DAILY AGRI COMMODITY REPORT 17 February 2017
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Market Views MONT H
6746 RESISTA NCE
Coriander short term trend is bearish and May continue in coming days.
6963 RESISTA NCE
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 Symbol
V 797 KAPAS
SUGAR M GRADE
TOP LOSERS Symbol
GUAR SEED 10 MT
REF SOYA OIL
Commodities In News ECONOMIC NEWS Coriander futures edged higher on NCDEX as speculators built up fresh positions, tracking improved demand in the spot market. Besides, tight stock positions following restricted arrivals from major producing regions also added support to coriander prices’ uptrend. The contract for April delivery was trading at Rs 6744.00, up by 1.2% or Rs 80.00 from its previous closing of Rs 6664.00. The open interest of the contract stood at 23040 lots. The contract for May delivery was trading at Rs 6824.00, up by 1.01% or Rs 68.00 from its previous closing of Rs 6756.00. The open interest of the contract stood at 3020 lots on NCDEX. Soybean futures traded marginally lower on NCDEX on ample supply in the domestic spot market. Further, the harvest of an all-time high crop in Brazil, too added pressure to soyabean prices. The contract for February delivery was trading at Rs 2970.00, down by 0.03% or Rs 1.00 from its previous closing of Rs 2971.00. The open interest of the contract stood at 11760 lots. The contract for March delivery was trading at Rs 3019.00, down by 0.07% or Rs 2.00 from its previous closing of Rs 3021.00. The open interest of the contract stood at 199950 lots on NCDEX. Turmeric futures showed mixed trend on NCDEX as the April contracts traded lower on rising arrivals as the harvesting is going on in key producing states. Moreover, turmeric acreage in Telangana and Andhra Pradesh was higher this year as compared to last year. Production of turmeric in Telangana is seen rising 35% on year to 251,000 tn 2016-17 (Jul-Jun) due to favourable rains, while May contracts traded higher on improving domestic and up-country demand at the spot market. Country exported about 74,524 tons; up by 32% during April-Nov period compared last year exports of 56,471 tons. The contract for April delivery was trading at Rs 6962, down by 0.37% or Rs 26 from its previous closing of Rs 6988.
The second edition of the international spice conference being held at Thiruvananthapuram has stressed the significance to traceability in boosting consumer satisfaction and ensuring sustainable growth of the spices sector. Talking on the theme of disruption in spice quality standards, European Spice Association chairman Nils Meyer Pries said the road ahead for quality assurance in spices is the convergence of world for harmonisation of standards, and developing an information system where the consumer can examine quality and safety of any produce with reference to its origin and international standards. He said digital platforms could be put to use to manage traceability by collecting, storing, processing and disseminating data regarding farming, harvesting, processing, packaging and distribution. Cost effective numeric and alphanumeric bar coding, Matrix bar coding and other labels when linked with automated systems or mobile technology allows immediate retrieval of product information from anywhere, Nils Meyer said at the conference hosted by All India Spices Exporters Forum.
The government has forecast a robust 8% growth in farm output this year after bountiful monsoon rains, raising prospects of stronger rural demand for consumer goods, automobiles and gold, and strong economic growth. The strong growth comes after a drought ravaged the fields for two years and heightened rural distress, but the expected output betters the record production of 2013-14 by 2.6%. “Higher food grain production is good news for economy especially rural. This should help stabilise prices," said Ashok Gulati, agricultural economist and former chairman of the Commission for Agricultural Costs and Prices. However, he said it was important to wait for the rabi harvest to get a clear picture. The rabi crop is progressing well, but it can suffer if there is unseasonal rain or hailstorms on the eve of the harvest. Gulati said government must ensure that official agencies procure crops if prices tumble. Total foodgrain output will be 271.98 million tonnes, according to the agriculture ministry’s second advance estimates of major crops
BUY CORIANDER APR ABOVE 6780 TARGET 6795 6835 6800 SL BELOW 6730
SELL TURMERIC 20APR BELOW 6900 TARGET 6885 6845 6745 SL ABOVE 6950
SELL GUARGUM5 20MAR BELOW 6640 TARGET 6625 6575 6500 SL BELOW 6680
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Published on Feb 17, 2017
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