Agri Picks Report September 17, 2024: Geojit Financial Services

commodities

Rainfall across the country on Monday was 4.7 mm, 15% below the normal of 5.6 mm, according to the India Meteorological Department. Since Jun 1, India has received 862.3 mm of rainfall, 8% above the normal of 801.5 mm for the period, it said. Of the four homogenous regions in the country, three regions received below normal showers today and one region received above normal showers. Northwest India received 70% below normal showers at 1.0 mm. Central India received 21% below normal rains at 4.3 mm, and the southern peninsula received 92% below normal rains at 0.4 mm. Rainfall was 85% above normal at 18.1 mm in east and northeast India. Since Jun 1, the east and northeast India region has received 14% below normal rainfall at 1,065.1 mm. Rainfall in Arunachal Pradesh and Bihar, which come under this homogenous region, has been deficient so far during the southwest monsoon. As of Monday, rainfall has been normal in 19 of the 36 subdivisions. Rainfall was in "large excess" in two, "excess" in 11, and "deficient" in four subdivisions, it said. • The Cotton Association of India has increased the country's production estimate for 2023-24 (Oct-Sep) to 32.3 mln bales (1 bale = 170 kg) from its previous estimate of 31.8 mln bales. The association updates its estimates almost every month, based on information received from its members in 11 cotton-growing states and other trade sources. Cotton production in the north zone, which comprises Punjab, Haryana, and Rajasthan, was at 4.5 mln bales as of Aug 31. Cotton production in the north zone is estimated to be at 4.6 mln bales, up from 4.3 mln bales last year, according to the report. The central zone, which comprises Gujarat, Maharashtra, and Madhya Pradesh, produced 19.7 mln bales as of Aug 31, according to the Cotton Association of India. Cotton production in the central zone is estimated to be at 19.8 mln bales, up from 19.5 mln bales. The south zone produced 7.1 mln bales of cotton as of Aug 31. Other states account for the rest of the output. The opening stock for the season starting October was estimated at 2.89 mln bales, the association said. The total supply of cotton for the 2023-24 season is estimated at 36.8 mln bales, up from 35.5 mln bales a year ago. The association has estimated imports in 2023-24 at 1.64 mln bales, higher than the 1.25 mln bales imported in 2022-23. The association has estimated domestic demand in 2023- 24 at 31.7 mln bales, up from 31.1 mln bales the previous year. It has pegged exports at 2.8 mln bales, up from 1.55 mln bales in the previous cotton season. Consumption till Aug 31 is estimated at 29.1 mln bales.

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