Epic Research Daily Agri Commodity Report Of 14 NOVEMBER 2017

Commodity News

Turmeric futures edged higher on NCDEX as participants enlarged their
holdings, driven by rising domestic as well as export demand in the spot
market. Besides, limited arrivals from major producing regions also fuelled
the uptrend. The contract for November delivery was trading at Rs 7018.00,
up by 1.5% or Rs 104.00 from its previous closing of Rs 6914.00. The open
interest of the contract stood at 925 lots. The contract for December
delivery was trading at Rs 7096.00, up by 1.37% or Rs 96.00 from its
previous closing of Rs 7000.00. The open interest of the contract stood at
6985 lots on NCDEX.

Soybean futures traded marginally higher on NCDEX as speculators
enlarged their positions on good demand for soy meal exports. Total
exports of soy oilmeal in the first seven months of the fiscal started April is
almost 5 times higher to 5.37 lakh tons compared to 1.07 lakh tons last
year. However, weakening of prices overseas on bumper stocks, capped
some gains. The contract for November delivery was trading at Rs
2809.00, up by 0.14% or Rs 4.00 from its previous closing of Rs 2805.00.
The open interest of the contract stood at 15290 lots. The contract for
December delivery was trading at Rs 2859.00, up by 0.25% or Rs 7.00 from
its previous closing of Rs 2852.00.

Jeera futures surged on NCDEX as speculators built up fresh positions
amid strong demand in the domestic spot market. Further, tight stocks
position following restricted arrivals from major growing regions also
added support to jeera prices’ uptrend. The contract for November
delivery was trading at Rs 18680.00, up by 1.72% or Rs 315.00 from its
previous closing of Rs 18365.00. The open interest of the contract stood at
1305 lots. The contract for December delivery was trading at Rs 19140.00,
up by 1.51% or Rs 270.00 from its previous closing of Rs 18855.00. The
open interest of the contract stood at 12666 lots on NCDEX.

Economic News

The Centre, which is sitting on a buffer stock of 18 lakh tonnes of pulses, is
aiming to dispose of up to 5 lakh tonnes of lentils by March 2018, a senior
food ministry official said today. Last week, the cabinet committee on
economic affairs (CCEA) gave approval for distributing a part of the pulses
buffer stock to central schemes like Midday Meal and other state-run agencies
besides state governments. "The recent CCEA approval will help clear at least
3.5 to 5 lakh tonnes of pulses from the buffer stock by end of this fiscal," the
official told. Already, pulses are being given to some state governments at a
subsidised rate for distribution through the ration shops. The concerned
ministries, implementing various schemes, have been asked to provide their
pulses requirement. It is estimated that Midday Meal scheme alone would
require about 5 lakh tonnes of pulses annually and about 3 lakh tonnes for
Aganwadis, the official said.

India's
onion export rose by 56 per cent to 12.29 lakh tonnes in April-July
this year, but the country has now gone in for import of the kitchen staple as
retail prices have shot up to Rs 65-70 per kg because of tight supplies. In
value terms too, the onion export increased by 47.69 per cent to Rs 1,443.09
crore in the period under review, from Rs 977.84 crore a year ago, it said. Last
week, the government allowed state-owned agencies like MMTC to import
onion from countries like Egypt and China to increase availability and cool
retail prices that have skyrocketed to Rs 65-70 a kg level in many parts of the
country. According to data maintained by the Directorate General of
Commercial Intelligence and Statistics (DGCIS), the country has exported
12.29 lakh tonnes of onion during April-July of 2017-18, up 56 per cent from
7.88 lakh tonnes in the year-ago period. Despite demand from Consumer
Affairs Minister Ram Vilas Paswan, the MEP was not imposed in August when
retail onion prices had started showing an upward trend.

Trading Recommendations

BUY CORIANDER OCT ABOVE 4930 TARGET 4960 5000 5050 SL BELOW 4880
BUY TURMERIC OCT ABOVE 7040 TARGET 7070 7110 7160 SL ABOVE 6990
SELL GUARGUM5 OCT BELOW 8160 TARGET 8130 7990 7940 SL 8210

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This release was published on openPR.