Epic Research Daily Agri Commodity Report Of 03 October 2017

Commodity News

Turmeric futures traded higher on NCDEX on rising physical demand at
the spot market. Though, some gains were capped on anticipation of good
production from turmeric growing areas in Telangana and Karnataka. The
contract for October delivery was trading at Rs 7316.00, up by 0.94% or Rs
68.00 from its previous closing of Rs 7248.00. The open interest of the
contract stood at 5725 lots. The contract for November delivery was
trading at Rs 7340.00, up by 1.16% or Rs 84.00 from its previous closing of
Rs 7256.00. The open interest of the contract stood at 6675 lots on
NCDEX.

Jeera futures traded higher on NCDEX due to rising exports demand at
the spot market. Though, some gains were capped due to good availability
of jeera from the producing regions. The contract for October delivery was
trading at Rs 19160.00, up by 0.74% or Rs 140.00 from its previous closing
of Rs 19020.00. The open interest of the contract stood at 7548 lots. The
contract for November delivery was trading at Rs 19240.00, up by 0.94%
or Rs 180.00 from its previous closing of Rs 19060.00. The open interest of
the contract stood at 7737 lots on NCDEX.

Soybean futures traded marginally higher on NCDEX as participants
enlarged their positions, supported by lower acreage in the country and
improved domestic demand at spot markets. However, anticipation of
higher arrivals from next week, capped some gains. The contract for
October delivery was trading at Rs 3006.00, up by 0.1% or Rs 3.00 from its
previous closing of Rs 3003.00. The open interest of the contract stood at
40960 lots. The contract for November delivery was trading at Rs 3054.00,
up by 0.13% or Rs 4.00 from its previous closing of Rs 3050.00. The open
interest of the contract stood at 64230 lots on NCDEX.

Economic News

A delegation of dal millers met commerce minister Suresh Prabhu on
Tuesday, requesting him to allow exports of chana, masur and moth pulses as
prices are mostly ruling lower than the official support levels due to higher
production and the government offloading its stocks. The government has
opened up exports of urad, moong and tur from September 15, while there
are no restrictions on shipment of kabuli chana. “India had produced about
260-270 lakh tonnes pulses in 2016-17 and imported 57 lakh tonnes of pulses.
The country consumes about 250-260 lakh tonnes of pulses in a year,” read a
memorandum from the All India Dal Millers Association of India to the
minister. Masur (lentils), grown mostly in Madhya Pradesh, Uttar Pradesh and
Bihar, is selling at about Rs 400-500 a quintal below the minimum support
price (MSP) of Rs 3,950. Chana prices are currently ruling above MSP. Trade
executives expect higher sowing of chana in the ensuing rabi season due to
good rainfall and better prices, which could boost supplies next year and
weigh on prices.

Arrival of the freshly-harvested cotton, soyabean and groundnuts crops has
brought down their prices –– a trend which is likely to stay, say industry
insiders. But consumers have reason to cheer as this will soften edible oil
prices post-Diwali. A bountiful supply of soyabean crop globally did impact the
local refined soya oil prices. This, coupled with lower production expectations
of oilseed and news of possible government intervention if prices fall below
the minimum support price (MSP), had impacted the firm sentiment of the
market. “Clear weather conditions have increased the pace of the new crop
harvest and a correction in commodity prices in the domestic market. Post-
Diwali, edible oil prices will soften with domestic harvest at its peak and a
drop in consumption post the festive season. The weak rupee will limit the
downsize,” says Prerana Desai, head of commodity research at EdelweissBSE -
0.41 % Agri Value Chain.

Trading Recommendations

BUY CORIANDER OCT ABOVE 4500 TARGET 4530 4570 4620 SL BELOW 4450
SELL TURMERIC OCT BELOW 7300 TARGET 7270 7230 7180 SL ABOVE 7350
BUY GUARGUM5 OCT ABOVE 8070 TARGET 8100 8130 8180 SL BELOW
8050

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This release was published on openPR.