Agri Picks Report March 05, 2025: Geojit Financial Services

commodities

Geojit Financial Services's report on Daily Agri Picks

The National Agricultural Cooperative Marketing Federation of India procured 2.89 million tonnes of oilseeds as of Sunday, slightly more than the 2.85 million tonnes purchased as of Feb. 23, according to data by the central procurement agency released Monday. So far, NAFED has procured 53% of the total 5.48 million tonnes approved by the government under the price support scheme. • Cotton Corp. of India has procured 9.4 million bales of cotton so far, even as prices continue to be below the minimum support price due to weak demand, the Hindu Businessline newspaper reported Tuesday. "Procurement is still going on across all states. CCI (Cotton Corp. of India) field officials will be present in all the market yards till last arrivals," the report quoted Lalit Kumar Gupta, managing director of Cotton Corp., as saying. The corporation has not yet decided when to sell the crop from the 2024-25 season, Gupta said. Daily arrivals have dropped below 90,000 bales, of which 40,000-50,000 bales is being purchased by the corporation, the report said, quoting Atul Ganatra, president of the Cotton Association of India. "Ginners are hardly getting 40,000-45,000 bales, but mills need 100,000 bales a day. So mills have started increasing their purchases slightly and want to build up inventory at these rates. However, mills are not buying at higher price and sticking to their own price," Ganatra said. Prices will stabilise once arrivals slow down, but Indian cotton prices will not increase until ICE futures rise. The pressed cotton prices are hovering between INR 53,000 and INR 54,500 per candy, depending on the quality, Ganatara said.

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