Last week, the Indian government came out with its kharif crop estimates, which showed record kharif production in rice and maize. Data from Agmarknet, a unit of the Ministry of Agriculture, show that prices at agricultural produce marketing committee (APMC) yards reflect higher production. On the other hand, wheat prices are ruling near record highs with the Government dithering over open market sales and permitting imports at lower duty. Despite getting lower prices this year, basmati farmers are a lot happier than non-basmati farmers and this could result in many growers shifting to cultivating basmati rice. A shortage in copra sales has lifted coconut oil prices above ₹200 a kg.
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