Agri Picks Report October 03, 2024: Geojit Financial Services

commodities

Geojit Financial Services's report on Daily Agri Picks

India is likely to receive above average rainfall in October after unseasonably high volumes for the past three months according to the IMD. October rainfall is projected at more than 115% per cent of the 50-year average, said Mrutyunjay Mohapatra, director-general of the IMD. The India Meteorological Department on Monday said conditions are likely to become favourable for the withdrawal of the Southwest Monsoon from more parts of Rajasthan, Haryana, and Punjab over the next two to three days. Over the same time period, it also sees the monsoon withdrawal from some parts of Jammu and Kashmir, Ladakh, Gilgit, Baltistan, Muzaffarabad, and Himachal Pradesh. Last week, Southwest Monsoon had withdrawn from some parts of west Rajasthan and Kutch in Gujarat. The normal withdrawal date for the Southwest Monsoon is Sep 17, the weather bureau said. The water level in 155 key reservoirs of the country as of Thursday was 156.639 bcm, 87% of the total live storage capacity of 180.852 bcm, according to data from the Central Water Commission. The current water storage is up 21% from a year ago and 13% from the average for the past 10 years. In the northern region, the water level in the reservoirs was 13.516 bcm, 68% of the live storage capacity, compared with 86% a year ago. In the eastern region, the water level was 17.591 bcm, 85% of the live storage capacity against 65% a year ago. In the western region, the water level was 35.435 bcm, 95% of the live storage capacity, against 85% a year ago. In the central region, the water level was 43.691 bcm, 91% of the live storage capacity, against 83% a year ago. In the southern region, the water level was 46.406 bcm, 85% of the live storage capacity compared with 48% a year ago. Of the 155 reservoirs, 144 reported more than 80% of normal storage, while 11 reported storage levels at 80% of normal or below that. Of the 11 reservoirs, one had storage up to only 50% of the normal level. Since Jun 1, India has received 905.6 mm of rainfall, 6% above the normal of 853.4 mm for the period, according to the India Meteorological Department.

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03102024 - co