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Epic Research Weekly Agri Commodity Report 18 DECEMBER 2017

Commodity News

Turmeric futures edged up on NCDEX, as physical demand firmed and on continued demand expectation from new season. Although, the lower export data amid good supplies from producing belts and government auctions have pressured the rates of the commodity. The contract for April delivery was trading at Rs 7540 00, was up by 0.24% or Rs 18.00 from its previous closing of Rs 7522.00. The open interest of the contract stood at 8750 lots on NCDEX.

Jeera futures declined on NCDEX, as traders reduced their bets on expectations of further correction in the commodity rates amid muted domestic and overseas demand. Moreover, reports on good sowing progress in Gujarat have dragged the prices further. The contract for December delivery was trading at Rs 21260.00, eased by 0.65% or Rs140.00 from its previous closing of Rs 21400.00. The open interest of the contract stood at 2703 lots. The contract for January delivery was trading at Rs 21330.00, down by 0.77 % or Rs 165.00 from its previous closing of Rs 21495.00. The open interest of the contract stood at 10767 lots on NCDEX.

Soybean futures traded marginally higher on NCDEX as speculators enlarged positions, driven by higher incentives for oil meal export.However, some gains were capped by reports that mills have a sufficient stock which slows their purchase. Meanwhile, US soybeans ticked higher, but were still on course for the biggest weekly loss in almost two months on expectations of rains in Argentina, the world's third biggest supplier. The contract for January delivery was trading at Rs 3032.00, up by 0.2% or Rs 6.00 from its previous closing of Rs 3026.00. The open interest of the contract stood at 262540 lots.

Economic News

Economic Affairs Secretary Subhash Chandra Garg today expressed hope that vegetable prices will cool soon, even as both consumer and wholesale inflation hardened in November. Inflation based on Wholesale Price Index (WPI) surged to an eight-month high of 3.93 per cent in November mainly due costlier onions and other seasonal vegetables. The consumer price inflation too was at a 15-month high last month. In a tweet, Garg said the week brought mixed news on the economic data front. Both consumer and wholesale inflation further rose and IIP growth was quite subdued, he said, but added that vehicle growth turned out to be quite robust and current account deficit halved. "Hope vegetables prices would fall soon," he said. Onion and tomato prices in both wholesale and retail markets of the national capital have started coming down with improved supplies from the
growing regions, according to traders. Retail onion prices, which had soared to Rs 80 per kg in the last few weeks, have slipped to Rs 50-60, while tomato prices have declined to Rs 45 per kg from Rs 70-80, trade data showed.

India managed to protect its farmers' interests and ensure food security for its poor even as the ministerial meeting of the World Trade Organization (WTO) is unlikely to yield much progress. A series of work programmes on issues such as agriculture, domestic support, fisheries subsidies, e-commerce and services are expected, increasing the chances of some progress in next ministerial meet in 2019. "India's food security programmes are protected because we have a peace clause of 2014. India's ability to provide procurement at minimum support price to farmers is intact," said JS Deepak, India's permanent representative to the WTO. India wanted to amend the Agreement on Agriculture to get a permanent solution over and above the existing peace clause to give stronger legal strength to its programme to purchase, stockpile and distribute food. However, the US' stance that it would not allow any outcome on agriculture, proved to be a deal breaker.


1) How e-trading in fruits, vegetables can help farmers beat canny middlemen
2) Will use steel pipes for irrigation in place of canals: Nitin Gadkari
3) Hope vegetable prices would fall soon, says DEA Secretary
4) WTO: Positive outcome for India as it retains interest of farmers, poor
5) India manages to shield farmers’ interests, ensure food security at WTO
6) India to resist interim ban on fisheries sops
7) India's cotton output likely to rise 9% in 2017-18
8) Goal of doubling farmers' income 'impressive': IFAD
9) India's 2017/18 cotton output could rise 9 per cent from last year
10) Harrisons Malayalam to launch value-added products soon
11) Government must accord top priority to agriculture in Budget 2018: Assocham

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News Release: Epic Research Weekly Agri Commodity Report 18 DECEMBER 2017
Submitted on: December 18, 2017 05:18:22 AM
Submitted by: EpicResearch
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