India will reduce wheat production in 2024, but harvest a record rapeseed crop

Rape Leaves
Published Feb 22, 2024

Tridge summary

India is projected to see a record canola crop in 2024 due to an increase in sown area and favorable weather, which could help reduce the country's reliance on costly imports of soybean, sunflower, and palm oil. The area planted with rapeseed has grown by 5% to 10 million hectares, potentially boosting the harvest from 11.5 to 11.8-12 million tons. However, a deficit in precipitation may lead to a decrease in wheat production, and with wheat stocks at a seven-year low, there could be a potential shortage in the domestic market.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

According to the Reuters agency, in 2024 India can harvest a record crop of canola thanks to an increase in the area sown and favorable weather in the main producer states, which will allow to reduce imports of expensive soybean, sunflower and palm oil. Compared to the previous season, the area planted with rapeseed grew by 5% to 10 million hectares, so its harvest may increase from 11.5 to 11.8-12 million tons, especially since crops are currently in good condition in almost all states. According to the estimates of market participants, wheat production in the country in 2023/24 MR may amount to 107-108 million tons, which will be inferior to last year's indicator and the official forecast of MSG India of 114 million tons. The wheat sowing area will remain at the level of the previous year, but its yield will decrease due to precipitation deficit. Traders expect a shortage of wheat supply in the domestic market as the government has exhausted reserve stocks and will actively seek ...
Source: Graintrade
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