Epic Research Daily Agri Commodity Report Of 19 May 2017

Commodity News

Soybean futures traded marginally lower on NCDEX as speculators trimmed their positions due to ample supplies in the domestic as well as global markets. Soyabean prices also dropped by lower demand in spot markets as 60 percent of soybean mills in Madhya Pradesh reported to have shut down because of subdued demand for soymeal and lower prices of soyoil. The contract for May delivery was trading at Rs2800.00, down by 0.11% or Rs 3.00 from its previous closing of Rs 2803.00.

Turmeric futures traded higher on NCDEX due to rising domestic and export demand in the spot market. Though, some gains were capped on expectation of good production in the ongoing season due to favourable weather conditions in major producing belts of Maharashtra,Telangana and Andhra Pradesh. The contract for May delivery was trading at Rs 5648.00, up by 0.46% or Rs 26.00 from its previous closing of Rs 5622.00.

Jeera futures showed mixed trend on NCDEX as May contract edged lower due to subdued demand in the spot market, while June contract edged higher on lower arrivals from the producing regions. The contract for May delivery was trading at Rs 17900.00, down by 0.2% or Rs 35.00 from its previous closing of Rs 17935.00. The open interest of the contract stood at 90 lots.

Economic News

Haryana Science and Technology Minister, Anil Vij, said that improved varieties of strawberry and salvadora plants would be developed in the Centre for Plant Biotechnology, Hisar, to facilitate the farmers. These high-quality, tissue culture-derived plants would be made available to farmers next year. The minister said that there was huge demand of these two varieties of fruit plants among the farmers. Therefore, the varieties of these plants are being improved so that farmers could get good-quality fruits.
These plants would be provided at biotechnology centres at lower prices as
compared to private centres, he added.

Top officials of the central and state governments today discussed issues related to monsoon preparedness, including disaster managements plans, and emphasised on greater co-ordination among various agencies. State relief commissioners and secretaries of disaster management department of the states and Union territories were present at the meeting chaired by Union home secretary Rajiv Mehrishi. Early warning systems, flood relief measures, checking the readiness of equipment and communication systems, advance procurement of necessary relief material, community based disaster management and coordinated approach for disaster response at the district level were highlighted at the meeting, an official statement said.

Trading Recommendations

BUY CORIANDER APR ABOVE 5340 TARGET 5370 5410 5460 SL BELOW 5290
SELL TURMERIC MAYBELOW 5500 TARGET 5470 5430 5380 SL ABOVE 5550
BUY GUARGUM5 MAY ABOVE 7650 TARGET 7680 7720 7770 SL BELOW 7600

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This release was published on openPR.