logo
Indian farmers accelerate summer crop sowing amid strong monsoon

Indian farmers accelerate summer crop sowing amid strong monsoon

By Rajendra Jadhav Indian farmers accelerate summer crop sowing amid strong monsoon
MUMBAI, - Indian farmers have accelerated the planting of summer-sown crops such as paddy, soybeans, cotton and corn, following above-average monsoon rainfall in July which increased the moisture levels required for sowing, according to government data.
The monsoon is the lifeblood of India's nearly $4 trillion economy, delivering almost 70% of the rainfall needed to water farms and replenish aquifers and reservoirs.
Nearly half of India's farmland is not irrigated and depends on the annual June-September rains for crop growth.
The country has so far received 6% more rainfall than normal since the start of monsoon season on June 1, which helped farmers to plant summer crops on 70.83 million hectares by July 18, up 4.1% from the last year, according to the Ministry of Agriculture and Farmers' Welfare.
Farmers have planted 17.67 million hectares with rice paddy, up 12.4% on the same period last year, as a hike in support prices prompted farmers to expand the area.
India is the world's biggest exporter of rice and the top importer of edible oils such as palm oil and soyoil.
Farmers planted soybean on 11.17 million hectares, down from last year's 11.9 million hectares but having accelerated in the last week. Corn was planted on 7.1 million hectares, up from 6.17 million a year earlier.
The cotton area was 3.4% lower at 9.86 million hectares, having also seen an increase in the past few days, while pulses planting rose by 2.3% from a year ago to 8.2 million hectares.
The farm ministry keeps updating the provisional sowing figures as it gathers more information from the state governments.
Farmers are inclined to expand the area under paddy as the government buys large quantities at state-fixed support prices, which is not the case for other crops, said a Mumbai-based dealer with a global trading firm.
"So far, the weather's been pretty good for crops, except in a few parts of north-eastern India. If the monsoon stays strong next month, we could be looking at a bumper harvest across the country," he said.
This article was generated from an automated news agency feed without modifications to text.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Michael Saylor's Strategy owns 3% of Bitcoin in circulation after latest purchase
Michael Saylor's Strategy owns 3% of Bitcoin in circulation after latest purchase

Economic Times

time14 minutes ago

  • Economic Times

Michael Saylor's Strategy owns 3% of Bitcoin in circulation after latest purchase

Michael Saylor's Strategy now owns more than 3% of all the Bitcoin ever minted following the crypto treasury company's latest purchase of the original cryptocurrency. ADVERTISEMENT The former MicroStrategy Inc. acquired 6,220 Bitcoin for $739.8 million during the seven days ended July 20, according to a filing Monday with the US Securities and Exchange Commission. This raised the Tysons Corner, Virginia-based firm's holdings to 607,770 Bitcoin — which is about 3.05% of the roughly 19.9 million token issued. The stack is worth about $72 billion. Strategy has been using a combination of common and preferred shares, as well as debt, to fund Bitcoin purchases since it began accumulating the cryptocurrency in late 2020 as a hedge against inflation. Dozens of companies have begun to emulate the practice. Strategy is the world's leading corporate owner of Bitcoin. BlackRock's iShares Bitcoin Trust ETF (IBIT) holds about $86 billion in assets. While some other tokens' unlimited supply has concerned investors, Bitcoin's store of value proposition has been buoyed by the 21 million limit on the number of tokens to be mined. Instructions in the network's original code have further helped to promote the scarcity value of the token — like quadrennial halving events that automatically slash the amount of token rewards miners earn. The last Bitcoin is expected to be issued in the year 2140. Strategy said separately Monday that it planned to offer 5 million of variable-rate Series A perpetual Stretch preferred stock to help finance additional Bitcoin purchases. It is the fourth series of preferred shares by the company. The common shares of Strategy has surged more than 3,500% since Saylor - a founder and executive chairman of the company - began buying Bitcoin. The cryptocurrency has risen about 1,100% during the same period, while S&P 500 has increased around 120%. ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)

Ever ordered a shot of ‘Yakshi'? Malayalis abroad might get a chance
Ever ordered a shot of ‘Yakshi'? Malayalis abroad might get a chance

New Indian Express

time14 minutes ago

  • New Indian Express

Ever ordered a shot of ‘Yakshi'? Malayalis abroad might get a chance

KOCHI: Riding on the success of the 'Malayali' beer, the Warsaw-based brand is expanding into the production of vodka. Come September, its new offering -- Yakshi -- will debut, joining the brands crafted by Malayali-owned companies, such as Taika, Rooster Vodka, Mandakini, and Maharani Pomelo Vodka. In another happy news for beer connoisseurs, Malayali beer will be touching down at CIAL's Cochin Duty Free. Speaking to TNIE about the new launch and the story behind it, the founders of the company, Hexagon Spirits International SP Zoo, Chandu Nallur and Sargheve Sukumaran, say, 'Much like the story behind Malayali beer -- crafted in the wake of the Russia-Ukraine war -- Yakshi too has an interesting back story. This single malt vodka was born from the residual by-products of the distillation process used in 'Malayali Habibi', our 0% alchohol beer. Yakshi is our latest innovation, conceptualised following a discussion with Lulu Group Chairman M A Yusuff Ali.' 'Yusuf Ali told us that if we are able to make a perfect zero per cent alchohol beer, he would make it available in all Lulu malls. But it has to be a perfect zero alchohol beer. Nobody has made such a beer since the cost of production is very high, and it involves multiple distillation processes to ensure that every drop of alcohol is eliminated. Now, even though we got the zero beer, we were left behind with the residual alcohol.' The founders then decided to make use of the byproduct. 'As you know, we Malayalis are known problem solvers and people who never let anything go to waste. So, Yakshi was born,' they added.

Nifty 50, Sensex today: What to expect from Indian stock market in trade on July 23 after Nikkei, Hang Seng rally
Nifty 50, Sensex today: What to expect from Indian stock market in trade on July 23 after Nikkei, Hang Seng rally

Mint

time14 minutes ago

  • Mint

Nifty 50, Sensex today: What to expect from Indian stock market in trade on July 23 after Nikkei, Hang Seng rally

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Wednesday, tracking a rally in global markets. The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 25,158 level, a premium of nearly 65 points from the Nifty futures' previous close. On Tuesday, the domestic equity market ended flat with negative bias amid high volatility, with the benchmark Nifty 50 holding above 25,000 level. The Sensex eased 13.53 points, or 0.02%, to close at 82,186.81, while the Nifty 50 settled 29.80 points, or 0.12%, lower at 25,060.90. Here's what to expect from Sensex, Nifty 50 and Bank Nifty today: Sensex is still holding a lower top formation on daily charts and has also formed a bearish candle, which indicates temporary weakness. 'We believe that the current market texture is non-directional; hence, level-based trading would be the ideal strategy for day traders. For traders, the 82,200 mark or the 50-day SMA (Simple Moving Average) would be the key support zone. As long as Sensex trades above this level, a pullback formation is likely to continue. On the higher side, 82,800 and the 20-day SMA or 83,100 would be the key resistance areas for the bulls,' said Shrikant Chouhan, Head Equity Research, Kotak Securities. On the flip side, a breach of 82,200 could push Sensex towards 81,900, and further downside may also continue, which could drag the index down to 81,500. On the derivatives front, the highest Call Open Interest (OI) for Nifty is seen at the 25,100 strike, followed by 25,200, indicating potential resistance at these levels. On the Put side, the highest OI is placed at 25,000, followed by 24,900, highlighting strong support zones. This OI setup indicates that the 25,000 – 25,200 range will be crucial for Nifty's near-term directional move, with traders closely watching for a breakout or breakdown from this zone, said Hardik Matalia, Derivative Analyst - Research at Choice Equity Broking. Nifty 50 formed a bearish candle on the daily chart, with a large body and minor wicks on the higher and lower sides, reflecting a lack of follow-through strength. 'A reasonable negative candle was formed on the daily chart at the highs which indicates lack of strength in the market to sustain the highs. Nifty 50 reversing down after one day of bounce back is not a good sign. Smaller degree bearish pattern like lower highs and lows continued on the daily chart and the Nifty 50 seems to have reversed down after a small lower high at 25,182 on Tuesday,' said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. According to him, the underlying trend of Nifty 50 continues to be weak amidst choppy movement. 'Having rejected the hurdle of 25,200, the chances of Nifty 50 sliding below 24,900 is likely in the coming session. On such an event, the downside target could open around 24,500 for the coming weeks. Immediate resistance is placed at 25,200,' said Shetti. Sudeep Shah, Head - Technical and Derivatives Research, SBI Securities noted that in the last six trading sessions, the Nifty 50 has failed to sustain above its 20-day EMA on four occasions, highlighting strong overhead supply at crucial moving average. 'For any meaningful upside to unfold, a decisive and sustained move above the 20-day EMA will be crucial. The momentum indicators and oscillators are suggesting sideways action. Going ahead, the 20-day EMA zone of 25,170 - 25,200 will act as an immediate hurdle for the index. Any sustainable move above the level of 25,200 will lead to a sharp upside rally upto the 25,350 level. While on the downside, the zone of 24,980 - 24,950 will act as crucial support for the index,' Shah said. VLA Ambala, Co-Founder of Stock Market Today said that the Nifty 50 index formed a bearish marubozu candlestick pattern on the daily time frame, suggesting strong selling pressure and a potential downward trend. 'We can expect Nifty 50 to find support between 24,950 and 24,800, and meet resistance near 25,150 and 25,270 in today's trading session,' Ambala said. Bank Nifty index declined 196.75 points, or 0.35%, to close at 56,756.00 on Tuesday, forming a dark cloud cover pattern on the daily chart. 'Bank Nifty index closed below the 20-day EMA, signalling short-term weakness, however still holding above the 50-day SMA, which offers interim support near 56,200. The RSI stands at 51.48 and has started to diverge negatively from recent highs, indicating that strength is fading. The MACD skewed on the lower side, suggesting the slowing momentum. The daily Super trend support is placed around 55,800, and any breakdown below this zone could add further weakness to the ongoing consolidation,' said Om Mehra, Technical Research Analyst, SAMCO Securities. According to him, until Bank Nifty reclaims 57,300 on a closing basis, upside moves may remain limited. The bullish momentum seems to be waning; a cautious stance would be preferred in the short term. Going ahead, Sudeep Shah believes the zone of 57,200 - 57,300 will act as an important hurdle for the Bank Nifty index, while on the downside, the zone of 56,400 - 56,300 will act as crucial support. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store