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2025-03-20 11:16:35 am | Source: Geojit Financial Services Ltd
Agri Commodity Technical Report 20 March 2025 - Geojit Financial Services Ltd
Agri Commodity Technical Report 20 March 2025 - Geojit Financial Services Ltd

MARKET NEWS/UPDATES

* The sowing of summer crops in Maharashtra has reached 359,482 hectares as of Monday, up 29% on year from 278,687 hectares sown in the same period last year, according to a report released by the state agriculture department. Acreage under maize rose a whopping 101.7% on year to 66,022 hectares from 32,730 hectares last year. The acreage of paddy fell to 120,873 hectares from 130,648 hectares sown a year ago, the report showed. On the other hand, the area sown under bajra was 29,123 hectares, up from 22,522 hectares last year while jowar acreage also rose to 25,317 hectares from 18,402 hectares a year ago. According to the report, moong acreage so far rose to 7,103 hectares from 4,509 hectares last year and the area sown under urad increased to 1,196 hectares from 408 hectares a year ago. The total area sown under all oilseeds was 106,422 hectares, up from 67,433 hectares sown in the previous year, as per the report. Under oilseeds, the acreage of groundnut rose to 74,538 hectares from 54,068 hectares a year ago. The area sown under sesame rose to 23,646 hectares from 9,129 hectares last year. Summer crops are grown for a short period between the kharif and rabi seasons, with harvest taking place between April and May. Besides rice, sesame, and groundnut, the other major summer crops in the state include fruits and vegetables such as banana, pumpkin, and tomato. The water level in dams across Maharashtra was 51.2% of the live storage capacity as of Wednesday, compared with 42.5% a year ago, according to data from the state water resources department.

* Rajasthan has procured 24.9 tonnes of wheat as of Tuesday, against the target of 2.0 million tonnes for 2025-26 (Apr-Mar), Minister of State for Consumer Affairs Nimuben Bambhaniya said detailing the state-wise wheat procurement targets for 2025-26. For the entire country, the wheat procurement target is 31.0 million tonnes for 2025-26, she said in a written reply to the Rajya Sabha. With a target of 12.4 million tonnes, Punjab is likely to give most wheat to the central pool. Haryana and Madhya Pradesh aim to buy 7.5 million tonnes and 6.0 million tonnes, respectively. The Madhya Pradesh government has announced a bonus of INR 175 and Rajasthan INR 150 over and above the minimum support price of INR 2,425 per 100 kg. Uttar Pradesh has set a target of 3.0 million tonnes, Bihar 200,000 tonnes, and Gujarat 100,000 tonnes. Uttarakhand aims to procure 50,000 tonnes and Himachal Pradesh and Jammu and Kashmir 10,000 tonnes of wheat each, the minister said. The government bought 26.6 million tonnes of wheat in 2024-25 from 2.25 million farmers across the country, the minister said. As of Feb. 1, the covered storage capacity available with the Food Corp. of India and state agencies across the country for storing foodgrains is 80.7 million tonnes against stored stock of 49.6 million tonnes, she added. FCI's storage requirements depend upon the level of procurement, buffer norms, and public distribution system operations, the minister said. The agency continuously assesses and monitors the storage capacity and based on the requirement and storage gap assessment, storage capacities are created or hired. The Centre expects farmers across India to harvest a record wheat crop of 115.4 million tonnes in 2024-25 (Jul-Jun), according to the farm ministry's second advance estimate. Last year, wheat output stood at 113.2 million tonnes.

* India's oilmeal exports in February fell 36% on year to 330,319 tonnes, according to data released by The Solvent Extractors' Association of India on Tuesday. Total oilmeal exports in Apr-Feb fell 12% to 3.9 million tonnes, the data showed. The decline in exports in Apr-Feb was mainly due to a fall in the exports of rapeseed meal and castor seed meal, the association said. The overall export of soymeal during Apr-Feb has been more or less same as last year and is reported at 1.94 million tonnes compared with 1.93 million tonnes in the same period last year. Germany and France are the major countries that import non-gentically modified soymeal from India. However, export of soymeal in the first five months of oil year 2024-25 (Oct-Sept) was 1.03 million tonnes, compared with 1.35 million tonnes, down by 23%, according to the association.

* The National Agricultural Cooperative Marketing Federation of India procured 2.91 million tonnes of oilseeds as of Wednesday, slightly more than the 2.89 million tonnes purchased as of Mar. 2, according to data by the central procurement agency released on Friday. So far, NAFED has procured 53% of the total 5.48 million tonnes approved by the government under the price support scheme.

* Mills have dispatched 150,834 tonnes of sugar to ports as of Tuesday in 2024-25 (Oct-Sep), All India Sugar Trade Association said in a release Monday. The government has allowed sugar mills to export 1 million tonnes in 2024- 25.

 

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