Agri Picks Report December 21, 2023: Geojit

commodities

Geojit's report on Agri Picks

The area under rabi crops in Gujarat fell 1% on year to 4.07 mln ha in the current season as of Monday, according to data from the state agriculture department. Wheat, the key rabi crop grown in the state, was sown over 1.07 ha, down 7% from 1.15 mln ha last year. Sowing of wheat over irrigated land fell 7% to 1.05 ha, while that over rain-fed land was down nearly 6% at 24,626 ha, the data showed. The acreage of rabi cereals was down 5.2% on year to 1.21 mln ha. As of Monday, the state has received 25.9 mm normal rainfall, according to the India Meteorological Department. The acreage of rabi pulses was down 21.5% on year to 607,038 ha. Sowing of chana, the major pulse in the state, was at 564,578 ha, down from 731,673 ha a year ago. The area under oilseeds was 264,456 ha, down from 304,158 ha a year ago. The normal area under oilseeds is 287,890 ha. Mustard was sown over 264,051 ha, down 12.6% on year, the data showed. The area under jeera has increased massively on year to 530,030 ha, from 261,635 ha. The normal area for the crop is 350,666 ha. Traditionally, Gujarat is the largest producer of the spice. The acreage of coriander was down 47.3% on year at 114,832 ha. Gujarat is the second-largest producer of the spice. Among other crops, sowing of tobacco was down 7.4% from the previous year at 120,200 ha. India's oilmeal exports in November fell 22% on year to 317,870 tn, according to data released by The Solvent Extractors' Association of India today. The fall in exports was primarily due to lower shipments of mustard and castor meals. Exports of mustard meal fell to 93,124 tn in November from 134,952 tn in the corresponding period a year ago, and that of castor seed meal fell to 40,655 tn from 45,424 tn a year ago, the SEA said. However, exports of soymeal rose to 183,429 tn in November, from 164,075 tn a year ago, the association said in the release. For the Apr-Nov period, total oilmeal exports rose 21% to 2.8 mln tn, the data showed. In the first eight months of 2023, exports of soymeal surged 163% to 857,339 tn, and those of mustard meal rose 9% to 1.6 mln tn from the year-ago period. "International demand for Indian soyameal has benefited from improved price competitiveness and the shortage of Argentine export supplies in recent months," the release said. "Currently India is the most competitive supplier of rapeseed meal to South Korea, Vietnam, Thailand and other Far East countries," SEA said. Among these countries, during the first eight months of the year, Bangladesh's imports of Indian oilmeals jumped nearly 142% on year to 595,479 tn, the data showed. Oilmeal imports into South Korea were at 555,196 tn during Apr-Nov, compared with 603,779 tn a year ago, the data showed. Import of oilmeals by Vietnam fell by 41% to 335,961 tn in the same period. In the case of rice bran meal, there were no exports from India in November compared with 55,888 tn in the corresponding period a year ago, according to the data.

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.

21122023 - coom