Epic Research Daily Agri Commodity Report Of 02 JUNE 2017

Commodity News

Soybean futures edged up on NCDEX as speculators created
positions at prevailing levels amid a firm trend overseas. However,
lower demand in the spot market, higher supplies and good progress of
new season crop capped some gains. Reports showed that India
soybean sowing for the current kharif reached 23,000 ha so far vs
20,000 ha year ago, and arrivals of soybean during the second half of
May increase to 1.28 lt as compared to first half. The contract for June
delivery was trading at Rs 2720.00, up by 0.89% or Rs 24.00 from its
previous closing of Rs 2696.00.

Turmeric futures edged lower on NCDEX on fall in demand from
upcountry and industrial buyers at the spot market. Though, some
losses were capped as the turmeric arrivals in the country are lower in
first 25 days of May at 58,309 tons compared to 1,14,737 tons during
April (1-25). The contract for June delivery was trading at Rs 5280.00,
down by 0.94% or Rs 50.00 from its previous closing of Rs 5330.00.
The open interest of the contract stood at 12435 lots. The contract for
July delivery was trading at Rs 5350.00, down by 0.89% or Rs 48.00
from its previous closing of Rs 5398.00.

Jeera futures traded lower on NCDEX as speculators engaged in
trimming positions to book profits at prevailing levels amid lower
domestic and exports demand. Besides, ample stocks position
following higher supplies from major growing regions in Gujarat and
Rajasthan too fuelled the downtrend. The contract for June delivery
was trading at Rs 17410, down by 1.08% or Rs 190.00 from its
previous closing of Rs 17600. The open interest of the contract stood at
7839 lots.

Economic News
The first of a kind farmers ‘strike’ in the country has seen a violent turn
with the first day seeing violence across the state by farmers groups who
have vandalized trucks carrying vegetables and Milk tankers who have
ignored the call for the strike. On Thursday a truck carrying vegetables was
burnt down in Kopargaon in Ahmednagar district that was not the
exception there was reports of violence throughout Maharashtra. While the
farmers groups under the Kisan Kranti Morcha claimed that there strike
would be peaceful, there were reports of violence from the early hours of
June 1 when the strike began. Two milk tankers in Satara were vandalized
at around 12.40am it self. Milk tankers coming from Mumbai from
Kolhapur were also stopped and the vehicles vandalized. In many districts
throughout the state like solapur where milk vans were forcibly stopped
and the milk discharged on the road it self. Similar incidents were seen in
Niphad in Nashik where farmers groups stopped vegetable and fruit trucks
and after vandalizing them threw the goods on the road.

Balwinder Singh Kang had been a farmer for over three decades. He
cultivates cotton, wheat, vegetables and mustard at Hanumangarh in
Rajasthan, but the mustard crop had been troublesome for him in recent
times. He was forced to sell this year’s crop at Rs 3,200 per quintal, well
below the minimum support price of Rs 3,700. Prices were low because the
state government did not buy mustard. “If prices are low,” says Kang, “the
only option for me is to increase yield. So Kang is awaiting high yielding
varieties in general, and GM mustard in particular. GM mustard, developed
by the Centre for Genetic Manipulation of Crop Plants (CGMCP) in Delhi
University, had been undergoing development for over two decades. In a
meeting on May 11, the Genetic Engineering Appraisal Committee
(GEAC) had given it approval. It can be released for commercial use once
the minister for environment, forest and climate change approves the
GEAC decision.

Trading Recommendations

SELL CORIANDER APR BELOW 4650 TARGET 4630 4590 4540
SL ABOVE 4700
BUY TURMERIC MAYB ELOW 5300 TARGET 5270 5230 5180 SL
BELOW 5350
SELL GUARGUM5 MAY BELOW 7150 TARGET 7120 7080
7050 SL ABOVE 7200

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This release was published on openPR.