Epic Research Daily Agri Commodity Report Of 08 DECEMBER 2017

Commodity News

Soybean futures traded lower on NCDEX as speculators trimmed their
positions, despite good demand as Soybean Processors Association of
India (SOPA) increased its estimates for meal exports for 2017/18.
Moreover, earlier government has increased export incentives by 2% for
all meals. Meanwhile, soybean prices rose at international markets as
concerns over dryness in Argentina. The contract for December delivery
was trading at Rs 3068.00, down by 0.94% or Rs 29.00 from its previous
closing of Rs 3097.00. The open interest of the contract stood at 51070
lots.

Jeera futures edged down on NCDEX, as market players eyed on further
technical correction due to encouraging jeera sowing progress in Gujarat.
Though, the export demand drive price to all-time highs coupled with
diminishing stocks with the traders capped further loss. The contract for
December delivery was trading at Rs 21470 .00, edged down by 0.53 % or
Rs 115.00 from its previous closing of Rs 21585.00. The open interest of
the contract stood at 9060 lots. The contract for January delivery was
trading at Rs 21520.00, declined by 0.62 % or Rs 135.00 from its previous
closing of Rs 21655.00. The open interest of the contract stood at 6087
lots on NCDEX.

Turmeric futures exhibit mixed trend on NCDEX, as December contract
advanced a little on increased demand , while April contract declined on
expectation of arrival of new season crop and on increased profit booking.
The contract for December delivery was trading Rs 7428.00, increased by
0.11 % or Rs 8.00 from its previous closing of Rs 7420.00. The open
interest of the contract stood at 2390 lots. While, the contract for April
delivery was trading down at Rs 7440.00, down by 0.05 % or Rs 4.00 from
its previous closing of Rs 7444.00. The open interest of the contract stood
at 7725 lots on NCDEX.

Economic News

Trade body Indian Sugar Mills Association (ISMA) has projected increase in
sugar off take and improvement in market sentiments in next few weeks as it
believes that the government has decided not to continue with stock holding
limit on traders beyond December 31. A release from the trade body said,
"Sugar season 2017-18 SS started with an opening balance of around 38.76 lac
tonnes, which is the lowest ever in the last several years. With an anticipated
normal sugar production of about 251 lac tonnes and imports of about 2.85
lac tonnes (of whites equivalent), the total availability of sugar in the current
season is estimated at 292.61 lac tonnes. Against this, domestic consumption
of sugar is estimated at around 250-252 lac tonnes (growth of around
2.5%) As such, the closing balance on 30th September 2018, is expected to be
about 40-42 lac tonnes i.e. almost equal to the opening balance of this year.“

With
a skyrocketing hike in vegetable prices, vendors and customers are
suffering vehemently. Onion and tomato prices in various parts of the country
are soaring and people have to spend as much as Rs 80 and Rs 50 for a kilo of
onions and tomatoes respectively. Speaking to ANI, Mehboob, a vegetable
vendor in Bhopal, said, "The prices of onions and tomatoes have hiked
recently, around Rs. 50 to Rs. 60 per kg. Earlier during the winter season, all
these vegetables were available at a very low rate. The supply of onions is
stooping down.“ The vegetable vendors said the sales have dropped
drastically and have, hence, blamed the lack of supplies and the Goods and
Service Tax (GST) for this. Another vendor, Sunil said, "Tomatoes are not being
supplied at a rate as earlier they used to. The hike in prices is due to low
supply.“ The consumers, on their part, have urged the government to
intervene in the matter. "Onion and tomatoes are the necessities for the
preparation of any meal, but prices of these vegetables are rising up. We
thought with the new government some positive changes will be witnessed,
but since 2014, there is no progress.

Trading Recommendations

BUY CORIANDER DEC ABOVE 5650 TARGET 5680 5680 5720 SL BELOW 5600
BUY TURMERIC DEC ABOVE 7460 TARGET 7490 7530 7580 SL BELOW 7410
SELL GUARGUM5 DEC BELOW 8500 TARGET 8470 8443 8380 SL 8550

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This release was published on openPR.