Agri Picks Report February 01, 2024: Geojit

commodities

Geojit's report on Agri Picks

The area under rabi crops in Maharashtra fell 4.8% on year to 5.68 mln ha as of Monday, according to data published by the state agriculture department. The acreage was 5.96 mln ha during the same period a year ago. The acreage has surpassed the average figure of five years between 2016-17 and 2020-21 of 5.40 mln ha, the data revealed. Acreage of gram, a key rabi crop in the state, fell to 2.59 mln ha from 2.91 mln ha a year ago, the data showed. The area under pulses was at 2.70 mln ha, down from 3.06 mln ha a year ago. Gram, wheat, safflower, mustard, and sorgum are the major rabi crops in the state. Wheat acreage was at 993,133 ha, down from 1.13 mln ha in the year-ago period. The area under jowar rose 21% on year to 1.57 mln ha. The total area under cereals rose 2.6% on year to 2.90 mln ha. Oilseed acreage fell to 71,375 ha from 74,600 ha a year ago, according to the data. Safflower was sown across 43,207 ha, up from 30,328 ha a year ago, while sunflower acreage fell to 2,144 ha from 8,400 ha last year. As of Wednesday, the water level in the state's dams was 54.9% of capacity compared with 80.8% a year ago, according to data from the state water resources department. The Indian Sugar & Bio-energy Manufacturers Association, in its second advance estimate, today pegged the country's gross sugar output in 2023-24 (Oct-Sep) at 33.1 mln tn, down from 36.6 mln tn last year. The association has revised its estimate downward from 33.7 mln tn projected in its first advance estimate released in October. The association released its second advance estimate of sugar production on the basis of satellite images of sugarcane areas procured in the second week of January, yield trends, sugar recovery rates achieved so far, and expectation of recovery rates for the balance period of the sugar season, the release said. "The government has so far allowed sugar diversion of only 1.7 mln tn for production of ethanol via sugarcane juice or B-heavy molasses for 2023-24 ethanol supply year. This would mean net sugar production could be around 31.35 mln tn," ISMA said.

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01022024 - coom