Epic Research Daily Agri Commodity Report Of 31 May 2018

Millers of Pulses will soon be able to apply to import Pulses from June 1, according to a trade notice issued on May 16 by the Commerce Ministry. This will be the first time that Pulses imports will be opened up from registered agricultural traders to include dal mills as well. The ministry will announce the allocation of the import quota for dal mills on the basis of their processing capacity on June 1. In their applications, dal mills have to declare their monthly and annual processing capacity and apply for a quantity to process within that capacity. The ministry will distribute the quota equally or according to the applied for quantity, whichever is lower. Contracts will have to be finalised by August 31.

Global Tea consumption and production are projected to keep rising over the next decade, driven by robust demand in developing and emerging countries India and China, Food and Agriculture Organisation (FAO) said. World Black Tea output is estimated to increase to 4.4 million tonnes by 2027 from 3.33 million tonnes in 2017, while Green Tea production is projected to increase to 3.6 million tonnes from 1.77 million tonnes in the said period. The annual production of Green Tea is projected to grow much faster by 7.5 percent over the next decade when compared with Black Tea at only 2.2 percent.

The mandi tax levied by Madhya Pradesh state government on purchase of raw pulses from other states is putting local manufacturers out of the competition. All India Dal Mills Association has urged government to roll back the tax to promote regional dal mill sector. “We are losing business because dal processed in Gujarat, Maharashtra and Chhattisgarh and other states are much economical. They do not levy mandi tax on out station purchase of raw pulses.” MP Dal Mill Association said. Dal mills have to pay Rs 11,000 as mandi tax on a truckload of 100 quintals pulses, the association said.

Economic News

Wheat procurement has crossed the government's target by 6.25 per cent to 34.08 million tonnes (MT) so far in this marketing year as purchases in Uttar Pradesh have picked following special efforts by the state authorities. Food Corporation of India (FCI) and other state agencies had procured 29.37 MT in the same period of the 2017-18 marketing year (April-March). Total wheat procurement stood at 30.82 MT in 2017-18. The government fixed higher target of 32 MT for this year in view of record output. According to official data, of the 34.08 MT procured so far this year, 21.45 MT has been purchased from two states Punjab and Haryana. Buying in these states has been completed. However, the procurement operation is underway in Uttar Pradesh, Madhya Pradesh and Rajasthan, which will continue till next month. More wheat is expected to be procured in UP as the state government has made extra effort to ensure a minimum support price (MSP) of Rs 1,735 per quintal to farmers, the industry players said.

Even as trade and farmer representatives have been trying to incentives for export of fresh onions, the Director General of Foreign Trade (DGFT) increased the Merchandise Export from India Scheme (MEIS) benefits for dehydrated onions from 3% to 5%, taking all stake holders by surprise. Speaking to ET, Pasha Patel, chairman of Maharashtra State Commission of Agricultural Costs and Prices said, "We have been demanding MEIS benefits at 7% for fresh onion from past several weeks. I had also apprised Union Finance Minister as well as the concerned authorities about it. However, there seems to have been some confusion while issuing the May 24 notification pertaining to de-hydrated onions, which account for a small percentage of the fresh onion.“ From the seven months between August 2017 to February 2018, onions had given good returns to farmers as average prices rules between Rs 20/kg to Rs 30/kg, hitting a high of Rs 36/kg.

Trading Recommendations

SELL CORIANDER MAY BELOW 4340 TARGET 4310/4270/4220 SL 4390
BUY TURMERIC MAY ABOVE 7120 TARGET 7150/7190/7240 SL 7070
SELL GUARGUM5 MAY BELOW 8520 TARGET 8490/8460/8430 SL 8570

Epic Research Limited delivers reliable trading advice for traders to fulfill their goals and return expectations is very true. Every day we work for 2 different things: thorough research on market movements & deliver those high efficiency calls timely to our clients and help them to make their investment at the right place. We have designed services for different investors as per their needs like commodity tips , equity tips, agri tips and many more to serve our clients.

Want to take a FREE TRIAL? Visit our site link below and become a part of our Epic family. Happy trading.

http://www.epicresearch.co/
or
mail us @ info@epicresearch.co

Also you can Whatsapp us at :7049084664

Our Office:411 Milinda Manor, 2 RNT Road, Indore 452001

411 Milinda Manor, 2 RNT Road, Indore 452001

This release was published on openPR.