Agri Picks Report February 22, 2024: Geojit

commodities

Geojit's report on Agri Picks

India's spices exports during Apr-Nov rose 6.1% on year to 953,303 tn, according to data from the Spices Board India. In terms of value, exports for the period rose 3.8% to $2.68 bln from $2.58 bln a year ago. The rise in exports was driven by coriander, chilli, and a few other spices. Exports of coriander shot up by 188.4% on year to 81,045.7 tn, according to data from the Spices Board. India is a major producer and exporter of coriander. Garlic exports surged 82.2% on year to 64,827.8 tn and chilli exports rose 13.7% on year to 340,750.6 tn. On the other hand, jeera exports fell almost 30% on year to 93,502.4 tn during the period. Turmeric exports were down 1.1% on year at 110,745.4 tn, according to Spices Board data. India accounts for about 80% of the world's turmeric production and 60% of the world's exports, according to NCDEX. Farmers in Gujarat have sown crops across 101,179 ha as of Monday for the 2023-24 summer season, down 5% from 106,279 ha in the corresponding period of last year, according to data released by the state agriculture department. The normal acreage for the season, which is the average of the last three years, is 1.1 mln ha. Bajra, rice, sesamum, and moong are the main crops grown in the state during summer. The total area under cereals was up 33% on year at 63,400 ha, which was mainly due to higher area under paddy and maize. Paddy was sown over 52,658 ha, up 62% from last year. Paddy is the second-largest cereal grown in the state. However, the area under bajra, the key crop grown during summer, was lower at 9,029 ha than last year's acreage of 14,243 ha. The pulses grown during the season are urad and moong. The acreage under pulses was at 2,494 ha, down 27% on year. Moong was sown over 2,288 ha as of Monday, largely unchanged from last year. Urad acreage plunged to 206 ha from 1,168 ha in the same period of the previous year. Groundnut and sesamum are the main oilseed crops sown during the season in the state. So far, groundnut has been sown over 2,186 ha, down from 4,183 ha last year. Sesamum was sown over 3,149 ha, lower than 5,793 ha last year. The area under vegetables was at 10,871 ha, down from 14,451 ha a year ago. Onion acreage plunged to 201 ha from 2,317 ha a year ago, while sugarcane acreage has risen to 2,719 ha from 1,623 a year ago, the data showed.

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