Agri Picks Report August 21, 2024: Geojit Financial Services

commodities

Geojit Financial Services's report on Daily Agri Picks

India's oilmeal exports in July rose 18% on year to 451,794 tn, according to data released by The Solvent Extractors' Association of India. Exports of soymeal in July surged to 195,162 tn from 56,210 tn a year ago. Soymeal exports in Apr-Jul rose to 692,021 tn from 420,820 tn a year ago. This was due to higher imports of soybean meal by Iran and France, the association said. However, for Apr-Jul, total oilmeal exports fell 2% to 1.55 mln tn, the data showed. "This is mainly due to reduction in the export of rapeseed meal, castorseed meal and no export of de-oiled rice bran since Sep 2023 due to export prohibition," the association said. The government has decided to extend the export prohibition of de-oiled rice bran till Jan 31, 2025. Farmers in Karnataka have sown crops over 7.3 mln ha as of Saturday, nearly 14% higher than the 6.4 mln ha sown in the corresponding period last year, according to data released by the state government. The normal kharif acreage, which is the average of the last five years, as of Saturday is 6.6 mln ha. According to the data, 89% of the targeted kharif sowing area of 8.2 mln ha has been covered as of Saturday. Kharif crops are sown during the start of the south-west monsoon around June, and harvested at the end of the monsoon around October. The main kharif crops sown in Karnataka are paddy, maize, ragi, tur, cotton, and sugarcane. As of Saturday, the state received 746 mm of rainfall, 23% above the normal rainfall of 609 mm, the data showed. The acreage under maize rose to 1.53 mln ha from 1.48 mln ha a year ago, according to the report. The area sown under paddy as of Saturday was 661,000 ha, up from 577,400 ha last year. Over 62% of the targeted paddy acreage of 1.06 mln ha has been covered so far, the report showed. The area sown under pulses as of Saturday was 2.2 mln ha, up from 1.6 mln ha a year ago, according to the report. Under pulses, tur acreage rose to 1.6 mln ha from 1.3 mln ha a year ago. The acreage under green gram, or moong, rose sharply to 436,000 ha from 176,500 ha a year ago. The acreage under oilseeds was 800,000 ha, up from 789,200 ha from the corresponding period last year, the report said. Under oilseeds, the area sown under groundnuts fell to 301,000 ha from 310,500 ha a year ago. The acreage under soybean is higher at 422,000 ha compared with 405,800 ha a year ago. Cotton acreage as of Saturday was 669,000 ha against 655,700 ha in the same period last year. The area under sugarcane fell to 645,000 ha from 656,100 a year ago, according to the report.

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21082024 - co