Epic Research Daily Agri Commodity Report Of 17 JULY 2017

Commodity News

Turmeric futures showed mixed trend on NCDEX as the July
contracts traded lower on fall in demand at the spot market, while
August contracts traded higher on diminishing supplies in the physical
market and expectation of lower acreage at the major producing
regions. The contract for July delivery was trading at Rs 7208.00, down
by 1.12% or Rs 82.00 from its previous closing of Rs 7290.00. The
open interest of the contract stood at 500 lots. The contract for August
delivery was trading at Rs 7438.00, up by 2.85% or Rs 206.00 from its
previous closing of Rs 7232.00. The open interest of the contract stood
at 15735 lots on NCDEX.

Coriander futures edged down on NCDEX as speculators offloaded
their holdings, tracking subdued demand in the spot market. Further,
higher supplies from major growing regions also weighed on coriander
futures. The contract for August delivery was trading at Rs 5102.00,
down by 0.18% or Rs 9.00 from its previous closing of Rs 5111.00.
The open interest of the contract stood at 42780 lots. The contract for
September delivery was trading at Rs 5162.00, down by 1.00% or Rs
52.00 from its previous closing of Rs 5214.00. The open interest of the
contract stood at 510 lots on NCDEX.

Soyabean futures traded marginally lower on NCDEX as
participants offloaded their positions, tracking weakness in spot
demand amid profit booking after prices rose due to deficient rains in
soybean growing areas. The contract for July delivery was trading at Rs
2888.00, down by 0.41% or Rs 12.00 from its previous closing of Rs
2900.00. The open interest of the contract stood at 7290 lots. The
contract for August delivery was trading at Rs 2966.00, down by 0.6%
or Rs 18.00 from its previous closing of Rs 2984.00. The open interest
of the contract stood at 74770 lots on NCDEX.

Economic News

Short-term permits for shooting wild boar and Roz to check damage to
crops during season as no Panchayat resolution will be required as per a
decision taken by Punjab government on Friday. The state government has
also approved introduction of sterilisation of bulls by the Animal
Husbandry Department to control the menace of stray cattle, in line with
the practice being followed in some other states. A meeting of the Punjab
State Wildlife Board, chaired by chief minister Captain Amarinder Singh,
decided to simplify the procedure for sanctioning the 45-day permits for
shooting these crop-damaging animals. It was decided to put the permit
process online and on the WhatsApp digital platform to ensure ease of
procedure for grant of the permits. These permits for limited hunting are
confined to privately owned land and are meant only for crop-damaging
animals. The meeting also decided on various initiatives to promote
ecological preservation, including creation of a conservation reserve along
185 kms of River Beas, starting from 52 head Talwara to Harike.

India’s kharif crop outlook remains good despite weak rainfall in the
past week, but monsoon activity in the next 10 days will be crucial, top
agriculture ministry officials said. Rainfall in the past week has been 19%
below average but the weather office has forecast above normal showers
for the next two weeks, calming concerns of crop stress in the early phase
of the rabi season. Rainfall in Madhya Pradesh has picked up significantly
in the past two days cheering farmers, but parts of Karnataka remain rain
deficient. “On the whole situation is good,” agriculture secretary Shobhana
K Pattanayak said. “Sowing is on track, higher by 9% over the previous
year.” He said cotton, sugarcane and overall pulses situation is good with a
marginal drop in tur, while urad and moong crops are in excess. “Monsoon
season is there till September and deficit rains in some parts of the country
should get covered,” Pattanayak told ET. He said forecast of good rainfall
in the days ahead would help crop planting and help make up for the
deficit. “Next ten days are crucial for the crop planting,” he said.

Trading Recommendations

BUY CORIANDER ABOVE 5070 TARGET 5100 5140 5190 SL
BELOW 5020
BUY TURMERIC ABOVE 7460 TARGET 7490 7530 7580 SL
BELOW 7410
BUY GUARGUM5 ABOVE 6900 TARGET 6930 6670 6720 SL
ABOVE 6850

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This release was published on openPR.