Agri Picks Report September 26, 2024: Geojit Financial Services

commodities

Geojit Financial Services's report on Daily Agri Picks

India's food grain output for 2023-24 (Jul-Jun) is estimated at a record 332.3 mln tn, 2.6 mln tn higher than 329.7 mln tn in 2022-23 amid record production of rice and wheat, according to the final estimates released by the government on Wednesday. Rice production in 2023-24 is pegged at a record 137.8 mln tn, up 2.1 mln tn from last year, while wheat output is estimated at a record 113.3 mln tn, 2.7 mln tn higher than 2022-23. Production of Shree Anna, or millets, is estimated to rise to 17.6 mln tn, against 17.3 mln tn last year. In the grain basket, maize output is seen decreasing 400,000 tn from a year ago to 37.7 mln tn in 2023 -24. Though food grain output estimates rose to record levels, production of pulses and coarse cereal took a hit amid drought-like conditions in southern states, including Maharashtra, and a prolonged dry spell in Rajasthan in August, the government said in the release. Estimates of pulses output fell 1.9 mln tn on year to 24.2 mln tn as chana and tur production decreased from last year. Chana output is estimated at 11.0 mln tn, down 1.3 mln tn, and tur output at 3.4 mln tn, down 100,00 tn from the previous year. Some oilseed and fibre crops like soybean and cotton were also negatively affected due to drought-like conditions, the release said. Oilseed output is estimated at 39.7 mln tn, down 1.7 mln tn from last year, as a fall in soybean and groundnut output had offset the record mustard and rapeseed production in 2023-24. Production estimates of soybean fell 1.9 mln tn on year to 13.1 mln tn, and that of groundnut decreased 100,000 tn to 10.2 mln tn in the current crop year. Mustard and rapeseed output is pegged at a record 13.3 mln tn, up 700,000 tn from last year. India is heading for a record rapeseed-mustard crop amid conducive weather conditions and remunerative prices in the past year encouraging record plantings of the oilseed, Solvent Extractors’ Association of India had said earlier. In the cash crop basket, only jute output is estimated to have increased to 9.7 mln bales, up 300,000 bales from the previous year. Cotton output fell 1.2 mln tn to 32.5 mln tn and sugarcane output fell 37.3 mln tn to 453.2 mln tn amid patchy rainfall conditions last year.

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