Agri Picks Report January 11, 2024: Geojit

commodities

Production of crude palm oil in Malaysia fell 13.3% on month to 1.55 mln tn in December, according to preliminary data from the Malaysian Palm Oil Board. Exports of palm oil in December fell 5.1% on month to 1.33 mln tn. Biodiesel exports fell 0.7% on month to 17,834 tn, the data showed. Palm oil is also used to make biofuel. Total stocks of palm oil in the country fell 4.6% on month to 2.29 mln tn in December. Malaysia is the world's second-largest producer of crude palm oil, and India is the largest consumer of edible oils. Farmers in Andhra Pradesh have sown rabi crops over 856,000 ha as of Jan 3, down 27% from 1.18 mln ha a year ago, according to state government data. So far, 37% of the targeted rabi crop area of 2.3 mln ha in the state has been covered, the data showed. Acreage of black gram, also known as urad, was down at 151,000 ha from 219,000 ha a year ago, the data showed. The area under bengal gram was down 29% on year at 238,000 ha from 337,000 ha last year, the data showed. The area under pulses was down 29% on year at 444,000 ha. Bengal gram, black gram, maize, tobacco, and peanuts are the major rabi crops grown in the state. So far, Andhra Pradesh has not received rainfall during winter, while the state normally receives 15.9 mm of rain in this season, the data showed. Farmers in Andhra Pradesh have sown paddy over 166,000 ha as of Jan 3, down from 278,000 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 57,000 ha from 39,000 ha a year ago, data showed. The area under food grains was down at 745,000 ha from 1.05 ha a year ago, and coarse grain cultivation was at 135,000 ha, down from 154,000 mln ha in the previous year. Oilseed acreage fell to 52,000 ha from 74,000 ha a year ago, according to the report. The target for oilseeds is 142,000 ha for the current season. Sowing for rabi crops is under progress in the state and farmers are taking up land preparation, according to the state government's report. The water level in major reservoirs in the state as of Jan 3 was 278.14 bln cu ft, down from 634.52 bln cu ft a year ago, according to government data.

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