draft policy, govt. will assure 12-20 % post-tax return on fresh capital infused by the manufacturers for setting up of new plants as well as for expansion and revamp of the existing ones. To ensure that players are able to generate the desired returns, government would cover the entire cost of natural gas, which is the main feedstock of urea. Though the government has linked floor / ceiling price with gas price & committed to cover the entire gas cost, however gas availability remains key concern hereon.
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