Epic Research Daily Agri Commodity Report Of 15 May 2018

In a bid to boost sagging domestic Pulses price by squeezing imports, the government has further tightened norms for the import of Pulses. The prices of most Pulses have been below the minimum support price levels, leading to farmer unrest in the main Pulses -growing areas. The government has also introduced a quota system only for millers and refiners for the import of Tur, Moong and Urad, according to a notification by the Directorate General of Foreign Trade (DGFT). To avail this quota, Dal millers have to submit applications between May 15 and 25.

Cotton season in Punjab is off to a dull start, with low demand for BT Cotton seeds. The demand has dropped by 20-30 percent less than last year due to factors including delay in supply of canal water and also due to farmers shifting to other crops, especially Paddy and Maize, in which they see higher returns. The sowing of Cotton in the state is less than last year, according to Cotton seeds distributors, although seed prices have come down by about Rs 60 per packet (450 gm) to about Rs 740. The government had revised BT cotton seed prices in March this year. Largely BT Cotton, was grown over 122 lakh hectares in India in 2017-18.

Palm Oil imports by India probably dropped by about 1.7% to 740,000 metric tons in April as higher taxes on shipments curbed demand in the world’s biggest buyer, according to a survey by Bloomberg. Total vegetable oil imports decreased 9.7% to 1.21 million tons, the survey showed. The Solvent Extractors’ Association of India is expected to release its monthly trade numbers this week. Lower imports by India may drag down Palm Oil prices, which have fallen in five out of six months through April. Benchmark futures in Malaysia have lost 4.9% so far this year on expectations of higher production and after India increased import taxes on the vegetable oil in March.

Economic News

Wheat procurement has risen by 16 per cent to 31.87 million tonnes so far in this marketing year and is all set to cross the government's target of 32 MT, according to official data. State-run Food Corporation of India (FCI) and state agencies had procured 27.57 MT in the same period of the 2017-18 marketing year (April-March). Total wheat procurement stood at 30.82 MT in 2017-18 and government had fixed higher target in view of record output. "There is increase in wheat purchase because more procurement centres were set up this year. As a result, more and more farmers are approaching the centres to sell their produce," a senior FCI official told PTI. As many as 18,326 centres have been established for wheat procurement this year, as against 17,304 centres last year, he said, adding that wheat procurement will surpass the target. As per the data, wheat buying in Punjab has increased to 12.48 MT so far in the 2018-19, from 11.55 MT in the year-ago period.

The Wayanad-based Brahmagiri Development Society (BDS), an initiative to help farmers attain self-sufficiency through meat production, dairy and agriculture, is planning to open 1000 outlets in Kerala to sell its products in the next financial year. The society opened its 96th outlet in Kochi on Monday. "We have covered districts up to Kochi till now and would like to extend activities to Thiruvananthapuram in another year,’’ said P Krishna Prasad, BDS chairman and former CPM MLA. The stalls will sell its specialty Malabar meat comprising, beef, chicken and mutton products and other agricultural foods produced by BDS. The society is aiming at increasing its income by over three times in the current fiscal to Rs 54 crore. In 2017-18, it earned a total income of around Rs 16 crore, nearly 80% rise from the previous year. Prasad said that the society uses the services of a total of 13,000 farmers. It sells the calves and chicken to the farmers for rearing and buy them back at a price by excluding middlemen.

Trading Recommendations

SELL CORIANDER MAY BELOW 4750 TARGET 4780/4820/4870 SL 4700
BUY TMC MAY ABOVE 7240 TARGET 7270/7310/7360 SL 7190
SELL GUARGUM5 MAY BELOW 8290 TARGET 8260/8220/8170 SL 8340

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