Established in 2011, Gurugram-based Origo Commodities is a agri fin-tech company focused on commodity supply chain, post harvest management, trade and finance. This is the first time the company has released the estimates for kharif crops. It will come up with a final estimate in November 2022.
In a statement, Origo Commodities said that rice production in kharif season for 2022-23 “is seen lower by 13 per cent y-o-y at 96.7 million tonnes against 111.17 million tonnes in 2021-22”.
“Paddy acreage has declined by around 9 per cent compared to last year while yield is projected 5 per cent lower from the last year. The crop yield had adversely impacted due to deficient rain in Uttar Pradesh, West Bengal and Bihar,” the company said.
As per the latest estimate of Origo Commodities, total kharif production for the crop year 2022-23 is estimated at 640.42 million tonnes, which is 2 per cent lower than the same period last year.
Total kharif production is estimated lower due to likely fall in the production of paddy, groundnut, castor, jute, and sugarcane, the statement said.
Origo projects that cotton production may increase 8.5 per cent to 34.2 million bales (of 170 kg each) against 31.5 million bales in 2021-22, while soyabean output may rise 4.5 per cent at 12.48 million tonnes against 11.95 million tonnes in 2021-22.
Soybean acreage is almost flat compared to last year, while yield is estimated to gain by 4.7 per cent from the last year given the favourable rainfall distribution in the key soybean-producing states this year. PTI MJH HVA