Epic Research Daily Agri Commodity Report Of 20 JULY 2017

Commodity News

Soybean futures exhibited mixed trend on NCDEX as the July
contracts traded higher due to lower acreage, irregular rains in soybean
growing areas and lower arrivals in the physical market, while August
contracts traded lower on weak demand in spot markets. The contract
for July delivery was trading at Rs 2910.00, up by 0.24% or Rs 7.00
from its previous closing of Rs 2903.00. The open interest of the
contract stood at 350 lots. The contract for August delivery was trading
at Rs 2997.00, down by 0.76% or Rs 23.00 from its previous closing of
Rs 3020.00. The open interest of the contract stood at 73800 lots on
NCDEX.

Turmeric futures edged down on NCDEX due to easing demand in
the spot market. Further, adequate stock position on increased supplies
from producing regions too influenced turmeric prices. The contract for
July delivery was trading at Rs 7320.00, down by 1.51% or Rs 112.00
from its previous closing of Rs 7432.00. The open interest of the
contract stood at 230.00 lots. The contract for August delivery was
trading at Rs 7260.00, down by 1.92% or Rs 142.00 from its previous
closing of Rs 7402.00. The open interest of the contract stood at
14640.00 lots on NCDEX.

Jeera futures edged higher on NCDEX on rising physical as well as
export demand at the spot market. Moreover, tight stocks position
following lower supplies from the producing belts too fuelled the
uptrend. The contract for July delivery was trading at Rs 19850.00, up
by 0.18% or Rs 35.00 from its previous closing of Rs 19815.00. The
open interest of the contract stood at 717 lots. The contract for August
delivery was trading at Rs 19780.00, up by 0.23% or Rs 45.00 from its
previous closing of Rs 19735.00. The open interest of the contract
stood at 13959 lots on NCDEX.

Economic News

Indian coffee exports are likely to fall 15-20% in the current year as
exporters haven’t got enough orders for the coming months. As per Coffee
Board’s export data for the period from January 1 to July 17, 2017, the
total export volumes were at 2,16,926 tonnes –– a marginal drop compared
to same period last year. “But in the coming months, the drop will widen,”
said Ramesh Rajah, president of the Coffee Exporters Association of
India. “Towards the end of last year, we had taken fewer orders as growers
had estimated a 30% drop. But in the end it was down by only 10%.
Whatever orders we had have been shipped. Now it is difficult to find
buyers as they have bought from other origins,” Rajah said. Global robusta
coffee futures prices, after rising to over $2,200 per tonne in January,
declined by $200 in subsequent months. It has again touched $2,126 per
tonne now. “Arrivals decreased in the market as growers expected better
prices. Though prices are up now, buying has slackened,” said MP Deviah,
general manager of Allansons, a major exporter.
Terming agriculture as the biggest strength of Indian economy, Union
Minister Nitin Gadkari today wondered how could the previous
government spend Rs 70,000 crore for buying aircraft at a time when
several states did not have irrigation facilities. Stressing on the need of
agricultural diversification towards energy like manufacturing of ethanol,
he said the government is likely to bring a policy to promote bamboo
cultivation which could be used to harness bio-fuel. Taking a dig at the
previous government regime, he said, "Had the capital cost incurred on
purchase of aircraft worth Rs 70,000 crore been used to provide irrigation
facilities to farmers, it would have made a huge difference to the
agriculture sector". "Agriculture has not been the priority but purchase of
aircraft worth Rs 70,000 crore (by previous regime) despite the fact that 11
states lacked irrigation facilities with the percentage as low as 5.6 per cent
in Jharkhand and 18.98 per cent in Maharashtra," Road Transport,
Highways and Shipping Minister Gadkari said here.

Trading Recommendations

BUY CORIANDER ABOVE 4990 TARGET 5020 5050 5100 SL
BELOW 4940
BUY TURMERIC ABOVE 7440 TARGET 7470 7510 7560 SL
BELOW 7390
SELL GUARGUM5 BELOW 7000 TARGET 6970 6930 6880 SL
ABOVE 7050

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This release was published on openPR.