Epic Research Daily Agri Commodity Report Of 30 July 2018

The government has allowed sugar mills to manufacture ethanol directly from sugarcane juice or intermediate product called B-molasses. The sugarcane control order of 1966 has been amended in this regard and the same has been notified by the Union Food Ministry. The move would help mills divert cane juice for ethanol manufacturing during surplus years. So far, mills were allowed to manufacture ethanol from by-product called Cmolasses, after sugar was taken out while processing raw cane juice.

China has allowed five more Rice processors in India to export the cereal to the world‟s second largest economy after inspecting their facilities while four companies were told to improve their storage conditions. Amid the stand-off with the US on trade tariffs, China appears to be serious on importing Rice from India, exporters said. In 2016, China had accredited 14 Rice exporters, after an inspection of their processing facilities in India, but prevented the physical shipment on quarantine issue claiming presence of a pest called „khapra‟ (cabinet) beetle.

Global Wheat production is likely to fall to a five-year low following significant downgrades to crop prospects in the European Union and Russia, the International Grains Council said in its latest report. The intergovernmental body cut its forecast for world Wheat production in 2018/19 by 16 million tonnes to 721 million, the lowest total since the 2013/14 season. The EU Wheat crop was seen at 139.9 million tonnes, down from a previous projection of 147.3 million, with forecasts for the top four producers in the trading bloc, France, Germany, Britain and Poland, all revised down. Dry and hot weather in northern and central parts of Europe have damaged crops in recent weeks and sent Euronext wheat futures to a three-year high this week. “Furthermore, with disappointing results being reported from ongoing harvesting, there is potential for further output cuts in future grain market reports,” the IGC said.

Economic News

Basmati rice exporters have sought government intervention to help resume exports to Saudi Arabia, the second largest importer of basmati, which halted rice imports from India since June for non-compliance with its new stringent maximum level of pesticide residues in food items. Indian authorities are set to initiate dialogue with the Gulf kingdom to seek mellowing of maximum residue level (MRL) norms that are likely to hit exports of mainly rice, buffalo meat and few other food items. “The matter is being taken up with Saudi Arabia as the new MRL are not based on scientific facts and are too stringent to be fulfilled,” a senior official from Agricultural and Processed Food Products Export Development Authority (APEDA) said. Saudi Arabia‟s new MRL norms are not India-specific, though. Rice export to the country has halted since June after a consignment was tested positively for not fulfilling the new criteria for residue detection. Saudi Arabia buys 7-8 lakh tonnes of rice, primarily basmati, from India. Exporters warn that the development will significantly shrink India‟s share in the global rice market. India is the largest exporter of basmati, shipping 4 million tonnes of basmati in 2017-18. “It is not possible to fulfil the (Saudi Arabia‟s) guidelines, and will cause serious blow to international rice trade,” said Tejinder Singh, general manager at Supple Tek Industries, an Amritsar-based manufacturer and exporter of basmati rice. The MRL norms are tough for even organic rice from the country, Singh told ET.

The government today removed restrictions for imports of urea for industrial, non-agriculture and technical grade. "Import Policy of Urea for industrial/nonagriculture/technical grade shall be free with actual user condition," the directorate general of foreign trade said in a notification. Earlier, these imports were allowed through State Trading Corporation.

Trading Recommendations

BUY CORIANDER AUG ABOVE 5150 TARGET 5170/5190/5210 SL 5120
BUY TURMERIC AUG ABOVE 7350 TARGET 7380/7410/7440 SL 7310
BUY GUARGUM5 OCT ABOVE 9300 TARGET 9340/9380/9420 SL 9250

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