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Epic Research Daily Agri Commodity Report Of 08 FEBRUARY 2018

02-08-2018 08:48 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Epic Research

Commodity News

India exported 116,150 tonnes of Oilmeal during January 2018, down
52% as compared to 239,613 tons in January last year, according to latest
data from the Solvent Extractors' Association of India (SEA). The overall
export of oilmeals during April 2017 to January 2018 provisionally
reported at 2,362,049 tons compared to 1,409,527 tons during the same
period of last year, up by 68%. On 17th November 2017, Government
raised the import duty on edible oils by 12.5 to 15% across the board and
increased MEIS on Soybean meal to 7% from 5%. This steps has made
Indian oilmeal more competitive in the world market and may result in to
larger export of oilmeals during current year.

India has imported 50.8 lakh tonnes of Pulses for Rs 17,280 crore during
April-December period of this fiscal, the government said. Pulses output
increased sharply to an all-time high of 22.95 million tonnes in 2016-17
crop year (July-June) from 16.35 million tonnes in the previous year, as per
the agriculture ministry data. "India imports pulses and edible oils to meet
the gap between domestic production and demand. Pulses and edible oils in
India are imported by private sector and not by the government," the
government said.

To protect the domestic farmers the government has doubled the import
duty on Sugar to 100 percent, earlier the customs duty or import tax on
sugar was 50 percent. The higher tax has been imposed with immediate
effect and without an end date. The move is aimed at curbing cheaper
imports and ensure remunerative prices to domestic growers. The Sugar
industry has been demanding hike in import duty as ex-mill rates have
fallen below the cost of production, affecting their ability to make cane
payment to farmers on time.

Economic News

The government has procured over 5.60 lakh tonnes of urad and moong at
the support price, worth Rs 3,077 crore, under the Price Support Scheme (PSS)
in the 2017-18 kharif season so far, according to official data. Under the PSS,
procurement is undertaken to protect farmers when market rates fall below
the minimum support price (MSP) level. As on January 30, agri-cooperative
and state agencies have procured 5,60,335 tonnes of urad and moong grown
in the 2017-18 kharif (summer) season, the data showed. These pulses have
been procured at the MSP in seven states -- Telangana, Andhra Pradesh,
Karnataka, Rajasthan, Maharashtra, Gujarat and Uttar Pradesh. The maximum
quantity of 3,93,059 tonnes of urad and moong has been purchased from
Rajasthan under the PSS, followed by 64,098 tonnes from Maharashtra and
35,085 tonnes from Karnataka. The pulses procured so far are worth Rs
3,077.50 crore. The procurement has been undertaken in 472 centres.

Agriculture Minister Radha Mohan Singh today informed the Lok Sabha that
the Centre and Niti Aayog will hold deliberations with states to come out with
a new mechanism to ensure that farmers get 1.5 times of the production cost
of their crops. Singh was responding to a question of NCP MP Supriya Sule
who said different states have different costs of cultivation. He also said that
area under cultivation in the current season had gone down by 1.46 per cent
compared to the last year but it was more than the five-year average. The
figure can be revised as many states will provie updated data, he said. To a
question about dispute between insurance companies and states over
insurance claims made by farmers, Singh said he had asked states to use
modern technology to get correct figures to ensure timely payment as data
collected manually creates controversy and causes delay.

Trading Recommendations

SELL CORIANDER APR BELOW 5790 TARGET 5760 5720 5670 SL ABOVE 5840
BUY TURMERIC APR ABOVE 7350 TARGET 7380 7420 7470 SL BELOW 7300
BUY GUARGUM5 FEB ABOVE 10070 TARGET 10100 10140 10190 SL 10020

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India's Palm Oil imports are likely to fall 15% in 2017/18 from the year before to their lowest in six years, hit by a hike in import taxes, a weaker rupee and tighter credit for would-be buyers, industry sources said. Local prices moved up due to higher import tax and depreciation in the rupee. The price rise moderated demand for imports, the Solvent Extractors' Association of India (SEA) said. India

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