Paddy sowing in India has witnessed a 3% increase, reaching 7.33 crore hectares as of Friday. The recent week saw 57 lakh hectares being sown, contributing to a 1.2% increase compared to the previous year. This growth can be attributed to the favorable monsoon season, which has significantly improved sowing conditions compared to the previous week when paddy sowing was 10% lower.
Paddy Sowing in India Witnesses 3% Growth: Key Insights and Regional Trends
The regions that have seen increased paddy sowing include North West India, Central India, and South India. However, the overall sowing of paddy in the country has decreased by 10% in the past two weeks and 24% in the last week. Nevertheless, on July 21, paddy sowing increased by 3%.
In specific states, Madhya Pradesh witnessed an increase of 7.07 lakh hectares in paddy sowing, followed by Bihar with 5.64 lakh hectares, Uttar Pradesh with 4.07 lakh hectares, Telangana with 1.20 lakh hectares, and West Bengal with 0.62 lakh hectares. Conversely, Odisha, Chhattisgarh, Assam, Jharkhand, Maharashtra, Haryana, Punjab, and Andhra Pradesh reported a decrease in paddy sowing.
Favorable Monsoon Boosts Paddy Sowing: 1.2% Increase Compared to Last Year
Simultaneously, international rice prices have seen a surge, reaching a 3-month high. Prices are close to $16 per cwt, with countries like Thailand and Vietnam increasing their rice prices by $5-10 per tonne.
On another note, guar prices on the NCDEX have reached a 5-month high. Guar gum August futures have surged to 12,584, marking a significant rise after seven months of decline. In contrast, guar gum has experienced a decline of over 17% in the past seven months. July has been fruitful for guar gum, with a gain of more than 15%. Guar seed August futures have also risen by approximately 10% in July.
