· The IMD on Thursday forecasted monsoon to hit Kerala on May 30, two days ahead of its schedule. The forecast on the whole suggests that rains could be below average this season due to an impact of El Nino weather pattern, as this weather pattern is influential enough to bring a dry spell in the region. India had received 12 per cent less rains last year, which hit production of grains, cotton and oilseeds. The timely onset of south-west monsoon is crucial for sowing of kharif (summer) crops like cotton, soybean, maize, turmeric, castor etc, hence monsoon related reports shall be important for driving near term prices of these commodities.
High volatility persists for Agri commodities ahead of the detailed Monsoon forecast report on Friday