Agri Picks Report February 13, 2025: Geojit Financial Services

commodities

The US Department of Agriculture has trimmed its estimate for global oilseed output in 2024-25 to 677.70 million tonnes from 680.35 tonnes projected a month ago, it said in its World Agricultural Supply and Demand Estimates report for February. Production estimates have been lowered as output in Argentina and Paraguay have fallen due to persistent heat and dryness in January, the department said in its report. Output of oilseed in other countries, excluding the US, is projected at 549.22 million tonnes, down from 551.9 million tonnes estimated last month. The production estimate for the US is unchanged at 128.48 million tonnes. The US Department of Agriculture has raised its global cotton production estimate for 2024-25 (Oct-Sept) by 1 million bales to 120.5 million bales, from its estimate of 119.5 million bales last month. One bale equals 217.72 kg. In its World Agricultural Supply and Demand Estimates report for February, the USDA said the upward revision is mainly due to higher production in Brazil and China. Production in China is pegged at 31.0 million tonnes, up from 30.0 million tonnes forecast in January. The production estimate for Brazil was also slightly up at 17 million bales in February from 16.90 million bales in forecast in January. The estimate for production in India was steady at 25 million bales. The USDA has increased its estimate for global ending stocks due to an increase in world production. The department sees higher ending stocks at 78.4 million bales from 77.9 million bales predicted in January. Global cotton consumption has been estimated at nearly 116 million bales, up from 115.9 million bales predicted last month. "Increase in consumption by Bangladesh, Pakistan, and Vietnam are offset by decline in India and the United States". Global cotton import estimates are seen higher at 42.47 million bales from 42.45 million bales last month. Higher imports by Bangladesh, Pakistan, and Vietnam are offset by lower imports by China, with small changes elsewhere, the report said.

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