Epic Research Daily Agri Commodity Report Of 13 June 2018

National Agricultural Cooperative Marketing Federation of India Ltd (NAFED) purchased total 741,631 ton mustard seed in the various producing states until June 6, said sources. Government authorized the cooperative giant to purchase mustard seed from farmers at Rs 4,000 per quintal inclusive of Rs 100 as bonus. Mustard crushing across the country was estimated at 800,000 tn in March, more than double from last month's 375,000 tn, according to data compiled by the Mustard Oil Producers Association of India. In March, mills increased crushing operations after new crop arrivals increased, an official with the association said. New crop arrivals begin in February, and gain momentum by March. The arrivals remain in full swing till May and start dwindling from June.

India exported 4,180 ton cardamom valued at Rs 4.56 billion during April-December 2017, data from Spices Board showed. Cardamom will be auctioned once every day at e-auction centres in Tamil Nadu (NS:TNNP)'s Bodinayakanur and Kerala's Puttady from Monday till Jun 30, the Spices Board India said. The board has reduced the auctions per week to six from 12 because growers' organizations complained that "Cardamom lots of small growers are pushed back, half day auctions are extending up to late evening and traders are not getting sufficient time to get their cardamom samples evaluated to fix the quality.

Projection of favourable monsoon caused the Soybean Processors Association of India to predict that during 2018-19 kharif season soybean area under cultivation to rise by 14% on year to 12 million hectares. India is likely to get normal to above normal rains except some parts of western Himalayan Region and extreme south Peninsula during week ending June 13, said India Meteorological Department (IMD) in its weekly outlook. Monsoon may cover the entire state of Maharashtra and may get heavy to very heavy rainfall.

Economic News

The latest update of United States Department of Agriculture (USDA) forecasts Indian cotton acreage for MY 2018/19 at 11.9 million hectares, which is 100,000 hectares higher than the USDA official forecast. Post forecasts planting in Northern India to be lower than last year. In addition, USDA forecasts the planting in the central India states of Gujarat and Maharashtra to be lower due to prevailing market prices and expected returns from competing crops. According to the Ministry of Agriculture and Farmers Welfare (MOAFW), cotton acreage in the northern India states of Punjab and Haryana is much lower than last year. High temperatures and a lack of canal and tube well water during the two to three-week planting window for cotton has led to lower planting in some growing districts. Farmers use canal water for presowing irrigation and tube well water for subsequent irrigations.

Technically Jeera market is under fresh selling as market has witnessed gain in open interest by 19.19% to settled at 5367.Now NCDEX Jeera is getting support at 16075 and below same could see a test of 15995 level, And resistance is now likely to be seen at 16275, a move above could see prices testing 16395.Jeera on NCDEX settled down by 0.34% at 16155 on profit booking after prices gained on the back of improved physical and exports demand. However downside also seen limited amid expectation of strong overseas demand on supply uncertainties in other producing nations owing to geo-political turmoil in Syria. Jeera has recorded its highest monthly exports of 33,458 tonnes in March. Daily arrivals hovered around 30,000 bags (each of 55 kg), as against the expectation of 50,000 bags considering the bumper crop. Traders maintained that with arrivals dropping and export enquiries increasing, prices are firming up. Global demand for Indian jeera has firmed up as Syria and Turkey crop will arrive only around June-July.

Trading Recommendations

BUY CORIANDER JUN ABOVE 4300 TARGET 4320/4340/4360 SL 4270
BUY TURMERIC JUN ABOVE 7140 TARGET 7170/7200/7230 SL 7100
SELL GUARGUM5 JUN BELOW 7420 TARGET 7380/7340/7300 SL 7470

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