Agri Picks Report July 26, 2023: Geojit

commodities

Geojit's report on Agri Picks

Guarseed and guargum futures gained more than one per cent respectively, paring initial losses on firm demand. Sowing of kharif crops has picked up pace in the last one week with the monsoon season's rains recording a surplus. As of Friday, total kharif acreage was at 73.3 mln ha for the 2023-24 (Jul-Jun) kharif season, slightly higher than 72.5 mln ha in the corresponding period last year. In the previous week, sowing of kharif crops was lagging by 3.4% on year, according to data from the farm ministry. Most kharif crops are heavily reliant on rainfall during the Jun-Sep monsoon season. Since Jun 1 till Sunday, the country has received 389.2 mm rainfall, 5% above the normal of 370.9 mm for the period, according to the India Meteorological Department. Farmers have sown paddy, the largest grown kharif food grain, across 18.02 mln ha so far, higher than 17.55 mln ha a year ago, according to the farm ministry data. So far, the total area under cotton is 10.96 mln ha against 10.99 mln ha a year ago, while that under sugarcane was at 5.6 mln ha compared to 5.3 mln ha in the previous year, the data showed. The area under pulses was a tad lower at 8.6 mln ha compared with 9.5 mln ha last year. For oilseeds, acreage was 3.3% higher at 16.04 mln ha so far, the data showed. Groundnut, the major oilseed grown in the country, has been sown over 3.49 mln ha across the country, 1.2% higher from the corresponding period last year. India's oilmeal exports fell 35% on year to 280,001 tn in June, data released by The Solvent Extractors' Association of India today showed. The fall in exports was primarily on account of lower shipments of mustard meal, rice bran meal and castor seed meal. In June, the country exported 140,506 tn mustard meal, significantly lower than 308,550 tn in the year-ago period. Exports of castor seed meal fell to 17,512 tn from 26,366 tn a year ago. However, exports of soymeal rose to 73,139 tn from 31,853 tn last year. The country's total oilmeal exports in Apr-Jun rose 20% to 1.2 mln tn. Exports of soymeal during the period rose 383% to 364,611 tn. However, during the quarter, the export of mustard meal fellto 620,738 tn from 706,906 tn in the year-ago period. In Apr-Jun, 285,032 tn oilmeals were exported from Kandla port against 408,665 tn a year ago. About 381,501 tn were exported from Mundra port against 246,400 tn last year. Exports from Mumbai port, including Jawaharlal Nehru Port Trust, in Apr-Jun were at 116,809 tn against 57,139 tn a year ago. Around 91,210 tn of oilmeals were shipped from Kolkata port compared with 108,619 tn a year ago, and 324,877 tn from other ports compared with 180,733 tn in the same period last year, the association said.

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