Epic Research Daily Agri Commodity Report Of 23 August 2017

Commodity News

Jeera futures edged down on NCDEX despite rising domestic as well as
export demand at the spot market. The contract for September delivery
was trading at Rs 19690.00, down by 0.81% or Rs 160.00 from its previous
closing of Rs 19850.00. The open interest of the contract stood at 16470
lots. The contract for October delivery was trading at Rs 19780.00, down
by 0.80% or Rs 160.00 from its previous closing of Rs 19940.00. The open
interest of the contract stood at 3591 lots on NCDEX.

Turmeric futures edged lower on NCDEX on fall in demand from
upcountry and industrial buyers at the spot market. Further, adequate
stock position on increased supplies from the producing belts too fuelled
the downtrend. The contract for September delivery was trading at Rs
7320.00, down by 0.46% or Rs 34.00 from its previous closing of Rs
7354.00. The open interest of the contract stood at 14270 lots. The
contract for October delivery was trading at Rs 7402.00, down by 0.96% or
Rs 72.00 from its previous closing of Rs 7474.00. The open interest of the
contract stood at 1195 lots on NCDEX.

Coriander futures traded higher on NCDEX as participants enlarged their
holdings amid improved demand at the spot market. Besides, limited
supplies from major producing belts also added support to coriander
prices’ uptrend. The contract for September delivery was trading at Rs
4861.00, up by 0.39% or Rs 19.00 from its previous closing of Rs 4842.00.
The open interest of the contract stood at 34660 lots. The contract for
October delivery was trading at Rs 5040.00, up by 1.12% or Rs 56.00 from
its previous closing of Rs 4984.00. The open interest of the contract stood
at 12070 lots on NCDEX.

Economic News

A senior US agriculture department official is scheduled to meet agriculture
minister Radha Mohan Singh and other officials on August 31 in the backdrop
of Monsanto’s legal tussle and the overarching issue of genetically modified
foods. The American agri multinational is involved in several cases with the
government and domestic seed companies over cotton seed trait (technology)
fees and IP rights and this may be one of the topics of discussion for Seth
Meyer, chairman of the World Agricultural Outlook Board of US department
of agriculture (USDA). MonsantoBSE -0.23 % has filed a case against the
government on a price control order that enables the latter to fix cotton seed
price. The next court hearing is on October 13. Monsanto has also filed four
writ petition against orders passed by the Competition Commission of India,
ordering investigation into Monsanto group companies by the commission’s
director general. Hearings for these are slated for October 13 and December
13.

Claims of over Rs 7700 Cr have been paid to over 90 lakh farmers in the
Kharif season of 2016 and Rabi season of 2016-17, the Prime Minister was
informed on Monday at a high-level meeting to review the Pradhan Mantri
Fasal Bima Yojana. Officials also told PM Narendra Modi that latest technology
including smartphones, remote sensing, satellite data and drones are being
used for speedy data collection with regard to crop insurance claims. Senior
officials from Ministry of Agriculture, NITI Aayog and PMO were present
during the meeting, as per a PMO statement. The Prime Minister also
reviewed the progress of another key scheme related to the agriculture sector
- Soil Health Cards. He was informed that 16 States/UTs have completed the
first cycle of Soil Health Cards distribution, and the remaining States are likely
to complete the same within weeks. Reviewing the progress, the Prime
Minister said that appropriate checks should be undertaken for variation, both
within a sampling grid, and across different soil testing labs, as per a PMO
statement. This would help ensure quality in the reports, he added.

Trading Recommendations

BUY CORIANDER ABOVE 4860 TARGET 4830 4870 4920 SL BELOW 4810
SELL TURMERIC BELOW 7220 TARGET 7190 7150 7100 SL ABOVE 7270
BUY GUARGUM5 ABOVE 8600 TARGET 8630 8670 8720 SL BELOW 8550

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This release was published on openPR.