Agri Picks Report March 15, 2024: Geojit

commodities

Geojit's report on Daily Agri Picks

The Food Corporation of India is yet to start wheat procurement as the arrivals of the crop have been hit by the recent rains, which delayed the harvest, the Hindu Businessline reported today. The government has said that it planned to buy 30-32 mln tn of wheat in the procurement season beginning Apr 1, by starting the purchase a month in advance. However, the recent rainfall has delayed the arrivals, the financial daily reported. The momentum of arrival will pick up in most of the wheatproducing states from April first week, traders and millers told the newspaper. The agriculture ministry has pegged this year's wheat production at a record 112.03 mln tn. The current year's procurement is crucial for the government amid falling stocks of wheat in the central pool after release of 10 mln tn in the open market through weekly auction at subsidised rates, the newspaper reported. Madhya Pradesh and Rajasthan have announced a bonus of 125 rupees per 100 kg for wheat farmers for the 2024-25 season (Jul-Jun), which was over and above the Centre-fixed minimum support price of 2,275 rupees per 100 kg. • The lull experienced by central India and some parts of east India is set to come to an end soon, as Skymet has forecast premonsoon activity over these regions. Southern parts of the country may face heat-like conditions by next weekend, Skymet reported. Recent weather activity was largely concentrated in the northern parts of the country, which is set to change, the weather bureau reported. Rayalseema recorded temperatures over 40 degrees Celcius, becoming the hottest part of the country, the weather agency said. The boiling weather bodes well for the commencement of pre-monsoon and only needs a trigger, it said. The trigger is likely as Maharashtra, Madhya Pradesh, Chhattisgarh, Odisha, Jharkhand and West Bengal are hot favourites for the unseasonal thunderstorm, accompanied by hailstorms, Skymet reported. East Madhya Pradesh, Vidarbha and south Chhattisgarh in the central region and Odisha, Jharkhand and West Bengal on the eastern side, are very likely to experience intense thunderstorms and hailstorms during Mon-Wed, the agency reported. A few pockets of Odisha, Chhattisgarh, Jharkhand and West Bengal are vulnerable to intense stormy activity, mostly occurring during late afternoon and evening hours from Saturday, it said.

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15032024 - co