Agri Picks Report July 27, 2023: Geojit

commodities

Geojit's report on Agri Picks

Turmeric futures continued rising on NCDEX on Wednesday supported by firm demand and on prospects of lower acreage this kharif season. In the meantime, profit booking continued in jeera and dhaniya futures. Guar seed and guar gum futures, after hitting its highest level in about six month, pared gains to end the session down. India received 11.1 mm rainfall on Wednesday, 17% above the weighted average of 9.5 mm, data from IMD showed. Rainfall was below normal in two homogeneous regions of the country, while two regions received above-normal rains. The east and northeast region received 48% below-normal rainfall at 6.8 mm and the northwest region got 2% below normal rain at 7.4 mm. Central and south peninsular India received 4% and 181% above normal rainfall at 11.6 mm and 19.7 mm, respectively. Of the 36 subdivisions in the country, rainfall was 'large deficient' in six and 'deficient' in eight. Thirteen subdivisions got 'large excess' rainfall, while two received 'excess' showers. Seven subdivisions received normal rainfall today, according to the data. Since Jun 1, the country has received 420.3 mm rainfall, 5% above the normal weighted average of 399.2 mm for the period. Farmers in Maharashtra have sown various crops on 11.9 mln ha this kharif season, as on Tuesday, according to state government data. The acreage accounted for 84% of the normal acreage of 14.2 mln ha in the state, the data showed. As on Tuesday, acreage under cereals in the state was 1.9 mln ha, compared with the normal of 3.5 mln ha. The area under cereals so far in the current kharif season accounts for 55% of normal. Regions where the acreage under pulses exceeded 50% of the respective normal were Konkan, Nashik, Aurangabad and Amaravati. Acreage under pulses, as on Tuesday, was 1.4 mln ha, 64% of the normal 2.1 mln ha. Regions accounting for more than half of the region-wise normal acreage were Konkan, Nashik, Pune, Aurangabad, Latur, Amaravati and Nagpur. Foodgrains, comprising cereals and pulses, were sown over 3.3 mln ha, 58% of normal acreage of 5.6 mln ha. Konkan, Nashik, Aurangabad, Amaravati and Nagpur accounted for more than half of the normal acreage. The state reported 4.7 mln ha under oilseeds, as of Tuesday, exceeding the normal of 4.4 mln ha. As of Tuesday, Pune, Aurangabad and Latur had exceeded their respective normal acreage, while Konkan, Nashik, Kolhapur, Amaravati and Nagpur had exceeded 50% of the normal. Sown over 4 mln ha, cotton had a share of 96% of the normal. Acreage in Nashik, Pune, Kolhapur, Amaravati and Nagpur exceeded the normal area by Tuesday, whereas Aurangabad and Latur accounted for more than 80% of regional normal. No figure was reported for Konkan. Including sugarcane, the overall sawn acreage in the current kharif season in the state was 12.1 mln ha, 79% of the normal acreage of 15.3 mln ha. The area under cultivation in the state a year ago was 12.7 mln ha without taking into account the area under sugarcane. Inclusive of sugarcane, the area was 13.0 mln ha, the state government data showed.

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27072023 - comm