Agri Picks Report December 12, 2024: Geojit Financial Services

commodities

Geojit Financial Services's report on Daily Agri Picks

The El Nino–Southern Oscillation will remain in the neutral range till April, the Bureau of Meteorology, Australia, said in its fortnightly forecast on Tuesday. The El Nino-Southern Oscillation is not meeting the typical La Nina threshold, it said. It also added that four of the six other international climate models surveyed showed the same. • The US Department of Agriculture has raised its estimate for global oilseed output in 2024-25 (May-Apr) to 683.4 million tonnes in December from 682.2 million tonnes projected last month. The increased projection is mainly due to higher soybean production, partly offsetting lower rapeseed, the department said in its monthly report. • The US Department of Agriculture has raised its estimate for global cotton production in 2024-25 (Oct-Sept) by 1.2 million bales (1 bale = 217.72 kg) to 117.4 million bales, compared to its estimate of 116.18 million bales last month, it said in a report. The increase can be attributed to an expected rise of a million bales in India's crop, according to the department. Bigger crops are also projected for Argentina, Benin, and Brazil, while smaller crops are expected for Mali and Burkina Faso, it said. The forecast for global export of cotton has been increased by 80,000 bales as a rise for Brazil, Benin, Cameroon, and Senegal more than offset reductions for Burkina Faso and Mali, the report said. The forecast for global ending stocks of cotton has been raised by 267,000 bales to 76.02 million bales. The estimate for opening stocks has been cut by 428,000 bales to 74.16 million bales, the report showed. According to the 2024-25 cotton balance sheet, the estimated total imports has been increased to 42.25 million bales. Global exports are estimated at 42.26 million bales, up from 42.18 million bales last month, according to the report. Estimates for India's imports and exports of cotton remained the same as in the previous month, at 2.3 million bales and 1.3 million bales, respectively. The estimates for exports, imports, domestic use, and beginning stocks for the US for December were unchanged; only the estimate for the country's cotton production has been revised to almost 14.3 million bales, an increase of 64,000 bales from last month,the report said. The estimate for production in India was scaled up to 25 million bales from 24 million bales. The production estimate for Brazil has been raised to 16.90 million bales from 16.80 million bales. There were no significant revisions to the 2023-24 global cotton balance sheet, according to the report.

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12122024 - co