Epic Research Daily Agri Commodity Report Of 12 October 2017

Commodity News

Coriander futures edged higher on NCDEX as participants enlarged their
holdings, tracking rising demand in the spot market. Besides, limited
arrivals from major growing regions also added support to coriander prices’
uptrend. The contract for October delivery was trading at Rs 4435.00, up
by 0.8% or Rs 35.00 from its previous closing of Rs 4400.00. The open
interest of the contract stood at 6110 lots. The contract for November
delivery was trading at Rs 4890.00, up by 0.58% or Rs 28.00 from its
previous closing of Rs 4862.00. The open interest of the contract stood at
26700 lots on NCDEX.

Soybean futures traded marginally higher on NCDEX as participants
enlarged their positions on reports that government is expected to step in
for procurement of soybean in Maharashtra and Rajasthan to help
farmers. Further, lower acreage in the country and improved prices of
edible oil too supported prices. However, some gains were capped by
reports of lower meal exports in September coupled with sufficient
arrivals from new season crop. The contract for October delivery was
trading at Rs 2859.00, up by 0.39% or Rs 11.00 from its previous closing of
Rs 2848.00. The open interest of the contract stood at 15090 lots.

Economic News

The country is headed for good rabi season despite below normal monsoon
rains, thanks to a surge of rainfall in the last week of September that
replenished soil moisture, agriculture secretary Shobhana K Pattanayak has
said. The late rains will benefit planting of rabi crops such as wheat and chana,
Pattanayak said on Thursday. “We are expecting a very good rabi season, so
that should make up for all the minuses which has been ascribed for kharif,”
he said. The season's total rainfall for the country is 5% below normal, but it
will not make any impact on planting that will begin in a fortnight, he
said. Pattanayak attributed his confidence on rabi harvest to an extended
monsoon. “It (Monsoon) is now in withdrawal phase but still not complete, as
we are expecting four days of very good rain in some parts of south India,” he
said. “That is the region where rainfall has been deficit.” A drought
assessment report prepared by Mahalanobis Crop Forecast Centre under the
agriculture ministry had said that as of August end more than 225 districts in
17 states had less than normal rainfall.

Union
minister Nitin Gadkari today said the government will carry out a
study to find ways to curb the present large-scale import of cheap edible oils
and ensure better prices to domestic oilseed farmers. After attending a
programme organised by the Soybean Processors Association of India, Gadkari
told reporters, "At present we are importing about 70 per cent of the edible
oil consumed in the country. The import of cheap edible oils has been
increasing continuously. Due to this, farmers are not getting the right price for
oilseeds and the domestic processing industry is also suffering. "The policy of
our government is that consumers should get edible oils at the right price,
while interests of oilseed-producing farmers should also be protected. So the
government will carry out a study on how much the import duty on edible oils
should be increased so that farmers get a price higher than the minimum
support price (MSP)," he said.

Trading Recommendations

BUY CORIANDER OCT ABOVE 4480 TARGET 4510 4550 4600 SL BELOW 4430
BUY TURMERIC OCT ABOVE 7620 TARGET 7650 7690 7840 SL ABOVE 7570
SELL GUARGUM5 OCT BELOW 8140 TARGET 8110 8070 8020 SL 8190

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This release was published on openPR.