Epic Research Daily Agri Commodity Report Of 01 DECEMBER 2017

Commodity News

Jeera futures edged lower on NCDEX as speculators reduced their
positions to book profits at prevailing levels amid muted domestic and
exports demand. The contract for December delivery was trading at Rs
21660, down by 0.6% or Rs 130.00 from its previous closing of Rs
21790.00. The open interest of the contract stood at 13791 lots. The
contract for January delivery was trading at Rs 21245.00, down by 0.14%
or Rs 30.00 from its previous closing of Rs 21275.00. The open interest of
the contract stood at 2553 lots on NCDEX.

Coriander futures exhibited mixed trend on NCDEX. Contract for
December delivery edged up on increased domestic demand though
monthly expiry has capped some profits, while contract for January
delivery slided down as traders trimmed their positions on profit booking.
The contract for December delivery was trading at Rs 5463.00, up by
0.42% or Rs 23.00 from its previous closing of Rs 5440.00. The open
interest of the contract stood at 22910 lots. The contract for January
delivery was trading at Rs 5562.00, down by 0.04 % or Rs 2.00 from its
previous closing of Rs 5564.00. The open interest of the contract stood at
23940 lots on NCDEX.

Soybean futures traded higher on NCDEX as speculators built up fresh
bets on good demand for new season crop for crushing as edible oil
import duty is hiked. Moreover, higher incentives for oil meal export also
support soybean prices. Meanwhile, soybeans prices overseas eased with
focus on improved weather in Argentina. The contract for December
delivery was trading at Rs 3005.00, up by 0.94% or Rs 28.00 from its
previous closing of Rs 2977.00. The open interest of the contract stood at
125740 lots. The contract for January delivery was trading at Rs 3067.00,
up by 0.95% or Rs 29.00 from its previous closing of Rs 3038.00. The open
interest of the contract stood at 177340 lots on NCDEX.

Economic News

Agriculture Minister Radha Mohan Singh today said the government is
encouraging setting up of Farmer Producer Companies (FPOs) in the fishery
sector, a move that will boost fishermen's income. The government has
received proposals for 21 FPOs in major fish-producing states, he said in a
statement. The government's Small Farmers' Agri-Business Consortium (SFAC)
under its venture capital assistance (VCA) scheme is providing financial help to
set up FPOs. Addressing the 22nd board meeting of the SFAC, Singh said VCA
scheme is getting good response from agripreneurs and many proposals are in
the pipeline for sanction. "FPO is being introduced in the fishery sector," he
said, adding that proposals for 21 fishery FPOs have been submitted. Besides
fishery, efforts are being made to promote setting up of FPOs in spices,
especially in the northeastern region, he said. SFAC and Spice Board is working
with North Eastern Council (NEC) to form spice-based FPOs in Sikkim and
Arunachal Pradesh, he added.

Poultry farmers and traders see an uptick in demand for eggs as prices have
eased, saying an increase in demand will check a further dip in prices while
encouraging more production. The upcoming Christmas and New Year
celebrations will also boost demand, they said. Egg prices, which soared to an
all-time high of Rs 5.50 a piece last week, have since fallen more than 24%.
The farm gate price at present is between Rs 4.15 and Rs 4.50 a piece, while
retail prices are between Rs 6 and Rs 7 in the northern states and Rs 5 and Rs
6 in the south. “Consumption slipped as the prices increased to very high
levels. The production has not increased much this year,’’ said Ramesh Khatri,
president of Poultry Federation of India. As the prices have dipped from the
peak levels, the consumption is expected to improve, which in turn could spur
the production. “The winter and Christmas and New Year demand is expected
to cap any further fall in egg prices. It could stabilise around Rs 4 a piece,’’ said
P V Senthil, secretary of Livestock and Agri Farmers Trade Associations.

Trading Recommendations

BUY CORIANDER DEC ABOVE 5500 TARGET 5530 5570 5620 SL BELOW 5450
SELL TURMERIC DEC BELOW 7700 TARGET 7670 7630 7580 SL ABOVE 7750
SELL GUARGUM5 DEC BELOW 8730 TARGET 8700 8660 8610 SL 8780

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This release was published on openPR.