Agri Picks Report July 11, 2024: Geojit Financial Services

commodities

Geojit Financial Services's report on Daily Agri Picks

Production of crude palm oil in Malaysia fell 5.2% on month to 1.61 mln tn in June, according to preliminary data from the Malaysian Palm Oil Board. Exports of palm oil in June fell 12.8% on month to 1.20 mln tn. Similarly, biodiesel exports fell 35.3% on month to 14,542 tn, the data showed. Palm oil is also used to make biofuel. Total stocks of palm oil in the country rose 4.3% on month to 1.83 mln tn at the end of June. Malaysia is the world's second-largest producer of crude palm oil, and India is the largest consumer of edible oils. The area under kharif crops in Maharashtra rose 171% on year to 11.1 mln ha as of Monday, according to the state agriculture department. The acreage was 4.1 mln ha in the corresponding period of last year. Kharif crops are sown at the beginning of the first rains during the southwest monsoon season around June and harvested at the end of the monsoon season around October. The area under rice was at 245,961 ha, up from 106,519 ha a year ago. The area under food grains rose to 3 mln ha from 736,344 ha a year ago, according to the data. The acreage under pulses rose to 1.52 mln ha from 383,176 ha a year ago. The area under maize rose to 845,604 ha from 186,417 ha in the previous year. Similarly, the area under cotton rose to 3.7 mln ha from 2.2 mln ha last year. Soybean acreage was higher at 4.3 mln ha compared with 1.1 mln ha last year. The southwest monsoon rainfall in the state so far during the season was 8% above normal at 311.8 mm, according to the India Meteorological Department. The water level in dams in Maharashtra is at 26.6% of the capacity today compared with 31.6% a year ago, according to data from the state water resources department.

For all commodities report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

11072024 - co