Agri Picks Report March 21, 2024: Geojit

Geojit's report on Daily Agri Picks

The Cotton Association of India has estimated the country's cotton output in 2023-24 (Oct-Sep) at 30.9 mln bales (1 bale = 170 kg), down 5.2% from last year's output, according to a press release. The association updates its estimates almost every month, based on information received from members of associations in 11 cotton-growing states and from other trade sources. Production of cotton in the north zone, which comprises Punjab, Haryana, and Rajasthan, is estimated at 4.6 mln bales, up 300,000 bales from last year. As of Feb 29, 3.9 mln bales of cotton had been produced in this zone. The estimate for the central zone, which comprises Gujarat, Maharashtra, and Madhya Pradesh, is at 18.5 mln bales, down from 19.5 mln bales last year. As of Feb 29, 12.5 mln bales of cotton had been produced in this zone. The estimate for the south zone is also seen lower at 7.3 mln bales, from 7.5 mln bales last year. As of Feb 29, 5.8 mln bales of cotton were produced in this zone. Other states account for the rest of the output. The opening stock for the season starting October was estimated at2.9 mln bales, the association said. The total supply of cotton for the 2023-24 season is estimated at 36 mln bales, down from 35.5 mln bales a year ago. The association has estimated imports in 2023-24 at 2.04 mln bales, higher than the 1.25 mln bales imported in 2022-23. The association has estimated domestic consumption in 2023-24 at 31.7 mln bales, up from 31.1 mln bales in the previous year. It estimated exports at 2.2 mln bales, up from 1.6 mln bales during the previous cotton season. Until Feb 29, the consumption is estimated at 13.8 mln bales. • India received 6.3 mm of rainfall in the week ended Wednesday, 1% below the normal weighted average of 6.4 mm for the period, according to the India Meteorological Department. During the week, all the homogeneous regions of the country, except central India, received below-normal rainfall. Rainfall in north-west India was 72% below normal at 3.0 mm, while east and northeast India received 10% below normal showers at 11.0 mm, according to the data. In the southern peninsula, rainfall was 48% below normal at 1.5 mm during the week, while precipitation in central India was 523% above normal at 10.0 mm. Of the 36 subdivisions, there was no rainfall in 9 subdivisions, rainfall was "large deficient" in 15 subdivisions, and showers in two subdivisions were deficient. Eight of the subdivisions got large excess, while one subdivision had excess rainfall and one had normal precipitation during this week, the weather bureau said. Since Mar 1, India has received 18.0 mm of rainfall, 5% below the normal level of 18.9 mm for the period.

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