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Epic Research Daily Agri Commodity Report Of 28 June 2018

06-28-2018 08:47 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Epic Research

Jeera on NCDEX settled up by 0.75% at 17445 buoyed by the reports of higher exports and restricted supplies in the physical market. Besides, strong physical demand from domestic markets also fuelled the upward trend.Global demand for Indian jeera has firmed up as Syria and Turkey crop will arrive only around June-July. Mandi sources maintained that export enquiries have been good as India is the only jeera supplier to the world market currently.India jeera crop is projected for bumper harvest thanks to higher acreage and favorable weather conditions.

Turmeric remained flat on diminishing supplies and anticipations of improvement in physical demand. Current year Turmeric sowing is started in AP, Maharashtra, Tamil Nadu ,Telangana etc. Monsoon rainfall is crucial factor for acreage expectations.As per IMD, overall rainfall activity is likely to be normal to above normal, over the country in whole. Actual rainfall scenario over turmeric producing regions in various states and initial estimates of sowing will become known till first half of July.Overall, the average rainfall received in Andhra Pradesh from 1-6-2018 to 20.6.2018 is recorded as 63.2 mm as against the Normal as on date of 69.4 mm showing by normal 9 per cent.

Mustard procurement in Madhya Pradesh has come to an end with the state government having bought a total of 119,291 tn of the oilseed at minimum support price under the Krishak Samruddhi Yojana, a senior government official said."Over 53,000 registered farmers have benefited from the procurement drive in 50 centers across the state," the official said. Madhya Pradesh, a major producer of mustard, had begun procuring mustard Procurement for the oilseed was kicked off on Apr 10 and wound up operations on Jun 9.The state government had begun procurement after market prices fell below the minimum support price of 4,000 rupees per 100 kg..

Economic News

Weak Pulses acreage in the ongoing Kharif season clubbed with good buying in retail markets is supporting Chana futures. The NCDEX Chana futures for July had tested a one and half week low of Rs 3380 per quintal this week and currently trade at Rs 3468 per quintal, up 1.31% on the day. Futures have been witnessing some short covering in last few days and similar trend was seen today as well with the open interest in the counter sliding by nearly 1.90% so far. The supplies in Delhi market have been sluggish over last few weeks and are unlikely to pick up much in coming weeks.Domestic Pulses acreage has dropped to 0.6 million hectare from 0.8 million hectare in the corresponding period last year, according to latest data released by agriculture ministry. The overall trend in Kharif sowing is tepid after an initially strong response from growers. Latest data places sowing area at 11.6 million hectare as of June 22 against 12.84 million hectare in the corresponding period of previous year. India received 10% lower than normal rainfall during June 1-22, taking a toll on the sowing.

Soyabean on NCDEX settled up by 0.85% at 3435 on expectation of improved demand from the oil mills due to higher crushing of soybean after government increase customs duty on crude as well as refine soy oil to 35% and 45% respectively.However, forecast of normal rains and lower meal exports data from both SEA and SOPA, capped some gains. There is expectation improved demand from the oil mills due to higher crushing of soybean after government increase customs duty on crude as well as refine soy oil to 35% and 45% respectively.However, 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. The area under soybean in the country was at 212,400 ha as of last week, down 59% from a year ago, according to data released by the farm ministry.

Trading Recommendations

BUY CORIANDER JUL ABOVE 4620 TARGET 4640/4660/4680 SL 4590
BUY TURMERIC JUL ABOVE 7400 TARGET 7430/7460/7490 SL 7360
BUY GUARGUM5 JUL ABOVE 7850 TARGET 7890/7930/7970 SL 7800

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