Agri Commodity Technical Report 14 October 2024 - Geojit Financial Services Ltd
* India's vegetable oil imports declined 30% on year to 1.09 million tonnes in September, the Solvent Extractors' Association of India said Friday. The vegetable oil imports in September consisted of 1.06 million tonnes of edible oils and 22,990 tonnes of non-edible oils, the association said. Edible oil imports in September fell 29% on year.India is the world's largest importer of edible oils. The edible oil year runs from November to October and the basket comprises crude and refined palm oils, crude soyoil, and sunflower oil. The cumulative import of vegetable oils in Nov -Sept, the first eleven months of the current oil year ending October, declined 6% to 14.78 million tonnes from 15.70 million tonnes during the same period of last year, the association said. The import of crude palm oil in September fell 39% on year to 432,510 tonnes, while refined, bleached and deodorised palmolein declined 35% to 84,279 tonnes. Crude sunflower oil imports in September declined 49% to 152,803 tonnes from 300,732 tonnes a year ago, the association said. However, imports of crude soyoil in September were up 7% on year at 384,382 tonnes. India imported palm oil from Indonesia, Malaysia, and Thailand, soyoil from Thailand, Argentina, Ukraine, Romania, Russia, and Brazil, sunflower oil from Russia, Ukraine, Romania, Brazil, and Argentina and refined, bleached and deodorised palmolein from Indonesia, Thailand, and Malaysia, the association said. As of Oct. 1, the total stock of edible oil available was estimated at 2.45 million tonnes, against 3.63 million tonnes a year ago. Of the 2.45 million tonnes, about 820,000 tonnes of edible oil was at ports and 1.63 million tonnes in the pipeline, the association said.
* The National Commodity and Derivatives Exchange has dropped Ramgunjmandi in Rajasthan as an additional delivery centre for its coriander (symbol: DHANIYA) futures contracts from November, it said in a release. Kota in Rajasthan will continue as an additional delivery centre, and Gondal in Gujarat will continue to be the main delivery centre, the exchange said in a circular. This decision was taken on the basis of feedback received from market participants, it said. Additionally, NCDEX has decided to drop the INR 300 per 100 kg premium on delivery at Kota "to align the contract with the current market dynamics", NCDEX said in the circular. Currently, coriander futures contracts expiring in the months of October, November, December and January are available for trading and would continue to be traded as per the existing contract specification. The change will be applicable to coriander futures contracts for expiry from April 2025, with effect from Nov. 1, it said.
* Farmers in Karnataka have sown kharif crops over 8.15 million hectares as of Sept. 30, up 9.7% from 7.4 million hectares sown in the corresponding period last year, according to the final kharif acreage report released by the state's agricultural department. The current kharif acreage is nearly 8% higher than the normal kharif acreage, which is the average of the last five years, of 7.6 million hectares for the period. While crops such as paddy and tur faced crop losses in the previous year due to erratic rains, excessive southwest monsoon this year has supported a higher kharif acreage. As of Sept. 30, the state received 977 mm of rainfall since Jun. 1, 15% above the normal of 852 mm, the report said. During the kharif season, the state has covered nearly 99% of the targeted sowing area of 8.25 million hectares, according to the report. Kharif crops are sown during the southwest monsoon starting around June, and harvested around October. The main kharif crops sown in Karnataka are paddy, maize, ragi, tur, cotton, and sugarcane. The acreage under total cereals rose to 3.6 million hectares from 3.4 million hectares a year ago, the report showed. Under cereals, the area sown under paddy was 1.02 million hectares, up from 910,000 hectares. However, maize acreage fell to 1.59 million hectares from 1.61 million hectares a year ago. The area sown under total pulses as of Sept. 30 was 2.3 million hectares, up from 1.7 million hectares a year ago. Under pulses, the acreage under tur rose to 1.6 million hectares from 1.4 million hectares last year. The acreage under green gram, or moong, doubled to 442,000 hectares from 204,000 hectares a year ago. The acreage under oilseeds was 834,000 hectares against 797,000 hectares a year ago, according to the report. Under oilseeds, the area sown under soybean was 422,000 hectares, up from 409,000 hectares last year. The acreage under groundnut also rose to 332,000 hectares from 309,000 hectares a year ago. Cotton acreage in the state fell to 684,000 hectares from 706,000 hectares a year ago. Similarly, the area sown under sugarcane fell to 693,000 hectares from 735,000 hectares a year ago, the report said.
* Farmers in Andhra Pradesh have sown kharif crops over 2.8 million hectares as of Thursday, up more than 16% from 2.4 million hectares sown in the corresponding period last year, according to a report by the state's agricultural department. Nearly 86% of the normal acreage of 3.3 million hectares has been covered so far, while around 81% of the targeted area of 3.4 million hectares has been covered. The acreage under all food grains so far rose to 2 million hectares from 1.6 million hectares a year ago, the report said. The area sown under total coarse grains also rose to 222,000 hectares from 167,000 hectares a year ago. The area sown under paddy was 1.4 million hectares against 1.3 million hectares a year ago, while maize acreage rose to 143,000 hectares from 116,000 hectares last year. The area sown under total pulses as of Thursday was up 121% at 408,000 hectares, the report showed. Under pulses, the acreage under redgram, or tur, jumped to 360,000 hectares from 157,000 hectares. The acreage under total oilseeds fell to 340,000 hectares from 352,000 hectares a year ago, according to the report. Under oilseeds, the area sown under groundnut was 288,000 hectares, down from 294,000 hectares a year ago. Cotton acreage in the state so far fell to 397,000 hectares from 398,000 hectares in the same period last year. Similarly, the acreage under sugarcane was 20,000 hectares, down from 38,000 hectares a year ago, the report said. As of Thursday, the state received 689 mm of rainfall since Jun 1, up 14.5% compared with the normal of 601.6 mm for the period, the report said.
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