Agri Picks Report November 01, 2023: Geojit

commodities

According to the IMD, Northeast monsoon rains commenced over south India on Oct 21. Rainfall in the month of October for country as a whole was at 50.8 mm, 33% below normal, while over south peninsula it stood at 58.7 mm, 60% below norma. Rainfall over south peninsula 6th-lowest since 1901 in Oct. India Nov rains is seen normal at 77-123% of long period average and for south peninsula too it is seen at 77-123% of the long period average. In the meantime, El Nino conditions to prevail till early summer next year. The Cotton Association of India today, in its preliminary estimate, pegged the country's cotton output for 2023-24 (Oct-Sep) 7.5% lower on year at 29.5 mln bales. One cotton bale equals 170 kg. India's cotton production in 2022-23 (Oct-Sep) was 31.9 mln bales, according to the final estimates of the association. Production of cotton in the north zone, which comprises Punjab, Haryana, and Rajasthan, is estimated steady at 4.3 mln bales, the association said in a release today. The estimate for the central zone, which comprises Gujarat, Maharashtra, and Madhya Pradesh, is seen down at 18.0 mln bales from 19.5 mln bales last year. The estimate for the south zone is also seen lower at 6.8 mln bales from 7.5 mln bales last year. Other states account for the rest of the output. The total supply of cotton for the 2023-24 season is estimated at 34.6 mln bales, down 940,000 bales from last year. The association has estimated imports in 2023-24 at 2.2 mln bales, 950,000 bales higher than in 2022-23. Cotton consumption in the Oct-Sep period was retained at 31.1 mln bales. Export shipments have been estimated lower at 1.40 mln bales, from 1.55 mln bales last year. The ending stock for the 2023-24 season has now been estimated at 2.10 mln bales from 2.89 mln bales, the release said.

For all commodities report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

01112023 - comm