Agri Picks Report February 23, 2024: Geojit

commodities

Geojit's report on Agri Picks

Farmers in Andhra Pradesh have sown rabi crops over 1.65 mln ha as of Wednesday, down 10% from 1.83 mln ha a year ago, according to state government data. So far, nearly 72% 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 10.5% on year at 299,000 ha, the data showed. The area under black gram, also known as urad, was down 5.4% on year at 264,000 ha from 279,000 ha last year, the data showed. The area under pulses was down 7.5% on year at 663,000 ha. Bengal gram, black gram, maize, and peanuts are the major rabi crops grown in the state. Farmers in Andhra Pradesh have sown paddy over 555,000 ha as of Wednesday, down from 642,000 ha in the previous year. The targeted area for the crop is 820,000 ha in the current season. Jowar's acreage was up at 97,000 ha from 58,000 ha a year ago, data showed. Maize was sown over 148,000 ha, lower than 227,000 ha in the previous year. The area under food grains was down at 1.47 mln ha from 1.65 ha a year ago, and coarse grain cultivation was at 256,000 ha, down from 294,000 mln ha in the previous year. Oilseed acreage fell to 100,000 ha from 114,000 ha a year ago, according to the report. The target for oilseeds is 142,000 ha for the current season. Groundnut was sown over 67,000 ha, lower than 91,000 ha a year ago. The water level in major reservoirs in the state as of Wednesday was 229.58 bln cu ft, down from 460.49 bln cu ft a year ago, according to government data. The Cotton Association of India has estimated the country's cotton output in 2023-24 (Oct-Sep) at 29.4 mln bales (1 bale = 170 kg), unchanged from the last month's projection, according to a release. The association updates its estimates almost every month, based on information received from members of associations in 11 cotton-growing states and other trade sources. Production of cotton in the north zone, which comprises Punjab, Haryana, and Rajasthan, is estimated at 4.2 mln bales, down 100,000 bales from last year. As of Jan 31, 3.3 mln bales of cotton had been produced in this zone. The estimate for the central zone, which comprises Gujarat, Maharashtra, and Madhya Pradesh, is also down at 18 mln bales from 19.5 mln bales last year. As of Jan 31, 9.4 mln bales of cotton had been produced in this zone. The estimate for the south zone is also seen lower at 6.8 mln bales from 7.5 mln bales last year. As of Jan 31, 4.7 mln bales of cotton were produced in this zone. Other states account for the rest of the output. The opening stock for the season starting October was estimated at 2.9 mln bales, the association said. The total supply of cotton for the 2023-24 season is estimated at 34.5 mln bales, down from 35.5 mln bales a year ago. The association has estimated imports in 2023-24 at 2.2 mln bales, higher than the 1.25 mln bales imported in 2022- 23. Additionally, total supply till the end of Jan 2024 is estimated at 21.0 mln bales. The association has estimated the domestic consumption at 31.1 mln bales, unchanged from the previous year. It estimated the exports at 1.4 mln bales, down from 1.6 mln bales during last season, but unchanged from the previous month's estimates. Until Jan 31 the consumption is estimated at 11 mln bales.

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