Epic Research Weekly Agri Commodity Report 22 May 2017

Commodity News

Coriander futures traded higher on NCDEX as participants built up fresh positions, tracking improved demand in the spot market. Further, limited arrivals from major growing regions also added support to coriander prices’ uptrend. The contract for May delivery was trading at Rs 5375.00, up by 0.92% or Rs 49.00 from its previous closing of Rs 5326.00. The open interest of the contract stood at 710 lots.

Turmeric futures traded higher on NCDEX on expectation of rising exports demand at the spot market. Further, lower arrivals from the producing regions also added support to turmeric prices’ uptrend. Reports showed that the turmeric arrivals in the country are lower in first 15 days of May at 36,489 tons compared to 73,824 tons during April (1-15). The contract for June delivery was trading at Rs 5624.00, up by 0.61% or Rs 34.00 from its previous closing of Rs 5590.00.

Soybean futures traded marginally higher on NCDEX as speculators enlarged their positions, despite weakness in domestic demand and forecasts of ample supplies in global markets. The contract for May delivery was trading at Rs 2800.00, up by 0.54% or Rs 15.00 from its previous closing of Rs 2785.00.

Economic News

Agri experts today called on farmers to market their own produce and self production of seeds to cut down on the cost of agricultural production. Punjab being one of the highest potato producing states, its farmers can considerably add to their income through this crop, they said. The Confederation of Indian Industry (CII), in association with the Ministry of Agriculture & Farmers Welfare, the Government of India, & Mehram Publication, organised a session on 'Varietal Improvement, Storage and Marketing of Potatoes' as part of the Innovative Farmers' Meet here. Paramjit Singh Brar, Chief Agricultural Officer, Ludhiana, called on the farmers to produce seeds for cultivation themselves.

Top officials of the central and state governments today discussed issues related to monsoon preparedness, including disaster managements plans, and emphasised on greater co-ordination among various agencies. State relief commissioners and secretaries of disaster management department of the states and Union territories were present at the meeting chaired by Union home secretary Rajiv Mehrishi. Early warning systems, flood relief measures, checking the readiness of equipment and communication systems, advance procurement of
necessary relief material, community based disaster management and coordinated approach for disaster response at the district level were highlighted at the meeting, an official statement said. During the discussions, it was noted that concerted efforts of all concerned have helped in minimising the loss of precious human lives.

Trading Recommendations

BUY GUARGUM5 ABOVE 7970 TARGET 8040 8140 SL BELOW 7900
SELL GUARGUM5 BELOW 7740 TARGET 7670 7570 SL ABOVE 7810

BUY CORIANDER ABOVE 5490 TARGET 5560 5660 SL BELOW 5420
SELL CORIANDER BELOW 5200 TARGET 5130 5030 SL ABOVE 5270

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This release was published on openPR.