origo commodities: Rice output may fall 13 per cent to 96.7 million tonnes in kharif this year: Origo Commodities

According to initial estimates by Origo Commodities, kharif rice production could fall 13 percent to 96.7 million tons this year as rice acreage has declined due to insufficient rainfall in some parts of the country. Earlier this week, the Ministry of Agriculture released the first forecasts for the kharif season of crop year 2022-23 (July-June). According to government data, kharif rice production this year is expected to fall 6 percent to 104.99 million tons from 111.76 million tons in last year’s kharif season.

Founded in 2011, Gurugram-based Origo Commodities is an agri-fintech company focused on commodities supply chain, post-harvest management, trade and finance. This is the first time the company has released the estimates for the Kharif crop. A final estimate will be available in November 2022.

In a statement, Origo Commodities said that kharif rice production for 2022-23 “is seen 13 percent year-on-year lower at 96.7 million tons versus 111.17 million tons in 2021-22.”

“Rice acreage has declined about 9 percent yoy, while yield is forecast to be 5 percent lower yoy. Crop yield had been negatively impacted due to insufficient rainfall in Uttar Pradesh, West Bengal and Bihar,” the company said.

According to the latest estimate from Origo Commodities, total kharif production for crop year 2022-23 is estimated at 640.42 million tonnes, down 2 percent from the same period last year.

Total production of Kharif is estimated lower due to likely declines in production of rice, peanuts, castor, jute and sugar cane, the statement said.

Origo forecasts cotton production could increase 8.5 percent to 34.2 million bales (170 kg each) versus 31.5 million bales in 2021-22, while soybean production could increase 4.5 percent to 12.48 million tons from 11.95 million tons in 2021-22.

Soybean acreage is nearly flat from last year, while yield is estimated to increase 4.7 percent year-on-year this year given favorable rainfall patterns in major soybean-producing states. PTI MJH HVA

https://economictimes.indiatimes.com/news/economy/agriculture/rice-output-may-fall-13-per-cent-to-96-7-million-tonnes-in-kharif-this-year-origo-commodities/articleshow/94402012.cms origo commodities: Rice output may fall 13 per cent to 96.7 million tonnes in kharif this year: Origo Commodities

Russell Falcon

Pechip.com is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@pechip.com. The content will be deleted within 24 hours.

Related Articles

Back to top button