Agri Picks Report September 19, 2024: Geojit Financial Services

commodities

Geojit Financial Services's report on Daily Agri Picks

The Union Cabinet today approved a tentative 244.75-bln-rupee nutrient-based subsidy for the 2024-25 rabi season (Oct-Mar) for phosphatic and potassic fertilisers. The subsidy on phosphatic and potassic fertilisers will be provided based on approved rates for rabi to ensure smooth availability of these to the farmers at affordable prices,the release said. The government has been making available 28 grades of phosphatic and potassic fertilisers to farmers at subsidised rates through domestic manufacturers and importers, it said. • The Multi Commodity Exchange of India has modified the staggered delivery period for certain commodity futures contracts, it said in a release on Tuesday. The exchange has decided to modify the tender period falling under the staggered delivery system for contracts under the agricultural products category to three days from five days, it said. The modifications will be applicable to futures contracts of cotton candy and mentha oil. For cotton candy, the modification will be applicable to futures contracts expiring in November 2024 and onwards. For mentha oil, it will be applicable for futures contracts expiring in October 2024 and onwards. • The country got an average rainfall of 36.7 mm in the week ended Wednesday, 7% below the normal rainfall of 39.6 mm for the period, the India Meteorological Department said. Two out of the four homogenous regions in the country received below normal showers during the week, while the other two regions got above-normal rainfall, the weather bureau said. East and northeast India received 6% above normal rainfall at 74.1 mm during the week, while northwest India received 72% above normal rains at 39.4 mm. Central India received 16% below normal rainfall at 34.9 mm and the southern peninsula received 86% below normal rains at 5.5 mm. Of the 36 subdivisions in the country, rainfall was "normal" in three subdivisions and "excess" in another three during the week. The rainfall was "large excess"in seven subdivisions, while it was "deficient" in six. The rainfall was "large deficient" in 17 subdivisions in the country during the week. Since Jun 1, India has received 871.9 mm of rainfall, 7% above the normal level of 812.1 mm for the period.

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19092024 - co