Epic Research Daily Agri Commodity Report Of 16 August 2018

Wholesale inflation eased to 5.09% in July on account of cheaper food articles, especially fruits and vegetables, according to latest government data. The wholesale price index (WPI) based inflation was recorded at 5.775 in June. In July 2017, it was at 1.88%. The wholesale inflation in food articles category was (-)2.16% in July as against (+) 1.80% in the previous month, the Commere and Industry ministry data showed. Among others in the basket, vegetable prices fell by 14.07% during the reported month as compared to a growth of 8.12% in June. Likewise, there was an 8.81% fall in wholesale prices of fruits in July as against a rise of 3.87% in the preceding month.

India’s basmati Rice exports dropped by 7% or 89,000 tonnes to 11.70 lakh tonnes in the first quarter of the current financial year, according to latest data released by the Agricultural and Processed Food Products Export Development Authority (APEDA). The decline in exports is mainly attributed to Iran’s embargo from India and refusal of export cargos by several countries after they found traces of pesticides beyond permissible limits. Basmati exports had been on a decline since April this year, but the June month registered a sharp decline of over 45,000 tonnes

The Cotton Corporation of India will procure the fibre directly from farmers in Rajasthan at the minimum support price (MSP) and make the payment to their accounts in the upcoming Cotton season. Rajasthan is the first Cotton-growing state in the northern region to make direct transaction compulsory for procurement at MSP. “The CCI needs to initiate procurement earlier than usual to ensure prices do not decline in the open market in the beginning of the season,” industry sources said. “Traditionally, procurement by the CCI had jumped after every hefty hike in cotton MSP,” sources said, indicating that this would be the case in the upcoming season as well.

Economic News

The Cotton Corporation of India (CCI) will procure the fibre directly from farmers in Rajasthan at the minimum support price (MSP) and make the payment to their accounts in the upcoming cotton season. Rajasthan is the first cotton-growing state in the northern region to make direct transaction compulsory for procurement at MSP. “Over 12,000 farmers have been registered in district Shree Ganganagar so far and the process is on in the other cotton-growing districts of Hanumangarh and Bhilwara,” a CCI official said. The state government has asked the CCI to ensure direct procurement of cotton and payments to farmers from the coming cotton harvesting season, the official added. The new cotton season begins officially in October. Much of the cotton purchased by the CCI previously came through middlemen or aggregators in the northern states of Punjab, Haryana and Rajasthan. This meant, the farmers weren’t getting the government-set MSP.

Technically Cardamom market is under fresh buying as market has witnessed gain in open interest by 7.94% to settled at 136 while prices up 46.4 rupees. Now MCX Cardamom is getting support at 1201.6 and below same could see a test of 1189 level, And resistance is now likely to be seen at 1220.7, a move above could see prices testing 1227.2. Cardamom on MCX settled up by 3.97% at 1214.3 as there are fears of damage to standing crops and delay in new crop supplies. Rains have also impacted the new crops and supplies from the fresh crop would get momentum by the third week of this month, though scattered supplies have begun to pour in some of the auction centres. Stockists did not make buying on hopes of higher output and early commencement of new crop supplies. Heavy monsoon rainfall that has caused damage to plantation thereby resulting in crop loss and downward revision of earlier made higher crop estimates.

Trading Recommendations

SELL CORIANDER AUG BELOW 4860 TARGET 4840/4820/4800 SL 4890
SELL TURMERIC AUG BELOW 6980 TARGET 6950/6920/6990 SL 7020
BUY GUARGUM5 OCT ABOVE 9730 TARGET 9770/9810/9850 SL 9680

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This release was published on openPR.