Epic Research Daily Agri Commodity Report Of 21 May 2018

India's import of vegetable oils during April 2018 is reported at 13.86 lakh tonnes, rose 3.5% as compared to 13.39 lakh tonnes same month last year, according to latest data from the Solvent Extractors’ Association of India (SEA). Imports during the month of April were reported to be the highest so far during the current oil year (November 2017-October 2018 period). The overall imports in the current oil year is reported at 7,318,295 tonnes (7,138,265 tonnes) - up 2.5%. Palm oil constitutes a major share in Indian imports.

About 15 lakh quintals of Mozambique Pigeon Pea (Tur Dal) and other Pulses will soon enter the Indian market. This has resulted in rates of Tur Dal crashing in Maharashtra and other producer states. The import of Tur and Pulses can increase trouble for the farmers. A bumper production of Tur, Chana and other Pulses has been recorded in Maharashtra and a few other states over the last three years. The government is procuring Tur, Urad and other Pulses at the minimum support price (MSP) to protect farmers’ interests. Notwithstanding, rates of pulses in the market are down to less than Rs 70 to Rs 80 per kg.

Rice prices in top exporter India fell this week to their lowest in five months as the rupee depreciated, while rates in Vietnam hit a four-year high amid stronger demand and limited supplies. India's 5% broken parboiled variety prices dropped by $3 to $404-$408 per tonne. The rupee has fallen about 6% so far in 2018 to its lowest in 16 months, increasing exporters' margins from overseas sales. "Indian Rice is becoming more competitive in the world market due to the falling rupee," trade sources said. Rice exports in India surged 18% to a record 12.7 million tonnes in the 2017/18 financial year, which ended on March 31, on good demand for non-basmati Rice from Bangladesh, Benin and Sri Lanka.

Economic News

Technically Cardamom market is under fresh buying as market has witnessed gain in open interest by 1.23% to settled at 246 while prices up 1.6 rupees. Now MCX Cardamom is getting support at 891 and below same could see a test of 886.2 level, And resistance is now likely to be seen at 902.8, a move above could see prices testing 909.8. Cardamom on MCX settled up by 0.18% at 895.8 tracking firmness in spot demand and scattered export buying. Reports of favourable weather conditions in the producing centres prevented stockists to make big purchases. New produce supplies may commence by June end if weather continues to be favourable in the coming months. India exported 4,180 ton cardamom values Ra 4.56 billion during April-December 2017, data from Spices Board showed. Total arrivals of cardamom during the current season starting August stood at 21,971 ton till April 13. New crop season starts from August but if weather is favourable than new produce supplies commence by June end.

Technically Turmeric market is under fresh selling as market has witnessed gain in open interest by 1.23% to settled at 15610 while prices down 136 rupees. Now NCDEX Turmeric is getting support at 7164 and below same could see a test of 7094 level, And resistance is now likely to be seen at 7362, a move above could see prices testing 7490. Turmeric on NCDEX settled down by 1.85% at 7232 tracking weak sentiments in physical markets on normal monsoon forecast which is deemed to be good for crop acreage. Meanwhile, mounting stocks on relentless supplies from growing regions also kept the prices down. However upside seen limited on reports of lower carryover stocks in the current season compared to last season. AP MARKFED announced to sell total 1,132 ton of turmeric of finger and bulb varieties lying in the godowns of Kurnool through e-auction, according to notice on its website. The government agency will sell 586 ton turmeric on Thursday and 546 ton on Friday.

Trading Recommendations

SELL CORIANDER MAY BELOW 4740 TARGET 4710/4670/4620 SL 4790
BUY TMC MAY ABOVE 7290 TARGET 7320/7360/7410 SL 7240
SELL GUARGUM5 MAY BELOW 8260 TARGET 8230/8190/8140 SL 8210

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This release was published on openPR.