Epic Research Daily Agri Commodity Report Of 18 May 2017

Commodity News

Turmeric futures traded up on NCDEX on lower arrivals from the producing regions. Reports showed that the turmeric arrivals in the country are lower in first 14 days of May at 28,212 tons compared to 69,452 tons during April (1-14). The contract for May delivery was trading at Rs 5680.00, up by 1.46% or Rs 82.00 from its previous closing of Rs 5598.00.

Jeera futures traded higher on NCDEX on rising demand at the spot market. Moreover, lower arrivals from the producing regions too fuelled the uptrend. The contract for May delivery was trading at Rs 18000, up by 0.73% or Rs 130.00 from its previous closing of Rs17870. The open interest of the contract stood at 69 lots. The contract for June delivery was trading at Rs 18150, up by 0.06% or Rs 10.00 from its previous closing of Rs 18140.

Soybean futures traded marginally higher on NCDEX as speculators enlarged their positions, despite lower domestic demand as 60 percent of soybean mills in Madhya Pradesh reported to have shut down because of subdued demand for soymeal and lower prices of soyoil.The contract for May delivery was trading at Rs 2804.00, up by 0.79% or Rs 22.00 from its previous closing of Rs 2782.00. The open interest
of the contract stood at 4080 lots.

Economic News

As farmers prepare fields for kharif sowing, the government is considering increasing the minimum support price (MSP) of cotton by Rs160 per quintal to Rs 4,320 for the 2017-18 crop year beginning July. It is also planning to promote Bt cotton variety developed by the government research body ICAR and expects increased area coverage and better output on hopes of good southwest monsoon that has already hit Kerala in advance. For the ongoing 2016-17 crop year, MSP of medium staple cotton
has been fixed at Rs 3,860 per quintal and long staple cotton at Rs4,160.

The government today decided to set up Indian Agricultural Research Institute (IARI) in Assam at a cost of over Rs 155 crore to promote agri- education and realise second green revolution in the north eastern region. A decision to this effect was taken at the Union Cabinet meeting, headed by Prime Minister Narendra Modi. The first IARI was set up in the national capital way back in 1967. The Modi government announced plans to set up four such institutes the Budget 2014-15. "The work to set up an IARI in Ranchi (Jharkhand) has started. The IARI-Assam was delayed as the previous government did not give land. The current (Sarbananda) Sonowal government has given 587 acres of land and work will start," Union Minister Piyush Goyal told reporters after the meeting. The Cabinet has approved the agriculture ministry's proposal to set up an IARI in Dhemaji district in Assam. It has also approved 98 positions, an official statement
said.

Trading Recommendations

BUY CORIANDER APR ABOVE 5350 TARGET 5380 5420 5470 SL BELOW 5300
SELL TURMERIC MAYBELOW 5680 TARGET 5650 5610 5560 SL ABOVE 5730
BUY GUARGUM5 MAY ABOVE 7620 TARGET 7650 7690 7740 SL BELOW 7570

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This release was published on openPR.