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Epic Research Daily Agri Commodity Report Of 07 DECEMBER 2017



Commodity News

Soybean futures traded higher on NCDEX as speculators enlarged positions, driven by good demand for new season crop for crushing as edible oil import duty is hiked. Further, higher incentives for oil meal export too supported soybean prices. The contract for December delivery was trading at Rs 3089.00, up by 1.11% or Rs 34.00 from its previous closing of Rs 3055.00. The open interest of the contract stood at 64510 lots. The contract for January delivery was trading at Rs 3153.00, up by 1.09% or Rs 34.00 from its previous closing of Rs 3119.00. The open interest of the contract stood at 221900 lots on NCDEX.

Coriander futures declined on NCDEX, as market players locked profits at higher prices on expectations of further technical correction. The commodity further dipped on subdued domestic as well as export demand against ample stocks position. The contract for December delivery was trading at Rs 5355 .00, dipped by 0.5 % or Rs 27.00 from its previous closing of Rs 5382.00. The open interest of the contract stood at 11470 lots. The contract for January delivery was trading at Rs 5462.00, down by 0.75 % or Rs 41.00 from its previous closing of Rs 5503.00. The open interest of the contract stood at 34590 lots on NCDEX.

Jeera futures edged lower NCDEX, as investors continued profit booking on expectations of further technical correction. Though, diminishing stocks with the traders and improvement in demand for Indian cumin for overseas market have supported the price from further decline. The contract for December delivery was trading at Rs 21750.00, edged down by 0.02 % or Rs 5.00 from its previous closing of Rs 21755.00. The open interest of the contract stood at 10362 lots. The contract for January delivery was trading at Rs 21760.00, declined by 0.02 % or Rs 5.00 from its previous closing of Rs 21765.00. The open interest of the contract stood at 4554 lots on NCDEX.


Economic News

Finance minister Arun Jaitley met trade unions and farmers groups on Tuesday, starting the process of pre-Budget consultations with key stakeholders. Jaitley said to achieve the goal of doubling farmers’ income by 2022 there was need to improve storage and marketing facilities for agri produce so that farmers get better price, a statement issued by the finance ministry said. He said there was need for water conservation, incentivising agro processing and balanced use of fertilisers in order to ensure higher agriculture productivity. Farmers groups suggested that India has constantly pursued ‘Food Policy’ and Budget 2018-19 is an opportunity to shift to ‘Farmers’ Policy’. There is need to reduce pressure on the land by creating off- farm jobs, they suggested according to the finance ministry statement. Other suggestions included an ‘Agriculture Debt Relief Package for the entire country, deeper focus on dairy, fruit and vegetable items, starting ‘Operation Veggies’.

Agriculture experts today made a case for providing income security to farmers at pre-Budget consultations with Finance Minister Arun Jaitley. Agriculture provides employment to 48.9 per cent of the total work force in India although their contribution to the GDP is less than 20 percent. According to Consortium of Indian Farmers Association (CIFA) Secretary General B Dasaratha Rami Reddy, there is a need for Income Security Act for farmers, tenant farmers and farm labourers. "The median income of farmers in 2012 was about Rs 1,600 per month, which is meagre to sustain... Hence, the farming community of India demands Income Security Act for farmers as well as tenant and farm labours," he said after the meeting. This was the first pre-Budget meeting with stakeholders and more such discussions will take place in the coming days with other sectors and stakeholders. The Union Budget 2018-19 is likely to be presented in Parliament on February 1. The government should think of providing social security like pension to farmers, said Y Sivaji, an agriculture expert and a former member of parliament.


Trading Recommendations

BUY CORIANDER DEC ABOVE 5600 TARGET 5630 5670 5720 SL BELOW 5550
SELL TURMERIC DEC BELOW 7310 TARGET 7280 7240 7190 SL ABOVE 7360
BUY GUARGUM5 DEC ABOVE 8700 TARGET 8730 8770 8820 SL 8650

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News Release: Epic Research Daily Agri Commodity Report Of 07 DECEMBER 2017
Submitted on: December 07, 2017 05:04:09 AM
Submitted by: EpicResearch
On behalf of: www.epicresearch.co/
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