Agri Picks Report October 20, 2023: Geojit

commodities

Geojit's report on Agri Picks

The southwest monsoon withdrew from the entire country, four days behind the normal date of Oct 15, the India Meteorological Department said on Thursday. The northeast monsoon rainfall is likely to commence over the southern peninsula in the next 72 hours, the weather bureau said. However, the initial phase of the northeast monsoon is likely to be weak, it said. The northeast monsoon is confined to the southern peninsula comprising the sub-divisions of Tamil Nadu and Puducherry, Kerala, Coastal Andhra Pradesh, Rayalaseema, and South Interior Karnataka. The northeast monsoon season from October to December is the chief rainy season for Tamil Nadu. The season is also the primary cyclone season for the north Indian Ocean basin comprising the Bay of Bengal and the Arabian Sea. A cyclonic pressure persisted over the southeast Bay of Bengal on Wednesday, owing to which, a low-pressure area is likely to form over central parts of the Bay of Bengal by Saturday, IMD said. A low-pressure area helps in the formation of clouds and facilitates rain. The northeast monsoon is beneficial for the cultivation of rabi crops such as wheat, mustard, and chana. In its final estimates for production of major crops, the government has projected chana output to decline by nearly 9% in 2022-23 (Jul-Jun). India's oilmeal exports in September rose 37.4% on year to 330,568 tn, according to data released by The Solvent Extractors' Association of India. The rise in exports was primarily on account of higher shipments of soymeal, mustard meal, and castor seed meal. In September, the country exported 189,213 tn of mustard meal, significantly higher than 163,089 tn in the yearago period. Exports of castor seed meal rose to 35,306 tn from 24,897 tn a year ago, while soymeal exports climbed to 105,535 tn from 13,718 tn. For Apr-Sep, total oilmeal exports rose 29.2% to 2.3 mln tn. Exports of soymeal during the period surged 383% to 586,850 tn, and those of mustard meal rose to 1.3 mln tn from 1.2 mln tn in the year-ago period. In Apr-Sep, 521,152 tn of oilmeals were exported from the Kandla port, against 663,312 tn a year ago. A total of 867,770 tn were exported from the Mundra port, against 513,310 tn in the year-ago period. Exports from Mumbai ports, including Jawaharlal Nehru Port Trust, in Apr-Sep were at 173,524 tn against 90,925 tn a year ago. Around 110,210 tn of oilmeals were shipped from Kolkata port, compared with 173,129 tn a year ago, and 586,009 tn from other ports compared with 300,071 tn in the same period last year, the association said.

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