Epic Research Weekly Agri Commodity Report 07 AUGUST 2017

Commodity News

Turmeric futures traded lower on NCDEX despite fall in supply due to
dry conditions in the turmeric growing regions of south India. The contract
for August delivery was trading at Rs 7672.00, down by 0.08% or Rs 6.00
from its previous closing of Rs 7678.00. The open interest of the contract
stood at 8440 lots. The contract for September delivery was trading at Rs
7750.00, down by 0.10% or Rs 8.00 from its previous closing of Rs 7758.00.
The open interest of the contract stood at 10205 lots on NCDEX.

Soyabean futures traded marginally lower on NCDEX, on anticipation of
steady demand in coming weeks due to sufficient supplies of edible oil in the
country. Meanwhile, soybean too fell in overseas markets due to crop-
friendly weather across key US producing states. The contract for August
delivery was trading at Rs 2943.00, down by 0.57% or Rs 17.00 from its
previous closing of Rs 2960.00. The open interest of the contract stood at
48140 lots.

Jeera futures traded up on NCDEX on pick-up in domestic market as well
as export demand at the spot market. Further, tight supplies due to rain
damage in the producing regions too fuelled the uptrend. The contract for
August delivery was trading at Rs 19410.00, up by 2.00% or Rs 380.00 from
its previous closing of Rs 19030.00. The open interest of the contract stood
at 6297 lots. The contract for September delivery was trading at Rs
19620.00, up by 1.98% or Rs 380.00 from its previous closing of Rs
19240.00. The open interest of the contract stood at 10704 lots on NCDEX.

Coriander futures edged higher on NCDEX as participants enlarged their
holdings, tracking rising demand in the spot market. Besides, fall in supplies
from major producing regions also fuelled the uptrend. The contract for
August delivery was trading at Rs 4784.00, up by 0.5% or Rs 24.00 from its
previous closing of Rs 4760.00. The open interest of the contract stood at
20860 lots. The contract for September delivery was trading at Rs 4871.00,
up by 0.39% or Rs 19.00 from its previous closing of Rs 4852.00. The open
interest of the contract stood at 25970 lots on NCDEX.

Economic News

The Agriculture Ministry today said it received Rs 16,094.13 crore in
the April-June quarter of the current fiscal for implementation of various
schemes. The amount is 53 per cent higher compared to Rs 10,498.90
crore received by the ministry in the same period last year, it said in a
statement. The ministry's total budget allocation for 2017-18 fiscal has
been increased to Rs 62,125.02 crore from Rs 44,721.84 crore last year in
a bid to achieve the goal of doubling farmers' income by 2022. Under the
Pradhan Mantri Fasal Bima Yojana, the Centre has already incurred an
expenditure of Rs 4,664.88 crore till June, while Rs 967.89 crore has been
utilised under the Rashtriya Krishi Vikas Yojana (RKVY) in the said
period, the statement added. The ministry said that more funds been
utilised for implementation of other programmes like Rashtriya Gokul
Mission and Blue Revolution.

The Cabinet Committee on Economic Affairs today gave ex-post facto
approval for an MoU signed by India and other BRICS nations for setting
up of an agriculture research platform. In October last year, a
memorandum of understanding (MoU) for setting up agriculture research
platform (ARP) was signed by foreign ministers of BRICS countries in the
8th BRICS Summit held at Goa, an official release said. The ex-post facto
approval to the same MoU was given by the CCEA in a meeting held
today, the release said. "The Centre will promote sustainable agricultural
development and poverty alleviation through strategic cooperation in
agriculture to provide food security in the BRICS member countries," it
said. BRICS-ARP will act as a global platform for science-led agriculture-
based sustainable development for addressing the issues of world hunger,
under-nutrition, poverty and inequality, particularly between farmers' and
non-farmers' income, and enhancing agricultural trade, bio-security and
climate resilient agriculture, the statement added.

Trading Recommendations

BUY GUARGUM5 ABOVE 8000 TARGET 8050 8150 SL BELOW 7950
SELL GUARGUM5 BELOW 7800 TARGET 7750 7650 SL ABOVE 7900

BUY CORIANDER ABOVE 4850 TARGET 4900 5000 SL BELOW 4800
SELL CORIANDER BELOW 4700 TARGET 4650 4550 SL ABOVE 4750

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This release was published on openPR.