Agri Picks Report June 14, 2024: Geojit Financial Services

commodities

Geojit Financial Services's report on Daily Agri Picks

The advance of the southwest monsoon over Gujarat may get delayed as rainfall activity will likely weaken in the state over the next few days, private weather agency Skymet said. Light rainfall is possible in a few places in the state next week, but it won't be enough to draw the monsoon stream over the state, Skymet said. As per the normal dates, the monsoon enters south Gujarat around Jun 15 and covers the entire state on Jun 30, Skymet said. Among states, Gujarat takes the longest period for the monsoon to cover the entire state, it said. The monsoon entered Gujarat on Tuesday. The northern limit of the monsoon has reached the tip of south coastal Gujarat and passes through Navsari, while the eastern arm has been stagnant since May 30 in northeast India, the weather agency said. The US Department of Agriculture has cut its monthly estimate for global oilseed output for 2024-25 (May-Apr) to 685.81 mln tn from 687.06 mln tn forecast in May. Production of oilseeds in the US in 2023-24 is seen at 656.83 mln tn, the department said in its monthly report. Global ending stocks of oilseed in 2024-25 are pegged at 143.88 mln tn, down from 144.84 mln tn in May, according to the report. The global 2024-25 soybean outlook includes lower beginning and ending stocks, the report said. The department has projected global soybean output at 422.26 mln tn, the same as the previous month. The department has kept the outlook for US soybean production at 121.11 mln tn, unchanged from the previous month's estimate. Soybean production forecasts for Argentina, China, Paraguay, and Brazil remain unchanged from last month. Production in Argentina and China was steady at 51.00 mln tn and 20.70 mln tn, respectively, according to the report. Paraguay's production of soybeans in 2024-25 was also stable from May at 10.70 mln tn. Brazil is the world's largest producer of soybeans, followed by the US and Argentina. Global soybean exports for 2024-25 are seen at 180.20 mln tn, unchanged from the previous month. Global ending stocks of soybean in 2024-25 are pegged at 127.90 mln tn, as against 128.50 mln tn the previous month, due to lower stocks in Brazil. The soybean price in 2024- 25 is forecast at $11.20 per bushel, unchanged from last month. Similarly, soybean meal and oil prices are also expected to be unchanged, at $330 per short tn and 42 cents per pound, respectively, the agency said in its report. The US government agency sees global soybean meal output in 2024-25 at 271.24 mln tn down from 271.31 mln tn last month. Soybean meal is a derivative of soybean, manufactured by crushing oilseeds, and is mainly used in producing poultry feed.

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14062024 - co