Agri Picks Report February 02, 2024: Geojit

commodities

Geojit's report on Agri Picks

Farmers in Andhra Pradesh have sown rabi crops over 1.39 mln ha as of Jan 31, down 14.5% from 1.63 mln ha a year ago, according to state government data. So far, nearly 61% of the targeted rabi crop area of 2.3 mln ha in the state has been covered, the data showed. The acreage of Bengal gram was down 15% on year at 280,000 ha, the data showed. The area under black gram, also known as urad, was down 16.5% on year at 213,000 ha from 255,000 ha last year, the data showed. The area under pulses was down 14% on year at 583,000 ha. Bengal gram, black gram, maize, tobacco, and peanuts are the major rabi crops grown in the state. So far, Andhra Pradesh has not received rainfall during winter, while the state normally receives 15.9 mm of rain in this season, the data showed. Farmers in Andhra Pradesh have sown paddy over 456,000 ha as of Jan 31, down from 551,000 ha in the previous year. The targeted area for the crop is 820,000 ha in the current season. Rabi paddy is currently at transplantation stage, according to the state government's report. Jowar's acreage was up at 81,000 ha from 51,000 ha a year ago, data showed. Maize was sown over 117,000 ha, lower than 182,000 ha in the previous year. Jowar, maize, bajra, and ragi crops are at the harvesting stage, the government's report said. The area under food grains was down at 1.24 mln ha from 1.47 ha a year ago, and coarse grain cultivation was at 205,000 ha, down from 240,000 mln ha in the previous year. Oilseed acreage fell to 75,000 ha from 99,000 ha a year ago, according to the report. The target for oilseeds is 142,000 ha for the current season. Groundnut was sown over 57,000 ha, lower than 81,000 ha a year ago. The water level in major reservoirs in the state as of Jan 31 was 250.78 bln cu ft, down from 533.40 bln cu ft a year ago, according to government data. • The National Commodity and Derivatives Exchange has decided against launching options contracts of guar seed, guar gum, maize, dhaniya, jeera, and turmeric beyond the existing expiries. The exchange on Tuesday released a circular giving details on the discontinuation of these options contracts. The exchange said options contracts with new expiries due to be launched on Friday in respect of these six agricultural commodities will not be launched. These six options "were largely illiquid", an official at the exchange told Informist. The running expiries in the six options in goods contracts will continue to trade on the exchange. In the case of guar gum and guar seed options, there are six existing monthly expiries from February to July that will continue to trade. But expiries beyond July will not be launched. In the case of maize options, the existing monthly expiries from February to May will continue to trade, and those beyond May will not be launched. The currently available expiries of April, May, and June for dhaniya will continue to trade but no further expiries will be launched. Similarly, for jeera options, available expiries of March, April, and May will continue to trade but no further expiries will be launched. In the case of turmeric, the options with expiries in April and June will continue trading and no further expiries will be launched. Options contracts of the six agricultural commodities were launched over the last few years starting from 2020. Due to lack of liquidity, the exchange has decided to phase out trading in these contracts.

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