Agri Picks Report January 18, 2024: Geojit

commodities

Geojit's report on Agri Picks

The area under rabi crops in Gujarat was at 4.56 mln ha in the current season as of Monday, up 2.4% from last year, according to data from the state agriculture department. Wheat, the key rabi crop grown in the state, was sown over 1.24 mln ha, down 3.7% from 1.29 mln ha last year. The normal area for the crop, which is the average of the last three years, is at 1.30 mln ha. The area under maize in the state rose nearly 9% on year to 114,941 ha. The acreage of rabi cereals was down 1.7% on year at 1.39 mln ha. The acreage of rabi pulses was down 16.2% on year at 675,951 ha. The acreage of chana, the major pulse in Gujarat and accounting for 93.3% of the rabi pulses, was at 630,361 ha, down from 764,457 ha a year ago. Of the total oilseeds' acreage at 277,709 ha, mustard was sown over 277,288 ha, and was down 9.2% on year from 305,214 ha, the data showed. The area under jeera has more than doubled to 561,306 ha, from 275,655 ha last year. The normal area for the crop is 350,666 ha. Gujarat is the largest producer of the spice. The acreage under coriander was down 43% on year at 127,019 ha. Gujarat is the second-largest producer of the spice. Among other crops, sowing of tobacco was down 3.7% from the previous year at 133,046 ha, while that of sugarcane rose to 187,408 ha from 178,373 ha. Sowing of vegetables dropped marginally to 200,169 from 200,380 ha last year. Potato acreage, on the other hand, rose slightly to 134,734 ha from 131,432 ha the previous year. The area under fodder was at 598,261 ha, down from 608,586 ha in the year-ago period. The government has extended the policy to allow import of crude soyoil, crude palm oil and crude sunflower oil at lower duty by another year till Mar 31, 2025, the Ministry of Finance said in an official notification late on Monday. The decision aims to keep a check on domestic prices and prevent any further rise in prices of edible oil. In Nov-Dec, India imported palm oil from Indonesia and Malaysia, and soyoil from Argentina, Brazil, Iraq and Turkey. Sunflower oil was imported from Argentina, Romania, Russia and Ukraine. "Following this, the demand (for these edible oils) from Malaysia will remain intact," a Jaipur-based trader said. As import duty for palm oil, soyoil and sunflower oil is lower, supply may increase in the domestic market. "As the mustard crop is about to be harvested and is ready to come to the market, this move by the government is likely to affect the mustard processing industry," he said. Currently, crude palm oil, crude soyoil and crude sunflower oil attract import duty of 5.50% each. Edible oil is India's third-largest imported commodity, after crude oil and gold.

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18012024 - coom