Epic Research Daily Agri Commodity Report Of 27 June 2018

Cardamom on MCX settled down by 1.05% at 967.6 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.Spice Board cut the number auctions due to falling arrivals at the auction centres. Producing centres of Kerala are getting good rains and monsoon is also expected to hit Kerala coast three days before schedule.There seems to be no respite for cardamom growers in Kerala as the area of crop damaged due to heavy rains and strong winds has grown to 1,207 ha in the state. On Friday, sources reported that 864 ha of area under the spice had been damaged.

As per the latest data by Agriculture Ministry, Russian wheat exports in the 2017-18 (July-June) marketing year to June 20 were 48.4% higher on the year at 39.48 million mt.The pace of exports slowed in last week by 17% from the previous week, amounting to 425,000 mt. The first harvest of the new crop has barely started in the southern regions of Russia and Ukraine, so exports are mainly based on the old crop, which has become limited. The harvest should accelerate this week.Russian exporters also shipped 5.63 million mt of corn in the current marketing year to June 20, up 13.3% on the year, while the pace of exports slowed and the volume fell 21% week on week to 153,000 mt.

NCDEX Coriander futures extended losses after hitting a three week high as traders eyed monsoon rainfall and profit selling took a toll on the counter. Spot demand is holding up in major trading places but buying seems to be limited in futures after recent rebound. The NCDEX Coriander futures for July soared from Rs 4270 per quintal to around Rs 4640 in last two weeks. However, the open interest in the counter continued to drop throughout, indicating a lack of fresh buying support.

Economic News

Jeera on NCDEX settled up by 2.36% at 17315 on profit booking after prices gained due to fresh export support and weak arrivals. Export demand for Indian jeera is expected to be strong in the current season owing to lower supplies from Turkey and Syria. A trade body-The Federation of Indian Spices Stakeholders (FISS) - projected India's 2017-18 jeera output at 6.92 million bags up 19% on year on the back of higher acreage and favourable weather. During FY 2017/18, country exported about 1,60,479 tonnes of jeera, up by 24.5% on year. Jeera arrivals during 1-15 Jun are pegged at 7,780 tonnes compared to 5,055 tonnes last year for same period. At Unjha market in Mehsana, estimated market supply was at 10,000 bags, down by 1,000 bags as compared to previous trading day. At Rajkot market in Rajkot(Guj.), estimated market supply was at 660 quintal, higher by 175 quintal as against previous day. Global demand for Indian jeera has firmed up as Syria and Turkey crop will arrive only around June-July.

Technically Soyabean market is under long liquidation as market has witnessed drop in open interest by 0.43% to settled at 108220 while prices down 25 rupees.Now NCDEX Soyabean is getting support at 3386 and below same could see a test of 3367 level, And resistance is now likely to be seen at 3424, a move above could see prices testing 3443. Soyabean on NCDEX settled down by 0.73% at 3406 due to expectation of higher sowing on account of forecast of normal rains and lower meal exports data from both SEA and SOPA. Prices have been under pressure on forecast of normal rains and lower meal exports data from both SEA and SOPA is weighing on prices this month. Soybean acreage till last week is 56% higher than at 50,000 ha as compared to the last year acreage according to farm ministry report. Bangladesh, one of the largest importers of soymeal from India, reduced the import duty to nil which may result into tough competition for the country from South American peers in soymeal exports to Bangladesh.

Trading Recommendations

SELL CORIANDER JUL BELOW 4500 TARGET 4480/4460/4440 SL 4530
BUY TURMERIC JUL ABOVE 7380 TARGET 7410/7440/7470 SL 7340
BUY GUARGUM5 JUL ABOVE 7600 TARGET 7640/7680/7720 SL 7550

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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.