Agri Picks Report April 16, 2024: Geojit Financial Services

commodities

Geojit Financial Services's report on Daily Agri Picks

India Meteorological Department has forecast above normal southwest monsoon rainfall this year as La Nina conditions are set to develop in the second half of the season. The weather bureau today said that overall rainfall during the Jun-Sep period is likely to be 106% of the long period average with a model error of plus or minus 5%. El Nino conditions over the Equatorial Pacific region are currently moderate, and the latest forecast indicates that these are likely to weaken further to neutral El Nino Southern Oscillation conditions during the early part of Jun-Sep, Mrutyunjay Mohapatra, director general of meteorology at IMD, said at a press conference. The El Nino weather phenomenon is associated with lower rainfall and a drier climate in India, whereas La Nina conditions bring more showers and moisture to the country. There is a 29% probability of this year's monsoon being normal and a 31% chance of it being above normal, the IMD said. There is also a 30% probability of monsoon rainfall to be in excess, it said. There is also a 2% chance of this year's monsoon rainfall being deficient. The weather bureau classifies monsoon rainfall over the country as "deficient" if it is below 90% of the long-period average. Rainfall between 96% and 104% of the long period average is classified as "normal" and 104-110% as "above normal". Rainfall over 110% of the long period average is considered as excess. The National Commodity and Derivatives Exchange has informed its members that the exchange will be closed on May 20 on account of General Elections in Mumbai. "Accordingly, the staggered delivery period for the contracts now expiring on May 17, 2024 shall commence from Monday, May 13, 2024. It may be further noted that the delivery intentions for the aforementioned contracts shall be accepted till 6:30 p.m. (1830 IST) on May 17, 2024,” it said in a circular dated Wednesday. Other exchanges such as NSE, BSE and MCX have already declared holiday on May 20.

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16042024 - co