Epic Research Daily Agri Commodity Report Of 09 October 2017

Commodity News

Turmeric futures showed mixed trend on NCDEX as the October contracts traded higher on rising demand at the spot market, while November contracts traded lower on anticipation of good production from turmeric growing areas in Telangana and Karnataka. The contract for
October delivery was trading at Rs 7434.00, up by 0.46% or Rs 34.00 from its previous closing of Rs 7400.00. The open interest of the contract stood at 3805 lots. The contract for November delivery was trading at Rs7310.00, down by 0.54% or Rs 40.00 from its previous closing of Rs 7350.00. The open interest of the contract stood at 7730 lots on NCDEX.

Jeera futures traded lower on NCDEX due to weak physical as well as exports demand at the spot market. Moreover, adequate stocks position following higher supply from the producing regions too fuelled the downtrend. The contract for October delivery was trading at Rs 19020.00, down by 0.52% or Rs 100.00 from its previous closing of Rs 19120.00. The open interest of the contract stood at 5127 lots. The contract for November delivery was trading at Rs 19170.00, down by 0.16% or Rs 30.00 from its previous closing of Rs 19200.00. The open interest of the contract stood at 9549 lots on NCDEX.

Coriander futures edged lower on NCDEX as participants offloaded their holdings amid weak domestic as well as export demand in the spot market. Further, adequate stocks position on increased supplies from major producing regions also weighed on coriander futures. The contract for October delivery was trading at Rs 4316.00, down by 1.15% or Rs
50.00 from its previous closing of Rs 4366.00. The open interest of the contract stood at 11460 lots. The contract for November delivery was trading at Rs 4783.00, down by 0.21% or Rs 10.00 from its previous closing of Rs 4793.00. The open interest of the contract stood at 28070 lots on NCDEX.

Economic News

The government is likely to raise import duty on wheat to 20-25 per cent from 10 per cent to curb cheap shipments and give positive price signal to farmers who will start sowing winter crop after the Diwali festival, an official source said. "Several discussions have been held on tweaking import duty of wheat. Currently, global prices are depressed and increase in import duty of wheat will be worked out accordingly. A final call will be taken soon," the
source said. In March, the government had imposed 10 per cent import duty on wheat to contain sharp fall in local prices in view of bumper crop of 98.38 million tonnes in 2016-17 crop year (July-June). As farmers start planting of rabi (winter) wheat crop from end of this month, the government wants to give positive price signal and encourage farmers to grow wheat in more area, the source said. The government does not want wheat growers to follow the way of pulses farmers who shifted to other crops this kharif season as prices
remained lower just before the sowing period owing to bumper crop last year.

Coffee Board has projected a record post blossom estimate of coffee crop
for 2017-18 contrary to the views expressed by the growers. The post blossom forecast has been placed at 350,400 tonnes comprising 103,100 tonnes of arabica and 247,300 tonnes of robusta, showing over 12% (38400 tonnes) rise over the final estimate of coffee harvest of 2016-17. The growers had predicted a 10 to 20% decline in robusta crop because of vagaries of weather. However, the board has said that post blossom estimate has taken into account the additional bearing area of about 13500 hectares in the traditional coffee growing regions of Karnataka, Kerala and Tamil Nadu. It further said that post blossom estimation was taken during May 2017 and crop losses after that will be reflected in the post monsoon estimation. The post blossom estimates are generally released in May.

Trading Recommendations

BUY CORIANDER OCT ABOVE 4550 TARGET 4580 4620 4670 SL BELOW 4500
BUY TURMERIC OCT ABOVE 7430 TARGET 7460 7500 7550 SL ABOVE 7380
SELL GUARGUM5 OCT BELOW 7930 TARGET 7900 7860 7810 SL 7980

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This release was published on openPR.