Agri Picks Report January 14, 2025: Geojit Financial Services

commodities

Geojit Financial Services's report on Daily Agri Picks

The USDA has revised its global oilseed production estimate for 2024-25, lowering it to 680.35 million tonnes from the previous 683.38 million tonnes, primarily due to reduced soybean, peanut, and rapeseed output. The US soybean production forecast has been cut by 95 million bushels, with notable declines in several states, while production in other countries is slightly lower, mainly due to reduced rapeseed and soybean output in Russia, China and India. Global soybean crushing is projected to rise by 1.9 million tonnes, with higher exports from Brazil and Iraq contributing to this increase. The US soybean price remains unchanged, but soybean meal prices have risen, reflecting higher demand from the EU and South Asia. Rabi sowing across the country as of Jan. 3 was 62.3 million hectares, up just 0.2% from last year, according to data from the Department of Agriculture and Farmers Welfare. The area under wheat, the main rabi crop, was up 1.7% on year at 32.0 million hectares, according to the data. The area under rabi paddy was up nearly 1% on year at 1.69 million hectares. Maize acreage rose nearly 8.4% on year to 2.2 million hectares. Above-normal rainfall during the southwest monsoon led to higher moisture content in the soil, which aided sowing of rabi crops. The country received 8% above normal rainfall at 934.8 mm in the southwest monsoon, according to the India Meteorological Department. The area under pulses was 13.72 million hectares, up 0.8% from 13.60 million hectares a year ago, the data showed. Among pulses, the acreage of chana was 9.45 million hectares, up 1.4% from a year ago. Chana is the main legume grown during the rabi season. Masur acreage was down nearly 2% at 1.74 million hectares. The area under oilseeds is down 4.8% on year at 9.7 million hectares. Mustard acreage was 8.9 million hectares, down 5.6% from a year ago. The area under groundnut was up 6.7% to 365,000 hectares while the area under sunflower was up 98.6% at 74,000 hectares.

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