Epic Research Daily Agri Commodity Report Of 06 JULY 2017

Commodity News

Coriander futures edged higher on NCDEX as participants built up
fresh positions on the back of rising demand in the spot market.
Besides, limited arrivals from major producing belts also added support
to coriander prices’ uptrend. The contract for July delivery was trading
at Rs 4816.00, up by 1.2% or Rs 57.00 from its previous closing of Rs
4759.00. The open interest of the contract stood at 18720 lots. The
contract for August delivery was trading at Rs 4901.00, up by 0.99% or
Rs 48.00 from its previous closing of Rs 4853.00. The open interest of
the contract stood at 31840 lots on NCDEX.

Jeera futures traded higher on NCDEX as the jeera arrival in June is
lower this year compared to May as well as June last year. Though,
some gains were capped on lower domestic as well as exports demand
at the spot market. The contract for July delivery was trading at Rs
18365.00, up by 0.41% or Rs 75.00 from its previous closing of Rs
18290.00. The open interest of the contract stood at 4905 lots. The
contract for August delivery was trading at Rs 18360.00, up by 0.38%
or Rs 70.00 from its previous closing of Rs 18290.00. The open interest
of the contract stood at 10353 lots on NCDEX.

Soybean futures traded marginally higher on NCDEX as speculators
enlarged their positions on expectation of good physical buying due to
good rally in edible oils. Further, lower pace in physical arrivals and
lagging sowing data also supported soybean prices. The contract for
July delivery was trading at Rs 2963.00, up by 0.17% or Rs 5.00 from
its previous closing of Rs 2958.00. The open interest of the contract
stood at 58160 lots. The contract for August delivery was trading at Rs
3030.00, up by 0.07% or Rs 2.00 from its previous closing of Rs
3028.00. The open interest of the contract stood at 62520 lots on
NCDEX.

Economic News

Indian farmers forced into giving up their land for industry face
dwindling earnings and fewer job options, increasing the likelihood of
more bloody conflicts as demand for scarce land rises, experts say.
Increased mechanisation is taking away some manual labour, while a lack
of training of farmers and farm workers for alternate jobs is leaving them
with few livelihood options. The Indian government's rural employment
programme and construction work to build ever-growing cities are
inadequate to bridge the income gap, analysts say. "These are people who
have known only this one job all their lives," said Bina Agarwal, a
professor of development economics in the University of
Manchester. "These resource-poor, little educated people have few options
outside agriculture except casual work, which would leave them poorer.
Moving to the cities to work does not reduce poverty -- it may even
increase it," she said. Employment in Indian agriculture shrank by 26
million jobs in the period 2011 to 2015, according to the McKinsey Global
Institute.

Ahead of the visit of an Indian delegation to the EU to resolve the
basmati rice issue, grain exporters body AIREA today said tough norms by
the European Commission will hit the exports badly as the trade worth over
Rs 1,700 crore could shift to Pakistan. The European Commission has
recently brought down in basmati rice the maximum residue limit (MRL)
level for Tricyclazole, a fungicide used by farmers against a disease, to
0.01 mg per kg from the next year. This was done for all countries. "The
EU has virtually imposed ban on import of Indian basmati rice by reducing
100-fold the import tolerance level of 'Tricyclazole'. It is not possible to
bring down the pesticide level all of a sudden to nearly zero," AIREA
President Vijay Sethia told reporters here. The Indian government team is
scheduled to visit Brussels, Belgium, on July 12 to discuss the matter. Two
aromatic basmati rice varieties -- PB1 and 1401 -- are maximum exported
to the EU. The shipments of these varieties with Tricyclazole MRL at 0.03
mg per kg were accepted so far from India. At least, two crop cycles are
required to effect the desired change.

Trading Recommendations

BUY CORIANDER APR ABOVE 4800 TARGET 4830 4870 4920
SL BELOW 4750
SELL TURMERIC MAY BELOW 6350 TARGET 6320 6280 6230
SL ABOVE 6400
BUY GUARGUM5 MAY ABOVE 6750 TARGET 6780 6820 6870
SL BELOW 6700

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This release was published on openPR.