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Epic research weekly agri report 13th to 17th april 2015
1. WEEKLY AGRI COMMODITY REPORT
13 Apr 2015
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2. Weekly Wrap Up
2
MONTH OPEN HIGH LOW CLOSE % CHG VOL MONTH OPEN HIGH LOW CLOSE % CHG VOL
CORIANDER
MAY 9050 9888 8860 9404 +4.61 164370
INTRADAY
LEVELS
SUPPORT SUPP.1
8880
SUPP. 2
8356
PIVOT
9384
Coriander short term
trend is up, further
more upside side is
expected in comimg
days.
RESISTAN
CE
RES. 1
9908
RES. 2
10412
CASTORSEED
MAY 3767 3799 3669 3752 -0.51 4592
INTRADAY
LEVELS
SUPPORT SUPP. 1
3681
SUPP. 2
3610
PIVOT
3740
Castorseed short term
trend is down, Prices
expected to go down in
coming days.RESISTAN
CE
RES. 1
3811
RES. 2
3870
TURMERIC
MAY 7766 8490 7640 8370 +8.34 5475
INTRADAY
LEVELS
SUPPORT SUPP. 1
7843
SUPP. 2
7317
PIVOT
8167
Turmeric short term
trend is up and may
continue in coming
days.RESISTAN
CE
RES. 1
8693
RES. 2
9017
GUARGUM
MAY 8860 10240 8860 10010 +12.60 5356
INTRADAY
LEVELS
SUPPORT SUPP. 1
9167
SUPP. 2
8323
PIVOT
9703
Guargum Short term
trend is up, Expecting
price may go up in
coming days.RESISTAN
CE
RES. 1
10547
RES. 2
11083
4. Commodities In News
4
ECONOMIC NEWS
The recent unseasonal rains will not affect the medium-term inflation
target, chief economic advisor Arvind Subramanian said, indicating that
the government does not see a lasting impact. "On agricultural prices, I
think there is a blip because of unseasonal rains. For the moment, the
expectation is that this will not sustainably affect the medium term
inflation target,According to the agriculture ministry, rain and hail
damaged rabi (winter-sown) crops in about 113 lakh hectares across the
country, prompting the government to announce a relief package.
Subramanian said a good June-September monsoon would make up for
the bad weather."Especially for this year, if the monsoon forecast is good
you have an offsetting impact. So for the moment we have to view it as a
temporary blip up and not a permanent shift in the inflationary process,"
he said. He said the government's projections on growth and buoyancy of
revenue is much more realistic this year. Opening a paddy procurement
centre at Gollapudi village in Krishna district to purchase rabi season
paddy from farmers, during the kharif season, government agencies
purchased 3,31,135 metric tonne of paddy from 15,393 farmers in the
district. rabi season which has just commenced, government agencies
have a target to purchase 3.89 lakh tonne of paddy from farmers.He
appealed to farmers not to indulge in distress sales and also guaranteed
that government agencies would purchase the entire production of the
rabi season at a Minimum Support Price of Rs 1,400 a quintal.
The spot prices of wheat have witnessed some selling on the account
of favourable weather in major producing states . However, weak
production was estimated in local mandies. As per the official data,
unseasonal rains and hailstorms have damaged rabi (winter-sown) crops
in about 113 lakh hectares of crop area in the country. Total cultivable
area in rabi season stands at 600 lakh hectares. The officials also added
that the total wheat production in the current year is estimated at 91.64
million tonnes, down 4-5 percent from the last year. The spot prices
decreased by Rs 5 per quintal today.
Chana prices found some strong resistance at near the psychological 4000
mark. Overall market sentiments remained firm however as crop damage
prospects due to the untimely rains in North, North-West and Central India, and
lower sowing reports kept sentiments firm.Rising domestic demand and
possibility of surge in imports in coming weeks could support prices further.As
per 2nd Advance Estimates for 2014-15, total foodgrains production in India is
estimated at 257.07 million tons– lower by 3% w.r.t. 265.57 million tons
previous year. Production of pulses estimated at 18.43 million tonnes is lower
by 1.35 million tonnes than the last year’s production. Chana production
estimated at 8.28 million tons vs 9.53 million tons last year. Urad production
expected to shrink by 5% to 16.10 lakh tons from 17 lakh tons. Moong
production to fall to 14 lakh tons from 16.10 lakh tons.In order to keep prices
for Pulses under check, the Govt has decided to extent duty-free imports till
Sept. Unseasonal rains in March brought a heavy loss to crops of pulses.Indian
farmers have cultivated 146 lakh hectares of pulse crops during the rabi season.
Out of this, chana acreage is near 85 lakh hectares.
Turmeric is likely to trade on a bullish note for short term as well as intra
day. The carry over stocks are ample. There is demand for stocks from last year
as new arrivals are said to be of high moisture content.Traders are learnt to be
holding their produce expecting a rise in Turmeric prices. The concern over a
possible decline in production is also influencing Turmeric prices. According to
Agriculture Department estimates, turmeric production this year stands at
around 3.7 million bags as against with 5.2 million bags a year ago.Delay in
sowing due to erratic monsoon prompted farmers to plant the crop on lower
area in States such as Tamil Nadu and Andhra Pradesh. At Sangli market
sources reported arrivals at 13000 quintals, up by 500 quintals from previous
trading day. At Nizamabad market Total arrivals are at 15000 quintals,
unchanged as compared to previous day’s arrival.
Weakness was seen inn mustard seed market on the account of fresh selling
by traders and millers at higher levels. Traders stated that fresh arrivals of
around 5-5.50 lakh bags mustard seed have been reported in Kota mandi.
However, traders stated that overall crop production is likely to decline by 10
lakh tonnes in current year.
5. 5
NEWS RECAP
COMMODITY HEADLINES
Castor Oil Export Increases By 1500 To 38500 T In March.
Texprocil demands release of 50,000 cotton bales per day by CCI.
India asks Australia to increase agricultural imports.
Government bought paddy worth Rs 425 crore in kharif season.
Malaysia's Palm Oil Stocks For March Seen Slightly Higher On M-o-M.
Freak weather may hit kharif crop too, feel experts.
Sugarcane arrear crosses Rs 19,000 crore.
Eight developments that drive India's Oil Meal exports this year.
India coastal cargo movement of raw Cotton to increase by 266%.
Wheat output could fall by 4-5%.
Global Wheat output in 2015 will be 1% below 2014 estimate.
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