Agri Picks Report April 30, 2024: Geojit Financial Services

commodities

Geojit Financial Services's report on Daily Agri Picks

Farmers in the country have sown summer crops across 6.8 mln ha as of Friday, up nearly 6% from 6.4 mln ha last year, data from the agriculture ministry showed. The acreage under rice, maize, pulses, and oil seeds is higher than last year, despite below-normal rainfall and depletion of water in key reservoirs across the country. But experts say more than usual heatwave days during Apr-Jun are likely to affect the harvest of summer crops. India Meteorological Department today said that heatwave conditions have been prevailing in Odisha and Gangetic West Bengal since Apr 15 and Apr 17, respectively. The weather bureau has also said that a few places in Sub-Himalayan West Bengal, Jharkhand, Odisha, coastal Andhra Pradesh, Yanam, Karnataka, and Bihar witnessed heatwave on Thursday. The weather bureau has said that different parts of the country could see more than usual number of heatwave days during Apr-Jun. It expects 10–20 days of heatwave conditions in different parts of the country in Apr-Jun, compared with the normal 4-8 days. According to the weather office, the areas most prone to experience increased heatwaves are Gujarat, Madhya Maharashtra, Maharashtra, north Karnataka, Rajasthan, Madhya Pradesh, north Chhattisgarh, Odisha, and Andhra Pradesh. The rise in temperature would hurt production of zaid crops, leading to a fall in yield and rise in prices, experts said. Water level across India's 150 primary reservoirs was 53.358 bcm as of today, down 18% from a year ago and 4% from the average of past 10 years, the Central Water Commission said. The current water level is 30% of the total live storage capacity of these reservoirs. Acreage under pulses was up 1% on year at 1.63 mln ha, with sowing of moong rising to 1.33 mln ha from 1.28 mln ha last year. However, the area under urad is down 5% on year to 285,000 ha. The area under rice is up to 3 mln ha from 2.7 mln ha last year. The area under oilseeds has risen to 1.0 mln ha from 971,000 ha last year.

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30042024 - co