Agri Picks Report May 28, 2024: Geojit Financial Services

commodities

Geojit Financial Services's report on Daily Agri Picks

The India Meteorological Department has forecast above normal southwest monsoon rainfall this year at 106% of the long period average, with rainfall likely to be higher in the second half of the season. The forecast assumes a modelling error of plus or minus 4%, according to the second-stage long range forecast for the Jun-Sep southwest monsoon season. The weather bureau said that on average it expects above normal rainfall over most parts of the country during Jun- Sep. Central India and south peninsular India are expected to receive above normal rainfall at 106% of the long period average, while rainfall is likely to be normal over the northwestern parts of the country at 92-108% of the long period average. Only northeast India is expected to receive below normal rainfall during the southwest monsoon season this year at less than 94% of the long period average, the agency said. Over the monsoon core zone, consisting of most of the rain-fed agricultural areas in the country, rainfall is most likely to be above normal at over 106% of the long period average, it said. The India Meteorological Department on Monday said that weather conditions could turn favorable for the onset of the southwest monsoon over Kerala in the next five days. Conditions are also likely to become favorable for further ad-vancement of the southwest monsoon into more parts of south Arabian Sea, the remaining parts of Maldives and Como-rin area, and some parts of Lakshadweep area, according to the weather bureau. The agency also sees the south-west monsoon advancing to some more parts of southwest and central Bay of Bengal, northeast Bay of Bengal, and some parts of northeastern states during the next five days.

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