Agri Picks Report January 19, 2024: Geojit

commodities

Geojit's report on Agri Picks

India's oilmeal exports in December rose 23% on year to 532,729 tn, according to data released by The Solvent Extractors' Association of India today. The rise in exports was primarily due to higher global demand for Indian soymeal and shortages in supply from Argentina. Exports of soymeal in December rose to 273,394 tn from 121,138 tn a year ago due to improved price competitiveness. "Currently, India is the most competitive supplier of rapeseed meal to South Korea, Vietnam, Thailand and other Far East countries," the release said. For Apr-Dec, total oilmeal exports rose 24% to 3.5 mln tn, the data showed. Soymeal exports in Apr-Dec rose to 1.2 mln from 446,747 tn a year ago. In the same period, mustard meal exports rose to 1.8 mln tn from 1.7 mln tn. In December, exports of mustard meal rose to 216,942 tn from 194,748 tn a year ago, while exports of castor seed meal fell to 42,393 tn from 47,727 tn a year ago, the SEA said. In Apr-Dec, 1 mln tn of oilmeal was exported from the Kandla port, against 920,673 tn a year ago, and a total of 1.2 mln tn was exported from the Mundra port compared with 889,204 tn in the year-ago period, SEA said. During the same period, exports from Jawaharlal Nehru Port Trust in Mumbai rose to 276,699 tn from 181,001 tn a year ago, the association said. Around 110,223 tn of oilmeal was shipped from the Kolkata port, compared with 296,186 tn a year ago, and 924,631 tn from other ports compared with 529,055 tn in the same period last year, the association said. During the nine months, India's oilmeal exports to Bangladesh jumped nearly 136% on year to 662,890 tn, while exports to Vietnam fell 47% to 361,772 tn, the data showed. Oilmeal exports to South Korea were at 730,188 tn, higher than 715,810 tn a year ago, the data showed. In the case of rice bran meal, there were no exports from India in December compared with 65,658 tn exported in the corresponding period a year ago, according to the data. On Dec 8, the Centre extended the ban on exports of de-oiled rice bran till Mar 31 amid firm prices of dairy products. De-oiled rice bran, obtained after the extraction of oil from rice bran, is an important ingredient for cattle, poultry, and pig feed. El Nino conditions, which peaked in Oct-Nov, are likely to turn neutral in Apr-Jun, The Hindu BusinessLine reported today, quoting three global agencies. The Climate Prediction Centre, an arm of the US National Oceanic and Atmospheric Administration, and the National Centers for Environment Prediction, there is a 73% chance of El Nino conditions turning neutral in Apr-Jun. Currently, the El Nino event is close to peak amplitude and conditions are predicted to weaken over the next six months, as per The European Copernicus Climate Change Service. However, JanMar will continue to see a warm trend, it said. The Australian Bureau of Meteorology said that some atmospheric indicators have weakened over the last three weeks. "Model forecasts suggest the positive Indian Ocean Dipole is likely to continue to ease over the coming weeks," it said. Kharif crop production in India fell 3% as El Nino conditions affected the southwest monsoon. August was the driest month in India in the last 120 years, while October was the second warmest after 2016, the report said. As the post-monsoon rain turned deficient, rabi sowing of pulses, paddy and other crops are also bearing the brunt, the report said.

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