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Last update: Sat, 23 Jul 2016 08pm

Agriculture and Allied: Pakistan

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Croplife Asia, a non-profit society and the voice of the region's plant science industry, has welcomed a federal government decision allowing growers to choose genetically enhanced corn seeds to enable them to produce better crops and reduce overall environmental impact.
On Thursday, at Pakistan Mercantile Exchange (PMEX), value traded was PKR 8,287 million and the number of lots traded was 21,184. PMEX Commodity Index closed at 2,966. Major business was contributed by gold amounting to PKR 3,866 million. This was followed by currencies through COTS PKR 3,578 million, crude oil PKR 439.67 million, silver PKR 400.10 million and cotton PKR 2.67 million.
Pakistan Poultry Association (PPA) on Friday urged the government to provide incentives to the $7.5 billion industry to avoid collapse. Chairman PPA Khalid Saleem Malik along with other industry representatives while addressing a press conference said that the downward trend in chicken prices badly damaged poultry business in Pakistan especially the Small Poultry Farmers were facing losses continuously and compelled to close down their farms.
Punjab Provincial Co-operative Bank Ltd has so far sanctioned Rs 1.634 billion agriculture loans for sowing, growing and maturing Kharif crops 2016 through 8,996 members of 45,537 co-operative societies in the province. PPCBL spokesman Rana Irshad Ali told Business Recorder that the Co-operative Bank has fixed the target of Rs 2.5 billion for extending agriculture loans for the Kharif Crops including cotton, rice, sugarcane, maize, vegetables, fodder for livestock and fruit orchards till 1st August 2016.
On Wednesday, at Pakistan Mercantile Exchange (PMEX), value traded was PKR 6,760 million and the number of lots traded was 18,391. PMEX Commodity Index closed at 2,970. Major business was contributed by gold amounting to PKR 3,484 million followed by currencies through COTS PKR 2,359 million, crude oil PKR 688.47 million, silver PKR 226.57 million and cotton PKR 1.88 million.
Importers have in recent weeks purchased about 330,000 tonnes of soybeans to be sourced from Brazil and also recently bought about 30,000 tonnes of Canadian canola, European traders said on Thursday. The soybeans are for shipment between February and May 2017 in five consignments, they said. The canola (rapeseed) was for November and December shipment purchased in part ship loads, they said.
National Assembly''s Standing Committee on Industries and Production on Thursday refused to withdraw inquiry authentication from National Accountability Bureau (NAB) against "unconvinced" inland freight subsidy of Rs 1.75 per kg given to sugar mills in 2013. Presided over by Asad Umar, Chairman Standing Committee, the committee discussed the issues of inland sugar subsidy, implementation status of Auto Policy 2016-21 and current status of Pakistan Steel Mills (PSM).