Agri Picks Report February 06, 2024: Geojit

commodities

Geojit's report on Agri Picks

The area under rabi crops in Telangana was 4.93 mln acres (1 acre = 0.40 ha) as of Wednesday, 13.4% lower than 5.70 mln acres a year ago, according to data from the state government. The acreage so far accounts for 90% of the normal rabi crop area of 5.5 mln acres for the entire season, the data showed. The area under pulses fell 26% on year to 305,397 acres. Acreage of Bengal gram was down nearly 28% on year at 251,585 acres. For the rabi season, the normal acreage for pulses is 421,163 acres. Maize, Bengal gram, jowar, and groundnut are the main rabi crops grown in the state. The total area under major millets, which includes jowar, bajra, maize and ragi, rose to 671,869 acres from 643,460 acres a year ago, the data showed. Maize was sown over 513,751 acres, lower than 545,429 acres a year ago. The season's normal area for maize is 511,521 acres, and it covers the maximum area under major millets, as per data. Jowar, the second-major millet in the state, was sown over 157,152 acres, nearly 63.5% higher than 96,139 acres a year ago. Paddy sowing fell 15% on year to 3.65 mln acres. The season's normal acreage is 4.05 mln acres. The area under food grains fell 14% on year to 4.63 mln acres. Oilseed acreage was at 241,176 acres, down from 279,791 acres a year ago. Groundnuts accounted for 83% of the total oilseed acreage, and was at 200,235 acres, down from 228,960 acres a year ago. The normal area for oilseeds in the season is 371,037 acres. Telangana received scanty rainfall at 0.1 mm in January, and so far, the cumulative rainfall in the year has been normal at 913.8 mm, the data showed. The water level in major reservoirs in the state as of Wednesday was 348.73 bln cu ft, down from 574.39 bln cu ft a year ago, according to government data. The National Commodity and Derivatives Exchange and the Institute of Rural Management Anand have launched a centre for excellence for commodity markets in Anand, Gujarat, the NCDEX said in a release. The newly launched Tribhuvandas Patel Centre of Excellence for Commodity Markets aims to develop the commodities derivatives ecosystem, product development, capacity building, and policy advocacy, the release said. "The project seeks to redefine policymakers' perspectives on commodity derivatives markets, fostering a deeper understanding of price discovery in commodities markets," it added. "NCDEX is involved in organizing dozens of activities to create awareness around the derivatives market and IRMA has a deep understanding of the rural ecosystem," Umakant Dash, director, Institute of Rural Management Anand, said. The government will sell rice under the scheme through the National Agricultural Cooperative Marketing Federation of India, National Cooperative Consumers Federation and Kendriya Bhandars.

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