Epic Research Daily Agri Commodity Report Of 26 June 2018

NCDEX Soyabean is getting support at 3410 and below same could see a test of 3390 level, And resistance is now likely to be seen at 3463, a move above could see prices testing 3496. Soyabean on NCDEX settled down 1.15% at 3431 due to expectation of higher sowing on account of forecast of normal rains. Pressure also seen amid expectation of higher sowing due to forecast of normal rains, and lower meal exports data from both SEA and SOPA. However, anticipation of higher domestic crushing of soybean after government increase customs duty on crude as well as refine soy oil 35% and 45% respectively, capped some losses.

Mustard Seed on NCDEX settled down 0.25% at 3963 on profit booking after seen supported due to expectation of good meal and crushing demand after government increase import duty on soft edible oil by 10-15%. According to data, mills across the country crushed 900,000 tn of the oilseed in May much higher crushing volume compared to last year. According to SEA latest export report, mustard meal exports during first 5 months of 2018 is higher by 164% on year due to higher demand from South Korea. Exports are 209% higher at 6.64 lt for the FY 2017/18 compared to previous year’s export volume of 2.14 lt.

Turmeric on NCDEX settled up 0.3% at 7330 on limited supply scenario coupled with strong demand outlook. Supplies at the spot market are gradually declining as lean season is approaching. Further, on the domestic front, good buying activity for the fresh crop at the spot markets also kept prices up. Moreover, reports on reduced arrivals of new season turmeric amid mixed rains in Telangana and Maharashtra turmeric growing areas also supported the uptrend. Moreover, healthy export demand for new season crop amid lower than expected stocks with traders supported turmeric prices.

Economic News

The Cotton Advisory Board (CAB) has lowered its cotton output estimates of 377 lakh bales to 370 lakh bales for 2017-18. This was largely attributed to pink bollworm attack on cotton crops in Maharashtra, Telangana and Andhra Pradesh. The estimated cotton output of 370 lakh bales for 2017-18, however, is higher by around 7% from the previous year’s output of 345 lakh bales. The board had estimated cotton production to be 345 lakh bales and exports at 59 lakh bales for the season when it had met in December. Production estimates were lower in the beginning of the season as the board expected damage to the crop from bollworm attack. CAB’s closing stock has been estimated at 43 lakh bales. The Cotton Association of India (CAI), in its recent report, has estimated cotton crop for the ongoing 2017-18 season beginning from October 1, 2017, at 365 lakh bales (of 170 kg each), which is higher by 5 lakh bales from its previous estimate in May.

India exported 4,180 ton cardamom valued at Rs 4.56 billion during AprilDecember 2017, data from Spices Board showed. Cardamom will be auctioned once every day at e-auction centres in Tamil Nadu'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. The small cardamom prices showed an easier/ steady trend after remaining firmer last week. As the prices moved up in recent days those holding the capsules have started releasing in good quantity and that coupled with the comparatively inferior quality of the material has pushed the prices down. There has been raining in the producing centres of Kerala and present weather is conducive to the coming crop.

Trading Recommendations

SELL CORIANDER JUN BELOW 4530 TARGET 4510/4490/4470 SL 4560
SELL TURMERIC JUN BELOW 7260 TARGET 7230/7200/7170 SL 7300
SELL GUARGUM5 JUN BELOW 7400 TARGET 7360/7320/7280 SL 7450

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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.