Epic Research Daily Agri Commodity Report Of 1 August 2018
Sugar prices dipped by Rs 100 per quintal at the wholesale market in the national capital following bumper stocks amid need base off take by stockists and bulk consumers. Soaring stocks on steady inflow of supplies from mills along with selective demand from stockists and bulk consumers such as soft-drink and ice-cream makers, led to slide in sweetener’s prices. Prices of sugar ready M-30 and S-30 dropped the most by Rs 100 each to Rs 3,500-3,650 and Rs 3,490-3,640 per quintal, respectively. Mill delivery M-30 and S-30 prices also declined by Rs 40 each to finish the day at Rs 3,240-3,400 per quintal, respectively.Exports of Malaysian Palm Oil products for July fell 3.9 percent to 1,030,909 tonnes from 1,073,224 tonnes shipped during June, according to independent inspection company AmSpec Agri Malaysia. Palm Oil futures in Malaysia slipped in early trade on Tuesday, tracking overnight losses in U.S. soyoil and on weak export data from a cargo surveyor. Palm oil has declined 6.2 percent so far this year, in what could be its sharpest monthly drop since November. Palm oil prices are influenced by the performance of other edible oils as they compete for a share in the global vegetable oils market.
Production of raw Cashewnuts in India during 2017-18 recorded at all time high at 8.17 lakh tonnes, regestering a growth of 4% compared to previous production of 7.79 lakh tonnes and 21% increase compared to 2015-16 production of 6.7 lakh tonnes. Due to shortage of sufficient quantity of raw cashewnut and higher price for raw cashew in the international market, the Cashew industry is facing the prospect of a demand – supply gap, as the total requirement of raw cashewnut is estimated at 17 lakh tonnes, the ministry for commerce and industry said.
Economic News
The past few days of rain have led to crop damage across Maharashtra, Himachal Pradesh, Kerala, Gujarat and a few other states. Some 46,440 lakh hectare planted with paddy, cotton, pulses, coarse cereals, plantation and horticulture crops has been affected. Damage estimates are expected to rise as some state are yet to make an assessment. “Eight states have reported damage of various crops due to recent rains,” said Gajendra Singh Shekhawat, minister of state for agriculture, in Rajya Sabha. He added that the ministry has issued advisory to to implement contingency plan as per local need. As per government data, Maharashtra has seen the maximum crop area damage of 22,511 lakh hectare. Paddy, cotton, tur, moong and vegetables were largely damaged. In Himachal Pradesh crop damage of largely horticulture crop was reported on 11,798 lakh hectare while in Kerala it was 8203 lakh hectare of paddy and plantation crops. Paddy area has seen damage in Punjab, Andhra Pradesh, Karnataka and Arunachal Pradesh, says the government data. The Gujarat government was yet to send the assessment of the damage to the centre.
Sugarcane arrears to farmers have come down to Rs 16,600 crore from the peak of Rs 23,232 crore in May-end due to various measures taken by the government to help the sugar industry, Parliament was informed today. In a written reply to Lok Sabha, Minister of State for Food and Consumer Affairs C R Chaudhary said the liquidity position of sugar mills has improved with increase in the ex-mill prices of sugar to Rs 30-33 per kg from 24.5-26 per kg in May. The cane price arrears peaked to Rs 23,232 crore at the end of May based on the State Advised Price (SAP) fixed by the state governments, he said. On the basis of the Fair and Remunerative Price (FRP) announced by the Centre, the peak arrear was Rs 14,538 crore.
Trading Recommendations
SELL CORIANDER AUG BELOW 5070 TARGET 5050/5030/5010 SL 5100
SELL TURMERIC AUG BELOW 7250 TARGET 7220/7190/7160 SL 7290
BUY GUARGUM5 OCT ABOVE 9800 TARGET 9840/9880/9920 SL 9750
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