Agri Picks Report November 07, 2024: Geojit Financial Services

commodities

Geojit Financial Services's report on Daily Agri Picks

The Indian Sugar Mills & Bio-Energy Manufacturers Association has retained its estimate for gross sugar production in 2024-25 (Oct-Sep)at 33.3 million tonnes, 2.3% lower than 34.1 million tonnes last year, according to ISMA's first advance estimates for sugar output. In July, the association had pegged gross sugar output in the ongoing sugar season at 33.3 million tonnes. Gross sugar output is estimated before sucrose diversion for ethanol making. "It was noted that crop conditions look good in the major sugarcane producing states and field reports also align with the findings of the satellite mapping report," ISMA said. The government has pegged sugarcane output this year at 439.9 million tonnes, 2.9% below the final estimate of 453.2 million tonnes for last year. With sugarcane output seen lower in 2024-25, the government might not be keen to open sugar exports in the ongoing sugar year. Since 2022, India has banned sugar exports to ensure domestic availability of the sweetener. India is the second-largest producer of sugar after Brazil. India's food grain output during kharif season is estimated at a record 164.7 million tonnes due to good production of rice, jowar, and maize, according to the first advance estimate for 2024-25 (Jul-Jun) released by the government on Tuesday. The food grain output was 155.8 million tonnes during the kharif season last year. "For the first time, data from the Digital Crop Survey, which is being conducted under the Digital Agriculture Mission in collaboration with state governments, has been utilised to prepare area estimates," the farm ministry said in the release. Based on the survey, rice production is estimated at a record 119.9 million tonnes during the kharif season. The digital crop survey-based crop area estimation has been done for Uttar Pradesh, Madhya Pradesh, Gujarat, and Odisha, where all districts were covered under the survey. "This has led to a substantial rise in area under rice particularly in Uttar Pradesh," the farm ministry said in the release.

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