Agri Picks Report January 29, 2024: Geojit

commodities

Geojit's report on Agri Picks

The area under rabi crops in Telangana stood at 4.22 mln acres as of Wednesday, 8% lower than 4.60 mln acres a year ago, according to data from the state government. The acreage so far accounts for 77% of the normal rabi crop area of 5.5 mln acres for the entire season, the data showed. One acre is about 0.40 ha. The area under pulses fell 25% on year to 299,563 acres. Acreage of Bengal gram was down nearly 27% on year at 250,452 acres. For the rabi season, the normal acreage for pulses is 421,163 acres. Maize, Bengal gram, jowar, and groundnut are the main rabi crops grown in the state. The total area under major millets rose to 584,226 acres from 553,264 acres a year ago, the data showed. Jowar, bajra, maize and ragi are the major millets grown in the state. Maize was sown over 459,821 acres, lower than 470,684 acres a year ago. The season's normal area for maize is 511,521 acres, and it covers the maximum area under major millets, as per data. Jowar, the second-major millet in the state, was sown over 123,595 acres, nearly 53% higher than 80,868 acres a year ago. Paddy sowing fell 8% on year to 3.04 mln acres. The season's normal acreage is 4.05 mln acres. The area under food grains fell 8.2% on year to 3.93 mln acres. Oilseed acreage was at 235,536 acres, down from 265,020 acres a year ago. Groundnuts accounted for 84% of the oilseed acreage at 197,715 acres, down from 218,031 acres a year ago. The normal area for oilseeds in the season is 371,037 acres. Telangana received scanty rainfall at 0.1 mm till Wednesday, and so far, the cumulative rainfall in the year has been normal at 913.8 mm, the data showed. The water level in major reservoirs in the state as of Wednesday was 362.31 bln cu ft, down from 603.78 bln cu ft a year ago, according to government data. India's sunflower oil imports are likely to decline in the coming months due to a surge in freight rates following the attacks on commercial vessels in the Red Sea by Yemen-based Houthi rebels since November, industry experts said. "The attacks on the Red Sea have led to sunflower import freight rates increasing by $30 to $115 per tn," Sandeep Bajoria, chief executive officer at Sunvin Group told Informist. "It is also a 15-day extra voyage as ships are forced to take longer routes from the Cape of Good Hope, Africa," Bajoria said. The traffic along the Red Sea – one of the world’s busiest waterways – has fallen more than two-thirds since Houthi rebels began targeting commercial shipping, Moody's Analytics said in a report last week. The Red Sea, which connects to the Mediterranean via the Suez Canal, accounts for about 80% of India's merchandise trade with Europe. The voyage time from Russia and Ukraine to India has gone up to 37 days from 22 days earlier, Bajoria said. He expects palm oil imports to India in 2024 to decline to 9 mln tn from 10 mln tn in 2023 and soyoil imports to increase to 4.5 mln tn from 3.5 mln tn. He, however, sees sunflower oil imports in 2024 remaining at 3.0 mln tn. India, one of the biggest importers of sunflower oil, uses the Black Sea region via the Suez Canal for most of its sunflower imports. In Nov-Dec, India imported 266,221 tn, or nearly 70% of its total sunflower oil imports of 389,557 tn, from Romania, Russia and Europe. Argentina was the other major exporter of sunflower oil to India, exporting 85,012 tn during the same period, according to data from the Solvent Extractors' Association. Yemen's Houthi started a series of attacks in November and have attacked more than two dozen ships with drones and missiles.

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29012024 - coom