Agri Picks Report December 27, 2023: Geojit

commodities

Geojit's report on Agri Picks

India's total exports of oil meal during 2023-24 (Apr-Mar) are projected at over 4.5 mln tn, up from 4.3 mln tn last year, Ajay Jhunjhunwala, president of the Solvent Extractors' Association of India said in a press release on Monday. With a ban on the export of de-oiled rice bran, the Association has projected exports of rapeseed meal and soymeal at 2.5 mln and 1.5 mln tn, respectively, in the current financial year. India's total oilmeal exports during Apr-Nov have increased by around 21% year-onyear to 2.8 mln tn, Jhunjhunwala said in the release. Demand for Indian soymeal in the international market was buoyant due to price competitiveness and shortage of supply by Argentina, he added. Also, rapeseed meal exports during Apr-Nov are at 1.6 mln tn and are likely to cross the record 2.3 mln tn exported last year, it said. The exports of castor meal are on track at 254,120 tn in Apr-Nov, higher than last year's exports of 235,200 tn during the year-ago period. Meanwhile, imports of refined, bleached, and deodorised palmolein are at 171,000 tn, which is more than twice that of the previous month, according to the release. Imports rose due to the low-duty difference of only 8.25% between crude and refined oils. "This is to the detriment of our (India's) processing industry and of benefit to the exporting countries viz Indonesia and Malaysia," it said. The Association has recommended the government to increase the import duty on refined oil by at least 15% higher than that on crude cooking oil to enable the performance of domestic industry. As of Friday, the sowing area under oilseeds had reached 10.2 mln ha, largely unchanged from last year, according to data from the agriculture ministry. Rapeseed mustard leads the pack and covers a sowing area of 9.5 mln ha, against 9.3 mln ha a year ago. Though the sowing area under groundnut, sunflower, safflower, and seasamum currently shows a slight decline, rabi oilseed indicates a promising harvest as agriculture and climatic conditions are expected to be close to normal.

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.

27122023 - coom