Epic Research Daily Agri Commodity Report Of 20 July 2018

India's Coffee exports reached an all-time high of 3.95 lakh tonnes in 2017-18 as compared to 3.53 lakh tonnes in the previous fiscal, according to official data. In 2015-16, the exports aggregated at 3.16 lakh tonnes. The demand of Indian Coffee is seen to have increased in Germany, Indonesia, USA, Poland, Libya, Spain, Tunisia, Ukraine, Italy and Belgium, the Commerce and Industry ministry said in a notification. Coffee is primarily an export oriented commodity for India, the ministry said. "The demand/consumption in domestic market is about 25 percent to 30 percent of country's Coffee production and therefore, does not drastically impact the prices of Coffee in the domestic market," the ministry said.

India imports and expends highly poisonous Lentils (Masoor Dal) and Moong Dal from Canada and Australia respectively. The Lentils and Moong Dal are induced with the herbicide Glyphosate, which is known to be exceptionally dangerous and destructive to health. Glyphosate is being used by Canadian and Australian farmers indiscriminately to clear weeds. Tests conducted by the Canadian Food Inspection Agency (CFIA) on thousands of samples of these Lentils and Moong Dal grown by farmers in Canada and Australia found an average 282 parts per billion (PPB) and 1,000 parts per billion of glyphosate respectively, which is extremely high on any standards.

The government has hiked the fair and remunerative price (FRP) of Sugarcane by Rs 20 to Rs 275 per quintal for the next marketing year (2018-2019) starting October. The decision to increase the FRP of Sugarcane for the 2018-19 marketing year was taken by the Cabinet Committee on Economic Affairs (CCEA). The Commission for Agricultural Costs and Prices (CACP) had recommended Rs 20 per quintal hike in the FRP of Sugarcane at Rs 275 per quintal for the next season.

Economic News

Technically Cotton market is under short covering as market has witnessed drop in open interest by 7.77% to settled at 4923 while prices up 70 rupees. Now MCX Cotton is getting support at 22506 and below same could see a test of 22363 level, And resistance is now likely to be seen at 22776, a move above could see prices testing 22903. Cotton on MCX settled up by 0.31% at 22650 owing to global cues amid firmness in domestic demand. Further, USDA's weekly crop progress report showed that 41% ofUS cotton crop was in good or excellent condition, unchanged from a week ago, but lower than 60% of last year. Cotton acreage was down by 14.7% on year to 77.5 lakh hac compared to 90.9 lakh ha las year, according to the farm ministry data. Market participants are expecting higher imports in coming months as government increase MSP for cotton by 26-28%. MSP of cotton (MS) has been raised to Rs 5,150 from Rs 4,020 and that of cotton (LS) to Rs 5,450 from Rs 4,320 per quintal.

Technically Jeera market is under fresh buying as market has witnessed gain in open interest by 2.55% to settled at 5922 while prices up 130 rupees. Now NCDEX Jeera is getting support at 18640 and below same could see a test of 18430 level, And resistance is now likely to be seen at 19055, a move above could see prices testing 19260. Jeera on NCDEX settled up by 0.69% at 18845 tracking robust demand prospects from spot market and overseas prices. Further, expectation of strong overseas demand on supply uncertainties in other producing nations owing to geo-political turmoil in Syria. Impressive domestic demand on rise in purchasing activities by stockists, millers and strong export demand kept supporting prices. At Rajkot market in Rajkot(Guj.), arrivals were reported at 90 quintals, lower by 15 quintals as compared to previous day. At New Delhi market, total arrivals are at 5000 quintals, down by 1000 quintals from previous day’s arrivals.

Trading Recommendations

BUY CORIANDER AUG ABOVE 4660 TARGET 4680/4700/4720 SL 4630
BUY TURMERIC AUG ABOVE 7300 TARGET 7330/7360/7390 SL 7260
BUY GUARGUM5 OCT ABOVE 9240 TARGET 9280/9320/9360 SL 9190

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This release was published on openPR.