Agri Picks Report April 09, 2024: Geojit

commodities

Geojit's report on Daily Agri Picks

The government has procured 70.7 mln tn of paddy as of Apr 5 in the 2023-24 kharif marketing season (Oct-Sep), according to the data on the Central Food Grains Procurement Portal. In terms of rice, the government procured 47.35 mln tn, or 76.2%,of the targeted 62.1 mln tn of rice in the season. The latest rice purchases, since Apr 1,were from eastern and southern states like Odisha and Telangana at 3.8 mln tn and 3.2 mln tn, respectively. From West Bengal, agencies have procured 1.1 mln tn of rice, and 176,961 tn from Kerala. Punjab recorded the highest rice procurement for the season at 12.4 mln tn, followed by Chhattisgarh and Haryana at around 9.7 mln tn and 4.0 mln tn, respectively, the data showed. More Under the centralised procurement system, the Food Corp of India and other state government agencies procure paddy at the minimum support price. The paddy procured is handed over to rice millers, who deliver custom milled rice back to the government. The minimum support price of paddy-common in 2023-24 was set at 2,183 rupees per 100 kg, and paddy-grade A at 2,203 rupees per 100 kg. So far, the government has paid around 1.4 trln rupees to more than 10 mln farmers for paddy purchases at the minimum support price, the data showed. Of the 70.7 mln tn of paddy procured, the government has received 16.6 mln tn of custom milled rice. Government godowns are yet to receive 30.7 mln tn of custom milled rice, the data showed. Farmers in the country have sown summer crops across 4.7 mln ha as of Friday, down nearly 10.4% from a year ago, data from the agriculture ministry showed. The area under coverage for summer crops at the same time last year was 5.2 mln ha. Acreage under pulses was up 3% on year at 897,000 ha with sowing of urad rising 5.7% from last year to 223,000 mln tn. The area sown under moong also rose 3% to 652,000 ha from last year. For rice, the area sown rose 11% on year to 2.9 mln ha. The acreage of oilseeds was 848,000 ha, up 2.7% from the previous year. The government has not yet updated the acreage for coarse cereals such as maize, jowar, bajra and ragi, in this week's report for summer crops.

For all commodities report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

09042024 - co