Epic Research Daily Agri Commodity Report Of 11 June 2018

As per latest release, Soybean meal exports from Ukraine reached a record 59.3 KMT in April 2017/18 against 32.9 KMT in March 2018 and 33.1 KMT in April 2017. This was contributed to by active shipments to end markets such as Belarus, Azerbaijan, Libya, and Georgia.In total, some 265 KMT of soybean meal was shipped abroad in September-April this season. This is up 24.3% year-on-year and an all-time high for this period.The 2017/18 season witnesses no significant changes in the pattern of Ukrainian soybean oil exports. As before, the top importers include the EU (35% of total exports), Belarus (31%), Azerbaijan (12%), and Georgia (10%).

Technically Cotton market is under fresh buying as market has witnessed gain in open interest by 0.69% to settled at 6886 while prices up 260 rupees.Now MCX Cotton is getting support at 22420 and below same could see a test of 22130 level, And resistance is now likely to be seen at 22950, a move above could see prices testing 23190.Cotton on MCX settled up by 1.16% at 22710 as miller and traders are stocking up cotton for the lean season. Moreover, good export demand from China is also fueling the prices. China buys 500,000 bales of new cotton crop from India to be shipped to China in Nov-Dec.

Technically Cardamom market is under long liquidation as market has witnessed drop in open interest by 0.45% to settled at 219 while prices down 4.1 rupees.Now MCX Cardamom is getting support at 877.4 and below same could see a test of 875.2 level, And resistance is now likely to be seen at 881.4, a move above could see prices testing 883.2.Cardamom on MCX settled down by 0.46% at 879.6 on reports of bumper output on the back of favourable weather amid poor stocks of quality goods.There has been raining in the producing centres of Kerala and present weather is conducive to the coming crop.

Economic News

In its latest Cereal Supply and Demand Brief, the FAO increased its forecast for the world cereal production in 2018 to 2610 million tonnes, which if confirmed would represent a 1.5 percent annual drop from the high level of the previous year. FAO pegs this year's world wheat production at 754.1 million tonnes, up from the previous month's forecast on account of improved outlooks in several major producing countries, while predicting the production of coarse grains to stand at 1 345 million tonnes, down 3.2 percent from last year's record high due in part to farmers shifting to more profitable crops and to dry weather in some countries.Worldwide rice output is expected to rise 1.3 percent from the 2017 level to set a new record of 511.3 million tonnes, with the increase primarily reflecting improved prospects for India. The new FAO report offers the latest forecasts regarding cereal utilization and also trade - which is expected to reach a record high in the coming year.

Technically Turmeric market is under fresh selling as market has witnessed gain in open interest by 10.44% to settled at 13755 while prices down 40 rupees. Now NCDEX Turmeric is getting support at 6966 and below same could see a test of 6932 level, And resistance is now likely to be seen at 7048, a move above could see prices testing 7096. Turmeric on NCDEX settled down by 0.57% at 7002 tracking good progress of monsoon rains in turmeric growing regions of Tamil Nadu (NS:TNNP) and Karnataka and tracking steady demand in the physical market. Supplies from the new season turmeric have been lower during first 25 days of May at 53,500 t (Vs 73,500 t) compared last year, as per data. The export of turmeric was down by 13% at 108,897 tonnes in FY 2017/18 compared to last years’ exports. Turmeric Exports in March was pegged at 10,410 tonnes is 22.4% lower on year but 31.58 % higher on month. AP MARKFED announced to sell total 1,132 ton of turmeric of finger and bulb varieties lying in the godowns of Kurnool through e-auction, according to notice on its website. The government agency will sell 586 ton turmeric.

Trading Recommendations

SELL CORIANDER JUN BELOW 4180 TARGET 4160/4140/4120 SL 4210
BUY TURMERIC JUN ABOVE 7100 TARGET 7130/7160/7190 SL 7060
BUY GUARGUM5 JUN ABOVE 7540 TARGET 7580/7620/7660 SL 7490

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This release was published on openPR.