Agri Picks Report June 20, 2024: Geojit Financial Services

commodities

Geojit Financial Services's report on Daily Agri Picks

The country received a weighted average rainfall of 6.2 mm on Wedensday, 1% above the normal rainfall of 6.1 mm, the India Meteorological Department said. Two homogenous regions in the country received lower-than-normal rainfall, while the other two received above-normal rainfall. Rainfall in east and northeast India was 83% above normal at 21.4 mm, while in the southern peninsula, it was 4% above normal at 6.1 mm. The rainfall in central India was 38% below normal at 4.2 mm and in northwest India, it was was 78% below the long-period average at 0.5 mm. Since Jun 1, the country has received 70.7 mm of rainfall, 18% below the normal rainfall of 86.7 mm for the period, the IMD said. During the season so far, rainfall was "deficient" or "large deficient" in 25 out of the 36 subdivisions. Three subdivisions got "normal" rainfall, while four subdivisions each got "excess" or "large excess", the weather bureau said. The southwest monsoon will likely cover parts of Bihar, Jharkhand and Gangetic West Bengal, some more parts of Maharashtra, Chhattisgarh, Odisha and coastal Andhra Pradesh and the remaining parts of sub-Himalayan West Bengal in the next 2-3 days, the weather agency said. The northern limit of the monsoon continues to pass through Navsari in Gujarat, Jalgaon, Amravati, and Chandrapur in Maharashtra, Bijapur in Karnataka, Sukma in Chhattisgarh, Malkangiri in Odisha, Vizianagaram in Andhra Pradesh, and Islampur in West Bengal. Kharif sowing in Karnataka surged 273% on year to 2 mln ha as of Friday, according to state government sowing data. The kharif acreage was 542,000 ha in the corresponding period of last year. The normal kharif acreage for the period, which is the average of the last five years, is 929,000 ha. So far, 24.5% of the targeted kharif sowing area of 8.2 mln ha has been covered, the report showed. The sharp increase is mainly due to the early onset of the monsoon in the state. During last year's kharif season, Karnataka witnessed a drought, which damaged major crops including turand maize. As of Friday, the state has received rainfall of 119 mm, 54% above normal, the report showed. The acreage under maize so far was 568,800 ha, more than nine times 60,200 ha during the corresponding period of last year. Maize is the largest cereal grown in the state and Karnataka is one of the major maize producers. Paddy has been sown over 43,200 ha so far, up from 5,400 ha a year ago. The acreage for total cereals was 684,800 ha, up from 85,500 ha a year ago. Sowing of cereals was done over 579,000 ha of rainfed land and 105,700 ha of irrigated land, the data showed. As of Friday, the area under pulses rose to 491,400 ha from 93,500 ha a year ago. The acreage under tur was sharply up at 165,100 ha, against 1,500 ha a year ago. The acreage of green gram was up at 247,900 ha from 35,600 ha a year ago. The state reported 192,000 ha under oilseeds as of Friday, almost six times of 32,100 ha a year ago. The area under groundnut surged to 57,900 ha from 3,500 ha a year ago, while soybean rose to 101,000 ha from 1,700 ha last year. Sugarcane sowing so far was at 422,700 ha, up from 202,500 ha a year ago. Cotton acreage rose to 159,600 ha from 54,800 ha a year ago, the data showed.

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