Geojit's report on Agri Picks

India received 4.8 mm rainfall on Wednesday, 16% below the normal of 5.7 mm for the period, the IMD said today. Central India received 23% above normal rainfall on Wednesday at 7.6 mm. In east and northeast parts of the country, rainfall was 43% below normal at 5.8 mm. In the northwest, rainfall was 24% below normal at 2.8 mm, and in south peninsula, rainfall was deficient by 48% at 2.3 mm. Of the 36 subdivisions in the country, 18 received large deficient showers, while six got deficient rains. Seven subdivisions got normal precipitation, one received excess showers and four experienced large excess rainfall, according to the bureau's data. Since Jun 1, the country has received 707.1 mm rainfall, 10% below normal for the period. The US Department of Agriculture has cut its estimate on global oilseed output for 2023-24 (May-Apr) to 660.89 mln tn, down 2.8 mln tn from 663.7 mln tn forecast a month earlier. Production of oilseeds in the US in 2023-24 has been scaled down by 1.8 mln tn to 122.21 mln tn, according to the department's latest report. The department has projected global soybean output at 401.33 mln tn, down 1.5 mln tn from 402.79 mln tn in the earlier forecast. Soybean output of Brazil and Argentina have been projected at a record 163.0 mln tn and 48.0 mln tn, respectively, both unchanged from last month. The department has estimated soybean production in the US at 112.84 mln tn, down 1.6 mln tn from 114.45 mln tn projected last month. Brazil is the world's largest producer of soybean followed by the US and Argentina. "The US season-average soybean price is forecast at $12.90 per bushel, up $0.20 from last month. The soybean meal price is unchanged at $380 per short ton and the soybean oil price is raised 1.0 cent to 63.0 cents per pound," the agency said in its report. The estimate for global soyoil production for 2023-24 has been cut by 0.4 mln tn to 61.61 mln tn from 61.96 mln tn projected in August. The forecast for global soyoil exports in 2023-24, however, has been marginally raised to 11.62 mln tn from 11.61 mln tn. The department projected global soymeal output for 2023-24 at 257.30 mln tn, down 1.4 mln tn from 258.66 mln tn estimated last month. Soymeal is a derivative of soybean, manufactured by crushing the oilseed, and is mainly used in producing poultry feed.