Agri picks report July 30, 2024: Geojit Financial Services

According to Geojit, the forecast of above-normal rainfall this season has boosted the acreage of key crops such as pulses and oilseeds from the previous year. The area under paddy, one of the main kharif crops, was tad down 0.2% on year at 21.6 mln ha as of today.

Broker Research

July 30, 2024 / 09:10 IST

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Geojit Financial Services's report on Daily Agri Picks

Farmers across the country have sown kharif crops over 81.2 mln ha as of today, up 2.3% from a year ago, data from the farm ministry showed. The sowing of kharif crops has begun well as the Southwest monsoon rainfall has picked up after a slow start. The forecast of above-normal rainfall this season has boosted the acreage of key crops such as pulses and oilseeds from the previous year. The area under paddy, one of the main kharif crops, was tad down 0.2% on year at 21.6 mln ha as of today. The acreage under pulses was 10.2 mln ha as of today, up from 8.9 mln ha a year ago.

Within pulses, acreage under tur surged 34% to 3.8 mln ha from 2.9 mln ha a year ago, the ministry data showed. The sharp increase in tur acreage is mainly due to the early onset of the monsoon in top tur-producing states such as Karnataka. During the last kharif season, the sowing of kharif crops was delayed due to erratic monsoon. This also weighed on production of tur and maize and delayed the sowing of rabi crops as well. However, the forecast of an above-normal Southwest monsoon this year by the India Meteorological Department bodes well for the agricultural sector as most kharif crops are heavily reliant on rainfall.

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