Agri Picks Report June 18, 2024: Geojit Financial Services

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Geojit Financial Services's report on Daily Agri Picks

The El Nino weather phenomenon, which exacerbated the increase in global temperatures, has been replaced by El Nino Southern Oscillation-neutral conditions during the past month, the US National Oceanic and Atmospheric Administration said in a report. The organisation's Climate Prediction Center also said that it expects La Nina, which is associated with cooler temperatures, to develop during Jul-Sep. The announcement of El Nino conditions turning neutral is expected to meet with a sigh of relief from people across the globe. The Climate Prediction Center said there is a 65% chance of La Nina developing during Jul-Sep. There is also an 85% possibility of the weather phenomenon to persist into the Northern Hemisphere winter during Nov-Jan, it said. El Nino, which emerged in June 2023, has been responsible for global temperatures increasing considerably during the last 12 months. According to the National Oceanic and Atmospheric Administration, May had a record-high monthly global ocean surface temperature for the 14th consecutive month. It further said the global surface temperature was 1.18 degrees Celsius above the 20th century average of 14.8 degrees Celsius, making it the warmest May on record. Also, May 2024 marked the 48th consecutive May, since 1977, with temperatures at least nominally above the 20th-century average, the US weather agency said in the report. Last month also marked the 12th-consecutive month of record-high temperatures for the planet. "Looking at the world’s land masses, temperatures were above average across most of the globe except for western North America, Greenland, southern South America, western Russia and parts of eastern Antarctica. Africa had its warmest May on record," the National Oceanic and Atmospheric Administration said.In India, El Nino is associated with lower rainfall and a hotter climate. Last year, India received below normal rainfall during the Jun-Sep period mainly due to the presence of El Nino. The India Meteorological Department had earlier said that El Nino conditions are likely to turn into neutral during the coming months, which will pave the way for La Nina, which brings good rainfall to India.When asked about IMD's current stance on El Nino conditions turning neutral, a scientist from the agency said the Indian weather bureau will release an update at the end of June. However, she also said IMD does not diverge from the US National Oceanic and Atmospheric Administration's latest forecast.

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18062024 - co