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Epic Research Daily Agri Commodity Report Of 24 August 2018

08-24-2018 09:34 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Epic Research

The Directorate General of Foreign Trade (DGFT) has allowed import of yellow peas up to 125 tonnes, covering advance payment made early this year to sellers abroad. Importers traditionally make advance payment of up to 10 per cent of the value for contracts to be executed in the future. This got stuck with DGFT suspending all import of yellow peas without a Letter of Credit (LC), by an April 25 notification. After which, importers had urged they be allowed to at least get the quantity they had booked or in line with advances already paid. India imports peas primarily from Canada, Ukraine and France.

India is expected to resume Rapeseed meal exports to China after a gap of nearly six years, a senior industry official said. Following the meeting of commerce ministry officials, Indian ambassador to China and industry members, we expect the rapeseed meal exports to China is expected to resume soon. We have enough stocks and industry can export 4-5 lakh tonnes of rapeseed meal to China,” the Solvent Extractors’ Association (SEA) said. India’s exports of Rapeseed meal to China was suspended by the Chinese government in 2012 over quality issues.

Groundnut oil trade body, Saurashtra Oil Mills Association (SOMA) has called for the formation of a Groundnut promotion council and government support for spreading awareness about the varied uses of Groundnut. After last year’s bumper harvest of about 32 lakh tonnes, Groundnut sowing in the current kharif season has been encouraging at around 14,65,438 hectares in Gujarat, covering about 90 per cent of the 16,20,300 hectares reported in the previous season. At the all-India level, groundnut was planted on about 35.32 lakh hectares as on August 10 as against 36.58 lakh ha last year.

Economic News

India's coffee production in 2018/19 is likely to fall by at least one-fifth from a year ago as floods in key producing states damaged the crop and delayed exports, industry officials told Reuters. Some of the worst flooding in India in a century killed hundreds of people in the southern states of Kerala and Karnataka earlier this month, both of which account for more than 90 percent of the country's total coffee production. "Earlier we were expecting better crop than this year. Now we are expecting at least 20 percent drop in the production," Ramesh Rajah, president of the Coffee Exporters' Association of India, told Reuters. The severe crop loss was reported in the coffee-growing regions of Kodagu in Karnataka and Wayanad in Kerala, while the Chikmagalur and Hassan districts in Karnataka also reported damage on limited scale, he said.

Although 94 per cent kharif sowing has been completed in Maharashtra so far, crop loan for the season has been disbursed to only about 50 per cent farmers till now, an official said today. According to the official, this delay in loan disbursement was due to several factors, including that previous unpaid debts have rendered a number of farmers ineligible to get fresh loan. Earlier this week, the state government announced that of the total 140.69 lakh hectares of agricultural land, kharif sowing has been completed on 132.85 lakh hectares, which comes to around 94 per cent. The government disburses crop loan every year around May so that farmers can use the funds during the kharif season. "But despite the proposed outlay of Rs 43,000 crore, actual loan disbursed so far is around Rs 23,000 crore. It means around 50 per cent of loan disbursement for kharif season is yet to be done," a senior official from the state Cooperation Department said. These figures were revealed during a review meeting held recently in Pune, where officials of the cooperation department and representatives of all the banks were present.

Trading Recommendations

BUY CORIANDER SEP ABOVE 5210 TARGET 5230/5250/5270 SL 4980
SELL TURMERIC SEP BELOW 6900 TARGET 6870/6840/6810 SL 6940
SELL GUARGUM5 OCT BELOW 9300 TARGET 9260/9220/9180 SL 9350

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