DAILY AGRI COMMODITY REPORT 13 January 2017
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Market Views MONT H
7720 RESISTA NCE
Coriander short term trend is bearish and May continue in coming days.
4187 RESISTA NCE
6642 RESISTA NCE
Castorseed short term trend is bearish and May continue in coming days.
INTRADA Y LEVELS
Turmeric short term trend is bearish and May continue in coming days.
Guargum short term trend is bearish and May continue in coming days.
Most Active Contract NCDEX INDICES TOP GAINERS
COTTON SEED OIL CAKE AKOLA
MAIZE FEED/INDUSTRIAL GRADE
TOP LOSERS Symbol
SUGAR M GRADE
Commodities In News ECONOMIC NEWS Coriander futures showed mixed trend on NCDEX as January contract edged lower due to subdued demand at the spot market while, April contract edged higher on limited arrivals from major producing belts. The contract for January delivery was trading at Rs 7301.00, down by 0.25% or Rs 18.00 from its previous closing of Rs 7319.00. The open interest of the contract stood at 2070 lots. Soybean futures edged higher on NCDEX due to bargain buying and increasing demand from the bulk buyers and oil millers at the spot market. Though, some gains were capped on higher production estimates by SOPA this season. The contract for January delivery was trading at Rs 2999.00, up by 0.6% or Rs 18.00 from its previous closing of Rs 2981.00. The open interest of the contract stood at 18970 lots.
Jeera futures edged higher on NCDEX, tracking rising demand from the stockists and traders at the spot market. Further, fresh export enquiries from China also added support to jeera prices’ uptrend. The contract for January delivery was trading at Rs 18495, up by 0.41% or Rs 75.00 from its previous closing of Rs 18420. The open interest of the contract stood at 1248 lots. The contract for March delivery was trading at Rs 17000, up by 0.06% or Rs 10.00 from its previous closing of Rs 16990. Turmeric futures edged up on NCDEX on anticipation of rising physical as well as export demand at the spot market. Though, some gains were capped as new season turmeric crop has now entered into the markets in South India. The contract for April delivery was trading at Rs 6634, up by 0.39% or Rs 26 from its previous closing of Rs 6608. The open interest of the contract stood at 12840 lots.
Niti Aayog has strongly advocated wider use of genetically modified (GM) seed varieties to revive agriculture growth in the country. The assertion came even after RSS's economic wing — Swadeshi Jagran Manch — questioned the role and two-year contribution of Niti Aayog and raised serious questions about the think tank supporting use of GM seeds. Arguing that the key to green revolution was high-yielding crops, the government's think tank said, "It is time for us to return to allow massive research into improving seed varieties including genetically modified one." In an appraisal document of 12th Five Year Plan, the Aayog said, "Elsewhere in the world, most notably the United States, GMO seeds have been in use for over two decades with no adverse effect on either crops or those consuming the product of those seeds." "China has been far ahead of us in this regard. Our own experience with BT Cotton has been a success," it said.
The Centre's demonetisation drive did not have any impact on rabi sowing and prices of crops like paddy, soyabean and maize, Niti Aayog member Ramesh Chand has said. "Tentative estimates of area sown are provided by the Ministry of Agriculture each Friday of the week. This data shows that up to November 11, which can be considered as start of demonetisation, rabi sowing was completed on 14.6 million hectare area which was 5.7 per cent lower than the normal crop coverage. "The gap between area sown this year and normal area (average area) steadily declined almost every week since the announcement of demonetisation. During the week ending December 30, 2016, net sown area under rabi crops exceeded the normal or average area by 2.77 per cent and area sown last year by 6.86 per cent," Chand wrote in a research paper titled "Agricultural Growth in the Aftermath of Demonetisation". It further said that normally rabi sowing is completed on 88 per cent area by December 30 but this year it has been completed on more than 91 per cent area.
BUY CORIANDER APRABOVE 7750 TARGET 7765 7825 7895 SL BELOW 7720
SELL TURMERIC 20APR BELOW 6555 TARGET 6525 6485 6435 SL ABOVE 6603
BUY GUARGUM5 FEBABOVE 6430 TARGET 6460 6520 6570 SL BELOW 6380
BUY CASTORSEED FEB ABOVE 4190 TARGET 4205 4235 4295 SL BELOW 4150
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Published on Jan 13, 2017
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