Agri Picks Report February 14, 2024: Geojit

commodities

Geojit's report on Agri Picks

The area under summer crops in Karnataka fell 57.7% on year to 137,000 ha in the current season as of Monday, according to the state agriculture department's report. The normal area for the season was at 242,000 ha. The state had sown crops over 324,000 ha in the same period a year ago. The state has set a target of 654,100 ha for this season and so far 20.9% of the target area has been covered. The acreage under paddy was 41,000 ha, down 80.5% on year from 210,000 ha. The state has set a target of 380,500 ha for the season, accounting for over 58% of the total area to be sown. Chana was sown over 1,000 ha against nil in the previous year. The state has set a target area of 3,300 ha for chana sowing for this season. The total area under summer pulses was 5,000 ha, which was the same as last year. The target area for pulses for the current season has been set at 15,000 ha. Karnataka, the top maize producer, has sown the crop over 19,000 ha, down from 26,000 ha a year ago. The target for the area under maize is set at 54,000 ha in the current season. The area under cereals fell to 66,000 ha as of Monday, down from 242,000 ha a year ago. As of Monday, the area under oilseeds at 55,000 ha was down from 62,000 ha last year. The target for the current season has been set at 132,900 ha. Groundnut acreage was 52,000 ha, down from 57,000 ha a year ago, it showed. Groundnut, sunflower, and safflower are the key oilseeds grown in the state. The government's wheat stocks with the Food Corp of India were down 14% on year at 13.2 mln tn as of Feb 1, data from the statutory body showed. A year ago, wheat stocks held by FCI were at 15.4 mln tn. Compared with January, wheat stocks with the statutory body as of Feb 1 declined 19%, the data showed. Experts say the open market sales, free foodgrain scheme, and Bharat atta sales depleted the central pool of food grains. Through FCI's open market scheme during 2023-24 (Apr-Mar), the government is aiming to sell over 10 mln tn of wheat, Food Secretary Sanjeev Chopra said during the Bharat Rice launch. On Wednesday, the FCI sold a record 478,000 tn wheat under the open market sales scheme through its weekly e-auction. So far, FCI has sold more than 8 mln tn of wheat since the auctions commenced on Jun 28. It had sold 3.3 mln tn of wheat in the open market in 2022-23 (Apr-Mar). Total food grain stocks, that of wheat and rice, with FCI as of Feb 1 were at 34.3 mln tn, a tad down from 34.5 mln tn a month ago. However, the total food grain stocks rose 6% from 32.4 mln tn a year ago.

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