Agri Picks Report March 06, 2025: Geojit Financial Services

commodities

Geojit Financial Services's report on Daily Agri Picks

The sowing of summmer crops across the country has progressed to 3.26 million hectares as of Thursday, up 22.6% on year, according to data from the agriculture ministry. The acreage under summer crops at this time last year was 2.65 million hectares. The area under rice, the largest summer crop, was 2.51 million hectares as of Thursday, up 12.7% on year from 2.22 million hectares a year ago. Similarly, the area under maize, which is the largest coarse cereal grown during the season, rose to 136,300 hectares from 115,000 hectares last year. The acreage under bajra, the second largest course cereal, also rose to 21,300 hectares from 15,100 hectares last year. The area sown under all pulses rose by a whopping 207.5% on year to 435,700 hectares from 141,700 hectares last year. Under pulses, moong acreage jumped to 317,500 hectares from 99,700 hectares sown a year ago. The area sown under urad also rose to 109,300 hectares from 37,800 hectares sown last year. The government is yet to announce an extension of the duty-free imports of urad, set to expire on Mar. 31. Oilseeds acreage was down at 145,900 hectares from 152,600 hectares a year ago. The area under sesamum, the major summer oilseed crop, was at 30,000 hectares, lower than 34,900 hectares a year ago. Similarly, groundnut acreage also fell to 102,100 hectares from 104,200 hectares last year. Chana production in Australia is expected to hit a record high of 2.27 million tonnes in the crop year 2024-25 (Jul-Jun), up a whopping 362% on year from 491,000 tonnes in 2023-24, according to the quarterly crop report released by the country's Department of Agriculture, Fisheries, and Forestry. The likely rise in production is due to larger acreage driven by India's tarifffree period for chana imports. 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.

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