Epic Research Daily Agri Commodity Report Of 22 JUNE 2017

Commodity News

Turmeric futures edged higher on NCDEX on rising physical
demand at the spot market. Though, some gains were capped as the
turmeric arrivals in the country are higher in the month of May. The
contract for July delivery was trading at Rs 6022.00, up by 1.76% or Rs
104.00 from its previous closing of Rs 5918.00. The open interest of
the contract stood at 14640 lots. The contract for August delivery was
trading at Rs 6084.00, up by 1.30% or Rs 78.00 from its previous
closing of Rs 6006.00. The open interest of the contract stood at 1890
lots on NCDEX.

Coriander futures edged lower on NCDEX as participants offloaded
their holdings, driven by easing demand in the spot market. Besides,
higher supplies from major growing regions also influenced coriander
futures. The contract for July delivery was trading at Rs 4950.00, down
by 1.04% or Rs 52.00 from its previous closing of Rs 5002.00. The
open interest of the contract stood at 43050 lots. The contract for
August delivery was trading at Rs 5040.00, down by 0.87% or Rs
44.00 from its previous closing of Rs 5084.00. The open interest of the
contract stood at 2510 lots on NCDEX.

Soyabean futures traded lower on NCDEX as speculators trimmed
their positions due to higher arrivals and bumper crop with the farmers.
Though, reports of slow progress in soybean sowing in the country,
capped some losses. The contract for July delivery was trading at Rs
2806.00, down by 1.13% or Rs 32.00 from its previous closing of Rs
2838.00. The open interest of the contract stood at 85370 lots. The
contract for August delivery was trading at Rs 2871.00, down by 1.1%
or Rs 32.00 from its previous closing of Rs 2903.00. The open interest
of the contract stood at 44810 lots on NCDEX.

Economic News

Agricultural inputs are going to be dearer to access for Indian farmers in
the kharif season despite the prediction of a good monsoon as dealers delay
placing orders with the fertilizer and pesticide manufacturers waiting for
clarity over the impact of goods and services tax (GST). Dealers fear the
notification of the Union government that allows only up to 60% of refund
on input credit for dealers for an initial period. Sector analysts point out
this could adversely affect the financials of fertilizer and pesticide makers
during the next couple of quarters and could lead to a pile-up of unsold
stocks. Dealers of agricultural inputs across the country are reducing
inventories and avoiding stocking ahead of GST for the last month or so,
said brokerage JM Financial after a detailed survey it conducted in June
covering over 50 large dealers. “We had originally estimated 15-16%
growth for the agrochemicals industry but given the likely headwinds, we
see a risk of lower 10-12% growth for the upcoming Kharif season,“ says
Mehul Thanawala, director, JM Financial.

Edible oil industry body SEA fears that farmers may shift from oilseed
cultivation to some other crops as domestic prices have crashed to five-year
low. The association demanded that the government raise import duty on
edible oil and boost procurement to check sliding domestic prices and
protect interest of farmers as well as processors. Soyabean, groundnut and
sunflower are grown in kharif (July-October) season. The sowing operation
has started with onset of monsoon, which is projected to be normal this
year. In a letter to its members, Solvent Extractors' Association (SEA)
President Atul Chaturvedi said prices of soyabean, mustard and groundnut
have fallen below the minimum support price (MSP). "Currently, oilseeds
are being sold below MSP and there is hardly any Market Intervention
Operation (MIO) to support these price levels. While we appreciate the
government's decision to raise the MSP to support farmers, there is an
urgent need to strengthen procurement system, otherwise it will not benefit
farmers," Chaturvedi said.

Trading Recommendations

SELL CORIANDER APR BELOW 4950 TARGET 4920 4880 4830
SL ABOVE 5200
SELL TURMERIC MAY BELOW 5890 TARGET 5860 5820 5770
SL ABOVE 5940
SELL GUARGUM5 MAY BELOW 7190 TARGET 7160 7120
7070 SL ABOVE 7240

Epic Research Limited is a supreme level financial advisory services provider firm .We have designed services for different investors as per their needs like mcx tips , equity tips, agri tips and many more to serve our clients. We offer regular services for investors with less capital and premium services for massive investors looking for higher returns on investments with bigger targets.
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 .

This release was published on openPR.