Epic Research Daily Agri Commodity Report Of 15 FEBRUARY 2018

Commodity News

Area sown to Wheat has declined 4.27% to 30.42 million hectare in the
current rabi season of 2017-18, which may lead to fall in production from
last year's record 98.38 million tonne. Farmers had sown Wheat in 31.78
million hectare in the 2016-17 crop year (July-June). According to official
data, Wheat acreage has fallen because of less area coverage in Madhya
Pradesh, Uttar Pradesh, Rajasthan, Haryana, West Bengal, Maharashtra and
Uttarakhand. Maximum drop in wheat acreage by 1.1 million hectare was
reported in Madhya Pradesh this year, the data showed.

Centre has directed the National Agricultural Cooperative Marketing
Federation of India Limited (NAFED) to procure additional 1 lakh tonnes
of the Groundnut from the Gujarat at the minimum support price (MSP) of
Rs 4,500 per quintal. NAFED has already procured around 8 lakh tonnes of
Groundnut in the ongoing season. Initially, the Centre had asked NAFED
to procure 4 lakh tonnes of Groundnut in 90 days. However, after a request
by the Gujarat government, the Centre increased the procurement quota to
8 lakh tonnes. As of February 9, NAFED had procured 8.08 lakh tonnes of
Groundnut, worth over Rs 3,636 crore.

In wake of unsatisfactory oilseed production this year, India’s yearly
edible oil import bill is estimated to reach around Rs 650 billion fuelled by
import of 15 million tonnes of cooking oil, according to a survey by
industry body Soybean Processors Association (SOPA). Latest survey by
SOPA estimates India's Soybean output at 8.35 million tonnes for the
harvesting season 2017-18, about 24% lower than 10.9 million tonnes
reported in the previous year. Sown with the onset of the monsoon,
Soybean is a kharif crop that contributes to nearly a third of India's overall
oilseeds' output and sets the trend for other seeds such as Groundnut and
Sesame in the summer sowing season, and Rapeseed and Mustard in
winter.

Economic News

President Ram Nath Kovind on Wednesday said farmers in different parts of
the country need different solutions and that the quality of farm products
should be of international standards. "In a country as vast as India, problems
of farmers in different regions are different. We will have to find solutions
according to their needs," he said while inaugurating the international
conferences 'Agricon 2018' and 'Agriexpo 2018' at Chandrashekhar Azad
University of Agriculture and Technology (CSAUT) here. The President
emphasised the need to see grain production, dairy farming, animal
husbandry and fisheries, poultry, horticulture and sericulture as part of a
composite approach to modern agriculture. There is also need to encourage
the food processing industry to give farmers a better price and a better deal
for their produce, he added. "Water is a common concern. In this regard, the
Government has promoted the concept of 'per drop, more crop' and this
message should reach every farmer in the country," he said.

In the wake of unseasonal rains and hailstorms lashing Maharashtra since
Sunday, the government on Wednesday announced a compensation package
of Rs 200 crore for farmers who suffered damage to standing crops. "An
immediate aid package of Rs 200 crore has been cleared by the government
to be disbursed as per existing norms and various parameters," said
Agriculture Minister Pandurang Fudkar. "The government will request the
Centre to clear the amount even as the final reports from all regions are
expected in a couple of days," he added. Fundkar said according to the
preliminary survey reports, agriculture produce in more than 190,000
hectares was damaged or destroyed, hitting around 1,800 villages in at least
11 districts of Vidarbha, Marathwada and surrounding areas. While tentative
reports of the losses of in many hailstorm-hit areas had been received, the
final report on losses due to unseasonal rains in Buldhana, Nanded, Bhandara,
Gadchiroli, Chandrapur and Wardha was expected by Friday, he added.

Trading Recommendations

SELL CORIANDER APR BELOW 5500 TARGET 5470 5430 5380 SL ABOVE 5550
BUY TURMERIC APR ABOVE 7300 TARGET 7330 7370 7420 SL BELOW 7250
SELL GUARGUM5 FEB BELOW 9400 TARGET 9370 9330 9280 SL 9450

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This release was published on openPR.