commodities
Geojit’s report on Agri Picks
India received 3.9 mm rainfall on Monday, 55% below the weighted average of 8.6 mm, data from IMD showed. All four homogenous regions in the country received lower than normal rainfall. The east and northeast region received 40% below-normal rainfall at 6.5 mm. In the northwestern parts, rainfall was 62% below normal at 2.7 mm, and in central India, it was 55% below normal at 4.7 mm. Rainfall in the south peninsula was 65% below normal at 2.2 mm. Of the 36 subdivisions in the country, rainfall was ‘large deficient’ in 17 and ‘deficient’ in 14. One subdivision got ‘large excess’ rainfall and four subdivisions received normal rainfall today, according to the data. Since Jun 1, the country has received 467.0 mm rainfall, 5% above the normal weighted average of 445.8 mm for the period. India’s 2023-24 (Jul-Jun) kharif acreage fell 0.2% on year at 83.03 mln ha, according to data from department of agriculture and farmers welfare. Acreage of paddy, the key grain in kharif season, was up 1.9% on year at 23.76 mln ha. The paddy acreage turned positive for the first time this kharif season as sowing activity picked up with the increase in rainfall activity. Monsoon rains, important for sowing rice in non-irrigated areas, were 7% above long-period average as of Friday. Since Jun 1, the country has received 448.6 mm rainfall, 7% above the normal weighted average of 418.9 mm for the period. However, still there remains serious concern as the key paddy growing region of east Uttar Pradesh, Bihar, Jharkhand, Assam and West Bengal have received deficient precipitation so far. The area under coarse cereals was 14.6 mln ha, up from 14.4 mln ha a year ago. Acreage under oilseeds was up 2% at 17.1 mln ha and area under pulses fell 11.3% at 9.7 mln ha. Agriculture and Agri-Food Canada has revised upward its estimate for exports of dry beans from Canada to 370,000 tn in 2022- 23 (Aug-Jul) from 323,000 tn in 2021-22. It has also raised its estimates for export of chickpeas to 235,000 tn from 176,000 tn last year. In its July report, the farm agency said that a rise in import demand from the European Union, the US and, Turkey has been partly offset by decreased exports to Pakistan. “Carry-out stocks are expected to fall sharply. The average price (of chickpeas) has risen to record levels due to smaller supplies in Mexico, Australia and Turkey,” the agency said. The estimate for overall supply of chickpeas in Canada has been projected at 323,000 tn in 2022-23, compared with 395,000 tn in last year. The estimates for overall supply of mustard seed has also been increased to 179,000 tn from 130,000 tn in 2021-22. The agency reduced its price estimates for lentils, dry beans, and dry peas to $815 per tn, $1,165 per tn, and $450 per tn, respectively. Canada is one of the biggest exporters of lentils to India. Agriculture and Agri-Food Canada is responsible for policies governing production, processing and marketing of farm, food and agri-based products in Canada.
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- Source: https://www.moneycontrol.com/news/commodities/agri-picks-report-august-01-2023-geojit_17146751.html
