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Epic Research Daily Agri Report 1st July 2016

INDIA, 1 July 2016 -- Ref Soya Oil on NCDEX settled down on oversupply woes and on weak demand.

Technical Outlook

SELL CORIANDER JULY BELOW 7200 TARGET 7155 7055 SL ABOVE 7265
BUY GUARGUM JULY ABOVE 5600 TARGET 5650 5720 SL BELOW 5540
SELL TURMERIC JULY BELOW 8300 TARGET 8256 8196 SL ABOVE 8360

Commodity News

NOPA said soybean crushing for the month of May was at 152.28 million bushels a year ago during the same time it was 148.416 million bushels. Moreover, USDA weekly sales reported net sales of soyoil for 2015/16 jumped by 2% to 14,000 tons on week. According to USDA soy oil stocks as of May 31 stood at 1.994 billion lbs.Analysts had forecast soy oil stocks of 1.971 billion lbs. Stocks were 1.578 billion lbs a year ago and 1.943 billion at the end of April. Exports of oilmeals during May 2016 is reported at only 7,737 tons.

Jeera on NCDEX settled up amid anticipation of improved export demand in coming months. However upside seen limited on heavy arrivals from the producing belts. Market is expecting higher orders from China as adverse weather has hit production there. Supplies from Turkey and Syria are expected to be lower. Industrial buyers have already sourced sufficient quantity for the domestic requirements but the export demand may pick up as prices have been going down since last one month.

Economic News

Farm recovery may be delayed despite a favourable monsoon this year and India needs more such spells because drought in the last two years has created much more severe stress, the latest report from India Ratings and Research said.A complete recovery of the farm sector would require a strong improvement in productivity, yield, acreage and minimum support price (MSP), and successful implementation of various schemes announced in the Budget, it said.The India weather office has projected better than normal South-West monsoon for this year. In June, rainfall was less, but the situation is expected to improve in July-August."Just one favourable monsoon may prove quite inadequate to completely restore the farm sector," Ind-Ra said in the report.

National Market Update

Market player, Agroconsult predicted a higher cane crop of 640 MT in Brazil’s C.S region for 2017-18 (against 628 MT for 2016-17) on back of an expanded planting and crop care next year in the region.

As per the weekly planting report by Ministry of Agriculture, the total sown area under sugarcane cultivation in India had reached 44.38 lakh hectares in 2016-17 (till 24th June, 2016)

According to ISMA, Maharashtra’s sugar production for the year 2016-17 is expected to decline to 4.5 MT in 2016-17 on the back of a severe drought situation in the state.

The Karnataka Sugarcane Grower Association is demanding the Union govt. to revise the state’s cane FRP (Fair & Remunerative Price) from Rs 2300/ ton to Rs 3000/ton for MY 2015-16.

India exported 32.5 thousand tons of sugar for the week ending on 19th June, 2016 which was 5% higher than the sugar exported last week by the country.

The Thai Cane and Sugar Corp (TCSC) will be selling 1.09 lakh tons of raw sugar (scheduled for shipment on March and May, 2017) via a tender on 28 June, 2016.

Datagro predicted a global sugar supply deficit of 6.2 MT in 2015-16 while the deficit is expected to expand further in 2016-17 to 7.1 MT.

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Submitted by Epic Research, Epic Research Pvt.Ltd indore on Friday, 1 July 2016 at 12:11 PM
Category: Business
 
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