Epic Research Daily Agri Commodity Report Of 04 September 2017

Commodity News

Jeera futures edged lower on NCDEX on fall in demand at the spot
market. Though, some losses were capped due to loss of stored jeera by
heavy rains in Gujarat. The contract for September delivery was trading at
Rs 19725.00, down by 0.73% or Rs 145.00 from its previous closing of Rs
19870.00. The open interest of the contract stood at 12690 lots. The
contract for October delivery was trading at Rs 19560.00, down by 2.13%
or Rs 425.00 from its previous closing of Rs 19985.00. The open interest of
the contract stood at 8493 lots on NCDEX.

Soybean futures exhibited mixed trend on NCDEX as the October
contracts traded higher on expectation of good crushing demand and
lower acreage in the country, while November contracts traded lower on
reports of good imports of edible oil in the country in July are keeping
higher stocks. The contract for October delivery was trading at Rs 3071.00,
up by 0.16% or Rs 5.00 from its previous closing of Rs 3066.00. The open
interest of the contract stood at 47550 lots. The contract for November
delivery was trading at Rs 3093.00, down by 0.13% or Rs 4.00 from its
previous closing of Rs 3097.00. The open interest of the contract stood at
36900 lots on NCDEX.

Coriander futures edged down on NCDEX as participants cut down their
positions amid easing domestic as well as export demand in the spot
market. Further, rising arrivals from major growing regions also influenced
coriander futures. The contract for September delivery was trading at Rs
4900.00, down by 0.81% or Rs 40.00 from its previous closing of Rs
4940.00. The open interest of the contract stood at 20930 lots. The
contract for October delivery was trading at Rs 5096.00, down by 0.49% or
Rs 25.00 from its previous closing of Rs 5121.00. The open interest of the
contract stood at 26120 lots on NCDEX.

Economic News

Major Indian palm oil producers are looking to expand palm tree acreage in
north-eastern states, primarily lured by conducive weather and government
support. Companies like Ruchi SoyaBSE 1.56 %, Godrej Agrovet and 3F Oil
Palm were among several companies that started operations in the Northeast
over the past couple of years. They are now looking to expand the
presence. The expansion drive also comes on the back of states like Arunachal
Pradesh and Mizoram starting to zonalise areas for palm plantation. This is
part of an increasing push from the central and state governments for higher
domestic oil production in a bid to reduce dependence on imports. India
imports 70% of its oil requirements. According to Care Ratings, the country is
the world’s largest importer of edible oil, with most of the supplies coming
from Indonesia and Malaysia. Palm oil accounts for nearly 60% of edible oil
imports.

The Indian soyabean crushers’ industry is expecting greater strain on
margins this fiscal on account of the highest ever increase in minimum support
price of 10% for soyabean over the last couple of years. According to industry
representatives and sector analysts, the crushers are finding it difficult to pass
on the entire burden to their customers fearing loss of business, resulting in
strain on profit margins. While several units have already shut down over the
past couple of years owing to unviable operations, they say, the industry may
see more shut downs this year as well. India produces around 6.2 million
tonnes of soya oil meal, of which 5 million tonnes is consumed domestically as
both food and fodder while the rest is exported. According to Arindam Saha,
associate director, Care Ratings, soya oil meal constitutes over 50% of the
total oil meal exports from India. Davish Jain, chairman, Soyabean Processors
Association of India (SOPA), said, “The industry is likely to suffer from the near
10% increase in MSP and lower de-oiled cakes prices internationally.

Trading Recommendations

BUY CORIANDER ABOVE 4900 TARGET 4930 4970 5020 SL BELOW 4850
SELL TURMERIC BELOW 7430 TARGET 7400 7360 7310 SL ABOVE 7480
BUY GUARGUM5 ABOVE 8150 TARGET 8180 8220 8270 SL BELOW 8100

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This release was published on openPR.