Agri Picks Report March 27, 2024: Geojit

commodities

Geojit's report on Daily Agri Picks

Farmers in Gujarat have sown crops across 868,132 ha as of today for the 2023-24 summer season, down 3.5% from 900,034 ha in the corresponding period a year ago, according to data from the state agriculture department. The normal acreage for the season, which is the average of the past three years, is 1.1 mln ha. Bajra, paddy, sesamum, and moong are the main crops grown in the state during summer. Summer crops are grown for a short time period between Kharif and Rabi crops, mainly from March to June. The total area under cereals was 313,286 ha, up from last year's area of 307,480 ha. The area under bajra, the key crop grown during summer, was lower at 214,670 ha from last year's acreage of 222,566 ha. However, paddy was sown over 92,505 ha, up 17.5% from last year. Paddy is the second-largest cereal grown in the state. Pulses grown during the season are urad and moong. The acreage under pulses was 57,000 ha, down from 58,476 last year. Moong was sown over 37,779 ha as of today, lower from 38,759 ha during the same period last year. Urad acreage was down at 19,221 ha from 19,717 ha in the same period of the previous year. Groundnut and sesamum are the main oilseed crops sown during the season in the state. Groundnut has been sown over 46,910 ha, up from 43,447 ha last year. Sesamum acreage fell to 99,246 ha from 104,747 ha last year. The area under vegetables was 79,341 ha, up from 79,190 ha a year ago. Onion acreage rose to 10,780 ha from 9,229 ha a year ago. Sugarcane acreage has dropped to 9,069 ha from 9,227 ha a year ago, the data showed. Fodder acreage fell 12.2% on year to 243,455 ha, according to the data. • The Solvent Extractors' Association of India has urged the government to direct agencies to set up procurement centres at major mandis to procure mustard seed at the minimum support price. Such a move will ensure market stability and the welfare of farmers, the association's president, Ajay Jhunjhunwala, wrote in the letter. Currently, market prices of mustard are below the minimum support price of 5,650 rupees per 100 kg, and this necessitates immediate government intervention,the association said. On Thursday, prices in Jaipur were 5,475-5,500 rupees per 100 kg, according to traders. Minimum support price remains a concern, as the oilseed harvesting season is underway, SEA said."Despite reaching a peak of 100 lakh (10 mln) hectares in acreage during the current season, mustard cultivation faces stagnation due to declining prices," it said. India has maintained a policy of free export of oilseeds, oilmeals, and edible oil alongside unrestricted import capabilities that affect the domestic market negatively. Excess imports have led to surplus inventory, posing a challenge to both the government and the industry. "Import dependency for edible oils continues to escalate annually, with last year witnessing imports of 165 lakh tonnes (16.5 mln tn) valued at Rs. 1.4 lakh crores (1.4 trln rupees)," he SEA said.

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27032024 - co