Agri Picks Report July 28, 2023: Geojit

commodities

Geojit's report on Agri Picks

Barring dhaniya other spices ended Thursday’s session on a positive note. Turmeric futures rose supported by firm demand and on prospects of lower acreage this season. Jeera futures inched higher as well, after posting losses for the four straight sessions. Dhaniya futures, in the meantime, stretched losses. Tepid demand weighed on. However, concerns over supply lend support. India received 15.6 mm rainfall on Thursday, 61% above the weighted average of 9.7 mm, data from the IMD showed. Rainfall was above normal in three homogeneous regions of the country, while one region received below-normal rain. South peninsular India received 369% above-normal rainfall at 30.5 mm, and in central India, rains were 31% above normal at 15.1 mm. Rainfall in the northwest India was 38% above normal at 10.9 mm. In east and northeast India region, rainfall was 45% below normal at 7.3 mm. Of the 36 subdivisions in the country, rainfall was 'large deficient' in six and 'deficient' in eight. Ten subdivisions got 'large excess' rainfall, while three received 'excess' showers. Nine subdivisions received normal rainfall today, according to the data. Since Jun 1, the country has received 437.2 mm rainfall, 7% above the normal weighted average of 408.9 mm for the period. The Agricultural Meteorology Division of the IMD has advised farmers in Telangana to postpone sowing of cotton, groundnut, castor, and red gram due to forecasts of heavy rainfall over various parts of the country. The weather department has also asked farmers in Konkan, Madhya Maharashtra and Telangana to defer transplanting of rice. The IMD has forecast heavy-tovery heavy rainfall in some areas of Telangana, coastal Karnataka, and north interior part of Karnataka till Friday. Farmers in Maharashtra have sown various crops on 11.9 mln ha this kharif season, as on Tuesday, according to state government data. The acreage accounted for 84% of the normal acreage of 14.2 mln ha in the state, the data showed. As on Tuesday, acreage under cereals in the state was 1.9 mln ha, compared with the normal of 3.5 mln ha. The area under cereals so far in the current kharif season accounts for 55% of normal. Regions where the acreage under pulses exceeded 50% of the respective normal were Konkan, Nashik, Aurangabad and Amaravati. Acreage under pulses, as on Tuesday, was 1.4 mln ha, 64% of the normal 2.1 mln ha. Regions accounting for more than half of the region-wise normal acreage were Konkan, Nashik, Pune, Aurangabad, Latur, Amaravati and Nagpur. Foodgrains, comprising cereals and pulses, were sown over 3.3 mln ha, 58% of normal acreage of 5.6 mln ha. Konkan, Nashik, Aurangabad, Amaravati and Nagpur accounted for more than half of the normal acreage. The state reported 4.7 mln ha under oilseeds, as of Tuesday, exceeding the normal of 4.4 mln ha. As of Tuesday, Pune, Aurangabad and Latur had exceeded their respective normal acreage, while Konkan, Nashik, Kolhapur, Amaravati and Nagpur had exceeded 50% of the normal. Sown over 4 mln ha, cotton had a share of 96% of the normal. Acreage in Nashik, Pune, Kolhapur, Amaravati and Nagpur exceeded the normal area by Tuesday, whereas Aurangabad and Latur accounted for more than 80% of regional normal. No figure was reported for Konkan. Including sugarcane, the overall sawn acreage in the current kharif season in the state was 12.1 mln ha, 79% of the normal acreage of 15.3 mln ha. The area under cultivation in the state a year ago was 12.7 mln ha without taking into account the area under sugarcane. Inclusive of sugarcane, the area was 13.0 mln ha, the state government data showed.

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