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Epic Research Daily Agri Commodity Report Of 13 September 2017



Commodity News

Turmeric futures edged higher on NCDEX on rising demand at the spot market. Though, some gains were capped due to good rains in turmeric growing areas in Telangana and Karnataka. The contract for September delivery was trading at Rs 7676.00, up by 1.00% or Rs 76.00 from its previous closing of Rs 7600.00. The open interest of the contract stood at 1155 lots. The contract for October delivery was trading at Rs 7684.00, up by 0.44% or Rs 34.00 from its previous closing of Rs 7650.00. The open interest of the contract stood at 12025 lots on NCDEX.

Coriander futures traded higher on NCDEX as speculators built up fresh positions amid strong demand in the spot market. Further, limited arrivals from major producing belts also influenced coriander futures. The contract for September delivery was trading at Rs 4515.00, up by 2.01% or Rs 89.00 from its previous closing of Rs 4426.00. The open interest of the contract stood at 2590 lots. The contract for October delivery was trading at Rs4898.00, up by 1.18% or Rs 57.00 from its previous closing of Rs 4841.00.The open interest of the contract stood at 39730 lots on NCDEX.

Soyabean futures traded marginally lower on NCDEX as speculators trimmed their positions, despite reports of lower than expected production in new season due to lower acreage and irregular rains. The contract for October delivery was trading at Rs 3099.00, down by 0.39% or Rs 12.00 from its previous closing of Rs 3111.00. The open interest of the contract stood at 42830 lots. The contract for November delivery was trading at Rs 3133.00, down by 0.48% or Rs 15.00 from its previous closing of Rs 3148.00. The open interest of the contract stood at 44110 lots on
NCDEX.

Economic News

Growth in food grain productionis expected to be much lower this year in the country as less progress has been made in the sowing of summer (kharif) crops than last year, says a Nomura report. According to the Japanese financial services major, the land area sown has fallen across all other crops: rice, pulses, coarse cereals, oilseeds and jute. "Overall, with less than three weeks left in the monsoon season (June-September), the current crop sowing progress suggests growth in food grain production will be much lower this year," Nomura said. "While there could be offsets such as higher horticulture output, higher yields or higher winter crop output, current evidence suggests there are downside risks to our agriculture GVA growth projection of 3.3 percent in 2017-18 (year-end March 2018)," Nomura said. In the case of pulses, oilseeds and jute, the decline crop sowing was a response to low prices, it said adding WPI inflation in pulses, oilseeds and raw jute declined to (-) 33 percent, (-) 14 per cent and (-) 35 per cent year-on-year respectively, in July 2017.

The southwest monsoon has remained weak in recent weeks, which has widened the country’s total rainfall deficit for the season to 6%, but the weather office says a late pick-up in rainfall activity cannot be ruled out. With no signs of the withdrawal of monsoon as yet, weather systems could bring more rainfall in parts of the country in the next few weeks, the department said. “There are no signs of withdrawal of monsoon for the next four to five days at least,” the official added. While the monsoon continues to linger on, rainfall in the next week is expected to remain below average in most parts of the country, barring the northeast and the western coast in peninsular India. IMD data on the seasonal rainfall shows that all parts of the country,barring east and northeast India, recorded below normal rainfall till Sunday. As per the short-range forecast, rainfall in central India, which remained bleak over the last few weeks, will pick up during the next few days.

Trading Recommendations

SELL CORIANDER BELOW 4450 TARGET 4420 4380 4330 SL ABOVE 4500
SELL TURMERIC BELOW 7640 TARGET 7610 7570 7520 SL ABOVE 7690
SELL GUARGUM5 BELOW 8160 TARGET 8130 8090 8040 SL ABOVE 8210

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News Release: Epic Research Daily Agri Commodity Report Of 13 September 2017
Submitted on: September 13, 2017 05:11:13 AM
Submitted by: EpicResearch
On behalf of: www.epicresearch.co/
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