Epic Research Daily Agri Commodity Report Of 12 JULY 2017

Commodity News

Jeera futures edge lower on NCDEXJul 11,2017
02:40 Hrs
IST Jeera futures edged lower on NCDEX amid lower domestic as well
as exports demand at the spot market. Furthermore, ample stocks
position following higher supplies from the producing belts too fuelled
the downtrend. Reports showed that the jeera arrival in June is lower
this year compared to May as well as June last year. The contract for
July delivery was trading at Rs 18585.00, down by 0.51% or Rs 95.00
from its previous closing of Rs 18680.00. The open interest of the
contract stood at 2955 lots. The contract for August delivery was
trading at Rs 18545.00, down by 0.72% or Rs 135.00 from its previous
closing of Rs 18680.00. The open interest of the contract stood at
12921 lots on NCDEX.

Turmeric futures traded up on NCDEX on account of uptick in
domestic as well export demand in the spot market. Besides, restricted
supplies and slow pace of sowing in producing states also added
support to turmeric prices’ uptrend. The contract for July delivery was
trading at Rs 6966.00, up by 0.72% or Rs 50.00 from its previous
closing of Rs 6916.00. The open interest of the contract stood at 2245
lots. The contract for August delivery was trading at Rs 7052.00, up by
0.43% or Rs 30.00 from its previous closing of Rs 7022.00. The open
interest of the contract stood at 15585 lots on NCDEX.

Coriander futures edged lower on NCDEX as participants cut down
their positions amid easing demand in the spot market. Besides, rising
arrivals from major growing regions also weighed on coriander futures.
The contract for July delivery was trading at Rs 4945.00, down by
0.74% or Rs 37.00 from its previous closing of Rs 4982.00. The open
interest of the contract stood at 6390 lots. The contract for August
delivery was trading at Rs 5040.00, down by 0.51% or Rs 26.00 from
its previous closing of Rs 5066.00. The open interest of the contract
stood at 41230 lots on NCDEX.

Economic News

Cooperative Sugar Mills in Haryana have set new records in crushing of
sugarcane as well as sugar production during the crushing season 2016-17.
The sugar mills have produced 35.50 lakh quintals sugar by crushing
362.04 lakh quintals of sugarcane which is highest since the inception of
cooperative sugar mills in the State. While stating this here today, a
spokesman of Cooperation Department said that with a view to ensure
transparency in the purchase process, e-procurement system has been
implemented by Sugar Fed and Cooperative sugar mills. He said that
Cooperative Sugar Mills in the State have purchased 362.31 lakh quintals
of sugarcane during the crushing season 2016-17. Payment of Rs 1140.57
crore has been made to the farmers with the financial assistance of Rs 175
crore made available by the State Government. During the last few years,
the area under the early variety of high sugar or advanced varieties has
been increased from 20 per cent to 62 per cent which is the highest
percentage so far.

IBM's India research lab is looking at ways of using its Watson cognitive
technology to help farmers determine potential crop yields and protect
against pests, an effort that could increase the use of such data in farmer
loans and insurance. The India research lab counts agri-business as one of
the three industries it focuses on in India. The technology — part of a
solution called Precision Agriculture — involves the use of a few
strategically placed sensors and remote sensing data from satellites to
answer questions about the state of the soil, moisture content, weather data
and susceptibility to pests. "Agri-businesses have the ability to invest in
technology and have an interest in increasing productivity even if the farms
are run by individual farmers. The other model is to look at financial
institutions," Raghavan said. "We have seen a lot of issues with agri
insurance and credit. And while there are definitely non-technology issues
to be solved, but there is an opportunity for technology to help provide
better visibility to financial institutions.“

Trading Recommendations

SELL CORIANDER APR BELOW 4700 TARGET 4670 4630 4580
SL ABOVE 4750
BUY TURMERIC MAY ABOVE 7220 TARGET 7250 7290 7340
SL ABOVE 7170
SELL GUARGUM5 MAY BELOW 6550 TARGET 6520 6480
6430 SL ABOVE 6600

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This release was published on openPR.