Epic Research Daily Agri Commodity Report Of 9 July 2018

Cotton settled down by 0.18% at 22420 on profit booking after prices seen supported as government increase minimum support prices for cotton by 26-28%. MSP of cotton (medium staple) has been raised to Rs 5,150 from Rs 4,020 and that of cotton (long staple) to Rs 5,450 from Rs 4,320 per quintal.There are reports of good export demand and lower pace of kharif sowing in the country. Cotton acreage till last week was down by 30% on year to 32.2 lakh hac, according to the farm ministry data.The fall in area of cotton was mainly due to delay in arrival of monsoon over Gujarat, one of the largest growers of the commodity.

Mustard Seed on NCDEX settled up by 1.36% at 4113 on anticipation of improved meal and crushing demand after government increase import duty on soft edible oil by 10-15% may support prices.The National Agricultural Cooperative Marketing Federation of India procured 847,733 tn of mustard under the price support scheme in five states, an official with the agency said.The agency started procuring the oilseed after market prices fell below the minimum support price of 4,000 rupees per 100 kg,

Cardamom settled up by 1.08% at 1037.1 tracking firmness in spot demand despite of reports of bumper output on the back of favourable weather amid poor stocks of quality goods.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.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's Bodinayakanur and Kerala's Puttady from Monday till Jun 30, the Spices Board India said.

Economic News

The export of oilmeals during June 2018 has dropped by 33.56% as compared to June 2017 even though the overall export during April to June 2018 is reported at 654,774 tons compared to 599,346 tons during the same period of last year, up by 9%. The export of rapeseed meal is sharply increased to nearly 135,000 tons (90%), in first three months, mainly due to higher exports South Korea and Thailand. The ongoing trade dispute between USA and China has created a lot of uncertainty and forcing China to look out to other origins for their requirements of soybean and oilmeals. This has compelled China to relook its ban imposed for importing of oilmeals from India since 2012. This will open up Chinese market for India. Of course, this is subject to clarification about phytosanitory certificate for export of oilmeals from India, the Solvent Extractors' Association of India (SEA) said in a release issued on Friday.

Technically Turmeric market is under fresh selling as market has witnessed gain in open interest by 1.74% to settled at 15180 while prices down 4 rupees.Now NCDEX Turmeric is getting support at 7158 and below same could see a test of 7108 level, And resistance is now likely to be seen at 7260, a move above could see prices testing 7312.Turmeric on NCDEX settled down by 0.06% at 7206 tracking weakness in spot demand due to good progress of monsoon. Market participants are expecting higher acreage of turmeric in Andhra Pradesh and Maharashtra following good rains this monsoon. Supplies from the new season turmeric have been lower during June at 16,691 t (Vs 27,710 t) compared last year, as per data. The turmeric exports were reported to be down by 24% at 10,462 tonnes in April 2018 compared to last years’ exports. Exports are lower by 15.5% in first 4 month of current year compared to last year. Only 2,000 bags of turmeric arrived for sale. But with traders still waiting for fresh demand they purchased stocks only for local demand.

Trading Recommendations

SELL CORIANDER JUL BELOW 4730 TARGET 4710/4690/4670 SL 4760
SELL TURMERIC JUL BELOW 7070 TARGET 7040/7010/6980 SL 7110
SELL GUARGUM5 JUL BELOW 8410 TARGET 8370/8330/8290 SL 8460

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