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Epic Research Daily Agri Commodity Report Of 10 NOVEMBER 2017



Commodity News

Jeera futures declined on NCDEX as speculators offloaded their holdings amid muted demand in the spot market. Further, improved arrivals from major producing belts also fuelled the downtrend. The contract for November delivery was trading at Rs 18510.00, down by 0.86% or Rs160.00 from its previous closing of Rs 18670.00. The open interest of the contract stood at 2316 lots. The contract for December delivery was trading at Rs 18765.00, down by 1.00% or Rs 190.00 from its previous closing of Rs 18955.00. The open interest of the contract stood at 11682 lots on NCDEX.

Soybean futures traded lower on NCDEX as speculators trimmed their positions amid higher arrivals from new season crops. However, some losses were capped by reports of improved meal exports data published by Solvent extractors of India (SEA). India's soymeal exports during October were at 47,219 tn, up 50% from a year ago. Moreover, total exports of soy oilmeal in the first seven months of the fiscal started April is almost 5 times higher to 5.37 lakh tons compared to 1.07 lakh tons last year. The contract for November delivery was trading at Rs 2836.00, down by 0.39% or Rs 11.00 from its previous closing of Rs 2847.00. The open interest of the contract stood at 29260 lots.

Coriander futures edged lower on NCDEX as participants trimmed their holdings, tracking subdued demand in the domestic spot market. Further, improved arrivals from major producing belts also influenced coriander futures. The contract for November delivery was trading at Rs 4940.00, down by 0.9% or Rs 45.00 from its previous closing of Rs 4985.00. The open interest of the contract stood at 8040 lots. The contract for December delivery was trading at Rs 5049.00, down by 0.45% or Rs 23.00 from its previous closing of Rs 5072.00. The open interest of the contract stood at 35220 lots on NCDEX.

Economic News

As farmers in India struggle with dwindling incomes and soaring costs, with huge debts triggering a wave of suicides, experts said one solution may be to only work part-time on the land. About 60 percent of people in India make their living from the land, but earnings from agriculture have plunged to one- third of a farm family's income from two-thirds in the 1980s. "There is a strong case for part-time farming: when opportunities arise elsewhere, they must go there. And when there are new opportunities on the farm, they can return there," said Michael Lipton, a development economist. "That is what makes most sense, rather than have the farmer tied to his land all the time," the professor from Britain's University of Sussex told the Thomson Reuters Foundation on a visit to the southern Indian city of Hyderabad. Over the past decade, tens of thousands of farmers have killed themselves across India, with debt or bankruptcy cited as the main reason.

Balasaheb Ghadge, who works as a clerk in the village panchayat in the
tribal belt of Andar Maval in Maharashtra and also runs a small kirana store, was a staunch supporter of demonetisation when it was announced. A year on, he is worried that poor farmers continue to suffer from the government’s move. “At the national level, the decision must have yielded results, but for us, life has been put in the reverse gear,” he said. A follower of BR Ambedkar, Ghadge said he had read in one of Ambedkar’s books that demonetisation should be done after every decade. That’s perhaps why he was excited at the government’s decision last year. Speaking to ET a few days after the PM announced demonetisation on November 8 last year, Ghadge had said: “Till now, the poor were crying. Now we are smiling and the rich are crying.“During the local elections that followed, we saw candidates spending conspicuous money. Cash is back,” said Vijay Zende of village Zendewadi, without blaming the government. “He (PM) does not have his own family. So he must be thinking for the good of the nation.”

Trading Recommendations

BUY CORIANDER OCT ABOVE 4960 TARGET 4990 5030 5080 SL BELOW 4910
BUY TURMERIC OCT ABOVE 7100 TARGET 7130 7170 7220 SL ABOVE 7050
SELL GUARGUM5 OCT BELOW 7870 TARGET 7840 7800 7750 SL 7920


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News Release: Epic Research Daily Agri Commodity Report Of 10 NOVEMBER 2017
Submitted on: November 10, 2017 05:06:40 AM
Submitted by: EpicResearch
On behalf of: www.epicresearch.co/
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