Press release
Epic Research Daily Agri Commodity Report Of 23 May 2017
Commodity NewsJeera futures traded lower on NCDEX on fall in demand at the spot
market. Though, some losses were capped on lower arrivals from the
producing regions. Reports showed about 6,725 tons of jeera arrived in
May (1-20) compared to 26,151 in April (1-20). The contract for June
delivery was trading at Rs 18200, down by 0.36% or Rs 65.00 from its
previous closing of Rs 18265.
Turmeric futures edged higher on NCDEX on account of rising
exports demand at the spot market. On the export front, country
exported about 97,596 tons during April-February period, up by 26.6%
compared to last year exports of 77,087 tons. The contract for June
delivery was trading at Rs 5654.00, up by 0.93% or Rs 52.00 from its
previous closing of Rs 5602.00. The open interest of the contract stood
at 15865 lots.
Soybean futures traded marginally higher on NCDEX as speculators
enlarged their positions, despite lower domestic demand and ample
supplies in the global markets. The contract for June delivery was
trading at Rs 2836.00, up by 0.04% or Re 1.00 from its previous
closing of Rs 2835.00. The open interest of the contract stood at
123590 lots.
Economic News
The agriculture ministry today said it has no reservations about GM
mustard, which has been cleared by an expert panel GEAC, and will
promote genetically modified (GM) crops if approved by the Environment
Ministry. On May 11, Genetic Engineering Appraisal Committee (GEAC)
had recommended commercial cultivation of a GM mustard variety,
developed by Delhi University's Centre for Genetic Manipulation of Crop
Plants, in a submission to the Environment Ministry, which is yet to give
the final approval.
Foodgrain output is likely to touch a new record in the 2017-18 crop year
to begin from July, on hopes of normal monsoon for the second straight
year, Agriculture Minister Radha Mohan Singh said today. Foodgrain
production is estimated to be all-time high at 273.38 million tonnes (MT) in
the current 2016-17 crop year (July-June) on account of good rains after
two years of drought, as against 251.57 MT last year. The previous record
was 265.04 MT in 2013-14. Foodgrain basket comprises of rice, wheat,
coarse cereals and pulses. "The Met department has forecast normal
monsoon for this year. If the monsoon is good, I am confident that
foodgrain output will be a record again and boost growth rate to more than
4.4 per cent achieved in 2016-17," Singh said while sharing the
government's achievements in the farm sector in last three years.
Trading Recommendations
SELL CORIANDER APR BELOW 5330 TARGET 5300 5260 5210 SL ABOVE 5380
SELL TURMERIC MAYBELOW 5620 TARGET 5590 5550 5000 SL ABOVE 5670
BUY GUARGUM5 MAY ABOVE 7880 TARGET 7910 7950 8000 SL BELOW 7830
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