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Epic Research Daily Agri Commodity Report Of 27 August 2018

08-27-2018 09:55 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Epic Research

Rapid heavy rain and floods in Coffee growing areas in Kerala have worsened the shortage of robusta beans, hitting hard exporters and local producers. The production of robusta, which accounts for majority of Coffee exports from the country and is the chief ingredient for instant Coffee, was last year 10-20% short of the Coffee Board’s projection of 2.21 lakh tonnes. The inclement weather is expected to pull down the crop for the next harvest slated to take place by December. The arabica crop hasn’t been affected much.

The Cotton crop in Telangana has been hit by extensive rains in the last two weeks. According to official figures, the Cotton crop in over 1.30 lakh acres was hit by the rains. Adilabad and undivided Warangal districts, the two key Cotton-growing districts in the state, were hit the hardest. The farmers could incure heavy losses as the rain showered at wrong time when the crop were at the flowering stage. Farmers in the state grew Cotton in about 42 lakh acres this kharif, despite losses in the last season due to the virulent attack of pink bollworm. Losses in Adilabad would be much higher as heavy rains lashed the Cotton-growing district.

The food ministry has extended the deadline for exporting 2 million tonne of Sugar by three months to December as only a fourth of it has been shipped so far. In March, the government had allowed Sugar export in view of record domestic output of 32 million tonne. Mill-wise, Minimum Indicative Export Quotas (MIEQ) were allocated by the ministry in May. "The date of export of MIEQ allocated to Sugar mills is extended by three months up to December 31," an official order said. Mills can export either Sugar produced in the current 2017-18 season or the next 2018-19 season (October-September), it said. As per the official data, only about 5 lakh tonne Sugar has been exported so far. The shipments have been lower due to non-availability of raw Sugar which is in demand in the global market.

Economic News

A tea variety from Arunachal Pradesh has fetched a world record price of Rs 40,000 per kg at Guwahati Tea Auction Centre here breaking the record of an Assam tea variety auctioned last month. A 1.1 kg lot of Golden Needles tea variety of Donyi Polo tea estate in Arunachal Pradesh sold at Rs 40,000 per kg yesterday, said a statement by Dinesh Bihani, Secretary of Guwahati Tea Auction Buyers Association. The tea variety was sold to Assam Tea Traders, which is one of the oldest tea shop in Guwahati. In July, an Assam tea variety was sold at Rs 39,001 per kg at an auction here. "These types of specialty teas are attracting more and more buyers and producers to come together and use the GTAC platform. We hope that these specialty teas will make us achieve our past glory in the world map," Bihani said in the statement.

Technically Cotton market is under fresh selling as market has witnessed gain in open interest by 1.2% to settled at 3970 while prices down 100 rupees. Now MCX Cotton is getting support at 23190 and below same could see a test of 23140 level, And resistance is now likely to be seen at 23320, a move above could see prices testing 23400. Cotton on MCX settled down by 0.43% at 23240 on profit booking after prices gained on expectations of lower yield due to whitefly and pink bollworm attacks while the sowing is also less. Cotton prices may remain up as crops has come under severe pest and bollworm attacks in major producing states, which is sparking fears of a sharp decline in India's fibre productivity this Kharif season. Cotton area in Punjab and Haryana came under whitefly while pink bollworm was reported to have attacked standing crop in Maharashtra, Andhra Pradesh and Gujarat. India cotton sowing reached 11.26 million hectare compared to 11.71 million hectare a year ago, Ministry of Agriculture data showed.

Trading Recommendations

SELL CORIANDER SEP BELOW 4750 TARGET 4730/4710/4690 SL 4780
SELL TURMERIC SEP BELOW 6830 TARGET 6800/6770/6740 SL 6870
SELL GUARGUM5 OCT BELOW 9150 TARGET 9110/9070/9030 SL 9200

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