Epic Research Daily Agri Commodity Report Of 29 May 2018

In a bid to further streamline e-auction of cardamom, Spices Board plans to Introduce an online settlement mechanism that would tremendously help all the stakeholders by ensuring timely payment to the growers of this spice and providing all information about transactions online or through a mobile app. For developing such an online settlement mechanism for cardamom auction, the Board enlisted the services of a bank. A team from the bank visited the e-auction centre at Spices Park, Puttady and analyzed the parameters for formulation of such a mechanism. Consequently, the bank presented an „escrow‟ settlement model to the Board.

Maharashtra Government has made it mandatory for original Bt Cotton seed producer companies and co-marketing companies to sell one variety of Bt Cotton seeds with one brand name only, to tighten the watch over Bt Cotton varieties being sold in the market under different brand names. After a review, the Government has allowed only 370 varieties of 42 companies to be sold in the State in Kharif-2018 season. The widespread attack of Pink Bollworm on Cotton crop in Kharif-2017 had affected the production. As much as 98 per cent of Cotton area in Maharashtra is under Bt Cotton varieties. However, the Government noticed that these co-marketing companies used to sell Bt Cotton seeds under various brand names.

Global grain supplies are poised to fall to a three-year low in the 2018/19 season due to a drawdown in stocks coupled with a slight dip in output, the International Grains Council (IGC) said in its latest report. The intergovernmental body, in a monthly report, nudged up its forecast for 2018/19 world grain production by one million tonnes to 2.089 billion tonnes. The IGC lifted its forecast for global Corn (maize) output in the 2018/19 season by one million tonnes to 1.055 billion tonnes. It also increased its expectation for global Wheat production by three million tonnes to 742 million tonnes.

Economic News

Wheat procurement has crossed the government's target by 6.25 per cent to 34.08 million tonnes (MT) so far in this marketing year as purchases in Uttar Pradesh have picked following special efforts by the state authorities. Food Corporation of India (FCI) and other state agencies had procured 29.37 MT in the same period of the 2017-18 marketing year (April-March). Total wheat procurement stood at 30.82 MT in 2017-18. The government fixed higher target of 32 MT for this year in view of record output. According to official data, of the 34.08 MT procured so far this year, 21.45 MT has been purchased from two states Punjab and Haryana. Buying in these states has been completed. However, the procurement operation is underway in Uttar Pradesh, Madhya Pradesh and Rajasthan, which will continue till next month.

Farmers have already started preparing land for their kharif crop and raising paddy nurseries from where saplings will be transplanted to fields by the second week of June. With initial planting in full swing, especially in the north eastern and southern states, the agriculture ministry hopes to see around 106 million hectares under grain cultivation, the same as last year‟s. The government is yet to announce the minimum support price for kharif crops for this year, which would influence farmers in what they sow, said analysts who feel that the acreage under rice will see a slight increase. Similarly, soyabean, pulses and sugarcane area could surpass cotton in acreage as prices were firm and pest infestation in those crops was less. Speaking to ET, Agriculture Secretary Shobhana K Pattanayak said they were expecting planting acreage to be similar to the previous year. “We expect to surpass last year‟s production of 278.5 million tonnes and touch 283.7 million tonnes in 2018-19. Better preparation to face weather uncertainties, availability of quality seed and a good monsoon forecast will lead to increase in productivity and overall production,” he said.
Trading Recommendations

SELL CORIANDER MAY BELOW 4500 TARGET 4470/4430/4380 SL 4550
BUY TURMERIC MAY ABOVE 7160 TARGET 7190/7230/7280 SL 7110
SELL GUARGUM5 MAY BELOW 8090 TARGET 8060/8020/7970 SL 8140

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Epic Research Limited delivers reliable trading advice for traders to fulfill their goals and return expectations is very true. Every day we work for 2 different things: thorough research on market movements & deliver those high efficiency calls timely to our clients and help them to make their investment at the right place. We have designed services for different investors as per their needs like commodity tips , equity tips, agri tips and many more to serve our clients.

Want to take a FREE TRIAL? Visit our site link below and become a part of our Epic family. Happy trading.

http://www.epicresearch.co/
or
mail us @ info@epicresearch.co

Also you can Whatsapp us at :7049084664

Our Office:411 Milinda Manor, 2 RNT Road, Indore 452001

411 Milinda Manor, 2 RNT Road, Indore 452001

This release was published on openPR.