Agri Picks Report September 04, 2023: Geojit

commodities

The area under kharif crops across the country in the 2023-24 (Jul-Jun) season so far is at 107.8 mln ha, a tad higher than 107.3 mln ha a year ago, according to data from the Department of Agriculture and Farmers Welfare. The acreage of paddy, the key grain in the kharif season, was up 4% on year at 39.8 mln ha. Paddy sowing has picked up pace in the last few weeks, aided by rainfall across the country, especially in the east and northeastern parts. Since Jun 1, the country has received 631.6 mm rainfall, 11% below the normal weighted average of 707.4 mm for the period. Concerns remain as the key paddy growing regions of east Uttar Pradesh, Bihar, Jharkhand, and West Bengal have received deficient precipitation so far. The weather department has projected that rainfall in September will be normal at 91-109% of the long-period average, with normal to above-normal precipitation over east and northeast India and some areas of east-central and south peninsular regions. The area under coarse cereals was at 18.1 mln ha, slightly higher than 17.9 mln ha a year ago, ministry data showed. The area under oilseeds was down 1% at 19.0 mln ha, while pulses acreage fell 8% to 11.9 mln ha. Pulses sowing has taken a hit this season because erratic rainfall in key growing regions made farmers shift to other remunerative crops such as soybean and small millets in hope of better returns. Soybean acreage in the country is 1% higher on year as of September 01, according to the data. Sowing of cotton fell 2% to 12.3 mln ha as of September 01, the data showed.

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