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Epic Research Daily Agri Commodity Report Of 21 August 2018

08-21-2018 10:15 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Epic Research

India's Palm Oil imports are likely to fall 15% in 2017/18 from the year before to their lowest in six years, hit by a hike in import taxes, a weaker rupee and tighter credit for would-be buyers, industry sources said. Local prices moved up due to higher import tax and depreciation in the rupee. The price rise moderated demand for imports, the Solvent Extractors' Association of India (SEA) said. India in March raised its import tax on refined palm oil to 54% to support local farmers. That made palm cargoes less appealing than shipments of alternative edible oils such as soyoil, sunflower oil and canola oil - at least until import duties on those commodities were raised to 45% in June.

As per the latest update from United States Department of Agriculture (USDA), Indias Cotton area for MY 2018/19 is being forecasted at 11.8 million hectares, 100,000 hectares lower than the official USDA estimate. The reduction in area is primarily in the two major Cotton growing states of Gujarat and Maharashtra. Deficit rains and pest pressures have prompted farmers to either plant alternate crops, or delay planting altogether. According to the Ministry of Agriculture and Farmers Welfare (MOAFW), planted area reached 11.26 million hectares as of August 9, 2018 compared to their final estimate of 11.71 million hectares in MY 2017/18.

After almost a dry phase of over three weeks, the latest spell of rainfall has brought relief for kharif sowing as water scarcity situation loomed over Gujarat. Against the state’s average rainfall of 831 mm, Gujarat has recorded 523.29 mm or 62.97 per cent till Sunday with a jump 5.16 per cent within a day between August 17 and August 18. The fresh spell of rain is expected to benefit kharif crop sowing and likely to increase the current acreage which stands at 48 per cent. It is likely to boost Castor sowing from current 1.50 lakh hectare to 6.50 lakh hectare.

Economic News

Farmers are still unaware of the details of the Pradhan Mantri Fasal Bhima Yojana (PMFBY) even as the government and insurers are trying to increasing the penetration in the non-loanee segment, said a climate risk management firm WRMS. However in many states, high satisfaction has been seen among the enrolled farmers and reasons for the same were proper implementation in terms of assistance to farmers and involvement of insurance company and high percentage of insured farmers receiving payout, it said. The PMFBY, launched in 2016, is the most important tool today to insure agriculture against climate and other risks. The scheme which is an improvement over the previous agriculture insurance schemes not only provides subsidised insurance to the loanee farmers but also avails it to the non-loanee farmers. "In a recent survey done in eight states (Uttar Pradesh, Gujarat, Odisha, AP, Chhattisgarh, Nagaland, Bihar and Maharashtra) by BASIX, it was found that only 28.7 per cent of the sampled farmers are aware about the PMFBY," the Weather Risk Management Services Pvt Ltd (WRMS) said.

The Agricultural Products Export Development Authority (APEDA) is mulling setting up of specialised agencies which can provide farmers with workers trained in application of pesticides and fungicides, according to a senior official. The move is aimed at improving compliance with global pesticide residue norms and reducing rejection of shipments of farm products. The authority is likely to seek clearance from the agriculture ministry for scientific use of chemicals on crops, cut overuse dosage and ensure adherence to latest global maximum residue level norms, the official said. As per the blueprint, which will soon be mooted to the agriculture ministry, farmers will have the option of hiring farm hands trained in use of pesticides and fungicides through specialised agencies.

Trading Recommendations

BUY CORIANDER SEP ABOVE 4990 TARGET 5010/5030/5050 SL 4960
BUY TURMERIC SEP ABOVE 7110 TARGET 7140/7170/7200 SL 7070
BUY GUARGUM5 OCT ABOVE 10050 TARGET 10090/10130/10170 SL 10000

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