Monsoon Update

Monsoon Update 

Monsoon progressed well during the week, with cumulative rainfall now 1% surplus of normal as compared to 25% deficit in the mid of June. Monsoon has now covered all major agricultural states. However, sowing is down 22% YoY, which is understandable given that Kharif season has been delayed by around 15 days. There has been a sharp drop in Cotton and Oilseeds sowing, as certain state governments including Maharashtra advised farmers against sowing Cotton till monsoon sets in.

The focus would now be on the progress of monsoon through July-August (around 60% of total South West monsoon), as rainfall was above-normal in June last monsoon also (CY15) but dwindled as the season progressed. However, both IMD and Skymet have forecast above-normal rains in July and August this monsoon. 

Comments

  1. Cotton on MCX settled down by -3.99% at 21910 due to profit-booking after prices rose in the domestic market in last some days. Though, cotton acreage in the country is likely to fall to the lowest in seven years in the 2016-2017 as farmers in key growing area of Gujarat, Maharashtra and Telangana may switch to other crops, capped some losses in cotton prices. The production of cotton is likely to decline by 12.4% to hit the lowest in five years for the current crop year (October 2015-September 2016).Get Best commodity tips by joining epic research.

    ReplyDelete

Post a Comment

Popular posts from this blog

The Monsoon Session 2016 | Except GST Bill

TRANSFER OF DP TO ANOTHER DP ACCOUNT "delivery instruction slip"