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Epic Research Daily Agri Commodity Report Of 13 July 2018

, 13 July 2018 -- Burdened with huge stock, the government plans to offload 7-8 million tonnes (MT) of fresh Wheat in the open market at Rs 1,890 per quintal.

Burdened with huge stock, the government plans to offload 7-8 million tonnes (MT) of fresh Wheat in the open market at Rs 1,890 per quintal. The rate at which the grain will be offloaded will be around Rs 100 per quintal higher than the last year. According to sources, the open market sale scheme (OMSS) is likely to be launched for disposal of Wheat for the 2018-19 marketing year (April-June). Last year, the OMSS rate for Wheat was fixed at Rs 1,790 per quintal. Sources said that the ministry had offered 5.4 million tonnes of Wheat under the OMSS but only 1.5 million tonnes stock was sold.

Telangana government has put severe restrictions on the use of glyphosate, a controversial herbicide, in agricultural and horticultural crops in general and Cotton in particular to curb the illegal use and spread of herbicide tolerant cotton (or Bt3) in the State. It has asked the pesticide dealers not to sell the herbicide, which is used in HT Cotton crops, without a recommendation slip from the relevant Agriculture Extension Officer. The herbicide-tolerant Cotton, or HT cotton, is a third generation biotechnology developed by Monsanto which lets the Cotton plant to withstand the herbicide sprays intended to kill the weed. Glyphosate is used in HT crops to kill the weed.

Inadequate rains amid June and in the first week of July has droped the sowing of cereals in the ongoing kharif season in Odisha. The sowing data shows a drop of about 30 per cent to 0.94 million hectares compared to 1.33 million hectares covered last year. Sowing of Paddy, the key Kharif crop, has plunged by 32 per cent to 0.78 million hectares compared to 1.16 million hectares as on July 7 last year. Similarly, the sowing of Pulses has come down by more than 42 per cent to 0.10 million hectares compared to 0.175 million hectares as on July last year.

Economic News

The current problem faced by farmers is essentially an agricultural distress and not a generalised rural distress, and farmers’ distress is essentially emanating from shrinking agricultural margins, says India Ratings and Research (Ind-Ra). Shrinking Agricultural Margins: Ind-Ra analysed the data for three periods: FY04-FY08, FY09-FY13 and FY14-FY18. In the analysis, agricultural gross value added/growth in minimum support price (MSP) of rice and wheat has been considered a proxy for an increase in output prices, while growth in agricultural wages has been considered a proxy for an increase in input prices. While FY04-FY08 is characterised by low wage growth and relatively high agricultural output/MSP growth translating into higher margins, FY09-FY13 is characterised by agricultural output/MSP growth comparable with that in FY04-FY08 but high wage growth eroding margin growth. Meanwhile, FY14-FY18 is characterised by moderate agricultural output/MSP growth and almost similar wage growth, indicating thin margin growth for agricultural activity.

A group of ministers, tasked by the Goods and Services Tax Council, on Wednesday rejected the idea of imposing cess on sugar to help clear dues to sugarcane farmers, on the back of declining sugarcane arrears. The group of minister (GoM) on sugar cess headed by Assam finance minister Himanta Biswa Sarma, however, endorsed reduction in tax rate on ethanol to 12% from 18%. It could also look at the option of 1% agri cess on luxury goods that could be levied to deal with unforeseen circumstances in the farm sector. A decision on this cess would be taken after Attorney General of India KK Venugopal gives his opinion. GST Council had earlier sought the AG's opinion on its legality, keeping in mind the architecture of GST regime that subsumes all cess, surcharge, taxes and other levies.

Trading Recommendations

BUY CORIANDER JUL ABOVE 4740 TARGET 4760/4780/4800 SL 4710
SELL TURMERIC JUL BELOW 6870 TARGET 6840/6810/6780 SL 6910
BUY GUARGUM5 JUL ABOVE 8740 TARGET 8780/8820/8860 SL 8690

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Submitted by Epic Research, Epic Research Pvt.Ltd indore on Friday, 13 July 2018 at 1:32 PM
Category: Business
 
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