Agri Picks Report October 25, 2024: Geojit Financial Services

commodities

Geojit Financial Services's report on Daily Agri Picks

The country got an average rainfall of 18.4 mm in the week ended Wednesday, 23% above the normal rainfall of 15.0 mm for the period, the India Meteorological Department said. Two out of four homogeneous regions in the country received above-normal showers during the week, the weather bureau said. Central India received 97% above-normal showers during the week at 18.6 mm. Subdivisions such as west Madhya Pradesh, the Gujarat region, Saurashtra and Kutch, Konkan and Goa, central Maharashtra, Marathwada, and Vidarbha recorded large excess rainfall due to heavy rains in these regions. The South peninsula recorded 51.7 mm rain, 56% higher than the normal rainfall for the period, the data showed. Rainfall in northwest India recorded a 79% deficit during the week at 1.0 mm. Similarly, east and northeast India received 54% below-normal rainfall at 10.7 mm during the week, the agency said. Of the 36 subdivisions in the country, rainfall was "normal" in five and "excess" in one during the week. Rainfall was "large excess" in 12 subdivisions, while it was "deficient" in eight. The rainfall was "large deficient" in nine subdivisions. One subdivision received no rain during the week. Since Oct. 1, India has received 65.2 mm of rainfall, 3% above the normal level of 63.2 mm for the period. The Cotton Association of India has estimated the country's cotton production in 2024-25 (Oct-Sept) at 30.2 million bales (1 bale = 170 kg), down 7.1% on year. The committee, however, said there could be a variation of 5% in the cotton pressings and balance sheet numbers on account of an unpredictable monsoon pattern and other factors influencing the crop, according to the release. Cotton production in the north zone, which comprises Punjab, Haryana, and Rajasthan, is pegged at 3.6 million bales in the 2024-25 (Oct-Sept) season. Output in the central zone, which includes Gujarat, Maharashtra, and Madhya Pradesh, is seen at 18.9 million bales in 2024-25 against 20.0 million bales the previous year, according to the Cotton Association of India. Production in the south zone comprising Telangana, Andhra Pradesh, Karnataka, and Tamil Nadu is seen at 7.2 million bales against 7.4 million bales during the previous season, and other states will account for the rest of the output. The association has estimated domestic demand in 2024-25 at 31.3 million bales, the same as the previous year. It has pegged exports at 1.8 million bales, against the previous estimate of 2.85 million bales. The cotton body sees 2024-25 closing stock at 2.64 million bales against 3.02 million bales a year ago.The opening stock for the season starting October is estimated at 3.02 million bales against 2.89 million bales a year ago, the association said. The total supply of cotton till the end of the cotton season 2024-25 is estimated at 35.7 mln bales, against 37.2 million bales in the previous season. The association has estimated imports in 2024-25 at 2.5 million bales, up from 1.75 million bales from its previous estimate.

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25102024 - co