Agri Picks Report August 28, 2024: Geojit Financial Services

commodities

Geojit Financial Services's report on Daily Agri Picks

The Indian subcontinent is likely to receive above-normal rainfall as early stages of La Nina are expected to emerge during Sep -Nov, the World Meteorological Organization said in a global seasonal update on Monday. "The strength of the Indian Ocean Dipole index is also predicted to return to near normal," it said. India will most likely get 50-60% above normal rain during this period, the report added. The global weather agency said the persistence of widespread above-normal sea-surface temperatures in all ocean basins outside the near-equatorial eastern Pacific Ocean may result in above-normal temperatures over almost all land areas. However, few regions that will escape from this widespread warmth are south of about 40 degrees latitude in South America, the south-western coast of North America and in the vicinity of the Bering Sea, and the interior western region of the Indian subcontinent • Farmers in Karnataka have sown crops over 7.6 mln ha as of Friday, nearly 19% higher than 6.4 mln ha sown in the corresponding period last year, according to the data released by the state's agricultural government. The normal kharif acreage for the period, which is an average of the last five years, is 6.6 mln ha. So far, nearly 93% of the targeted kharif sowing area of 8.2 mln ha has been covered, according to the data. 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 Friday, the state received 789 mm of rainfall since June, 22% above the normal rainfall of 647 mm for the period, the report said. The acreage under maize so far was 1.6 mln ha, up from 1.5 mln ha a year ago, the report said. The area sown under paddy so far also rose to 821,000 ha from 577,400 ha a year ago. The acreage under total pulses as of Friday was 2.2 mln ha, up from 1.6 mln ha in the same period last year, according to the report. Under pulses, the acreage under tur was 1.6 mln ha, up from 1.3 mln ha a year ago. The area sown under greengram, or moong, rose sharply to 441,000 ha from 176,500 ha a year ago. The area sown under total oilseeds so far was 821,000 ha, up from 789,200 ha last year, the report said. Under oilseeds, the area under groundnut rose to 321,000 ha from 310,500 ha a year ago. The acreage under soybeans also rose to 422,000 ha from 405,800 ha a year ago. Cotton acreage in the state as of Friday was 673,000 ha, up from 655,700 ha a year ago. The acreage under sugarcane as of Friday fell to 654,000 ha from 656,100 ha a year ago, the report said.

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