Press release
Epic Research Daily Agri Commodity Report Of 24 May 2017
Commodity NewsSoybean futures traded lower on NCDEX as speculators trimmed
their positions due to reports of higher stocks of soybean with farmers
and traders. Soyabean prices also dropped by lower demand in spot
markets 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 June delivery was trading at Rs
2788.00, down by 0.92% or Rs 26.00 from its previous closing of Rs
2814.00.
Turmeric futures edged down on NCDEX as participants reduced
exposure due to easing demand at the domestic spot markets. Further,
adequate stock position on increased supplies from the producing
regions too fuelled the downtrend. The contract for June delivery was
trading at Rs 5576.00, down by 1.34% or Rs 76.00 from its previous
closing of Rs 5652.00.
Jeera futures edged lower on NCDEX as speculators engaged in
trimming positions to book profits at prevailing levels amid lower
domestic and exports demand at the spot market. Furthermore, ample
stocks position following higher supplies from major growing regions
in Gujarat and Rajasthan too fuelled the downtrend. The contract for
May delivery was trading at Rs 18000, down by 0.61% or Rs 110.00
from its previous closing of Rs 18110.
Economic News
The agriculture ministry today said it has no reservations about GM
Urging the government to double the outlay of Rs 3,000 crore for
development and management of fisheries sector, apex industry body
Assocham on Tuesday said that India could achieve about 16 million
metric tonnes (MMT) of inland and marine fisheries’ production by 2019-
20 thereby adopting a target oriented approach to achieve eight per cent
growth year-on-year. “Aided by government’s efforts to bring systemic
changes in processing sector, the domestic segment in raw and processed
fisheries sector in value terms is expected to touch Rs 1.5 lakh crore by
2020 and total domestic retail market is forecast to cross Rs 61 lakh crore
or almost triple in next 4-5 years,” noted a just-concluded Assocham study
titled ‘Fisheries in India: Potential & prospects; Reference state – West
Bengal.’
Unveiling a three-year roadmap (2017-20) intended to take farm growth
to new heights, Union agriculture minister Radha Mohan Singh said on
Monday that foodgrain production in 2016-17 had broken all records.The
new crop year too would see record yields, he added, due to the
government's policy interventions, cooperation from states', and a normal
monsoon for the second consecutive year. Earlier this month, the ministry
had estimated foodgrain production for the 2016-17 crop year (July-June)
at 273.38 million tonnes (MT), which is over 8 MT higher than the
previous record, 265.04 MT in 2013-14, and 8.67% higher than last year's
foodgrain production.
Trading Recommendations
ELL CORIANDER APR BELOW 5150 TARGET 5120 5080 5030
SL ABOVE 5200
SELL TURMERIC MAYBELOW 5450TARGET 5420 5380 5330 SL
ABOVE 5500
BUY GUARGUM5 MAY ABOVE 7780 TARGET 7810 7850 7900
SL BELOW 7730
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