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Epic Research Daily Agri Report 1st June 2016

INDIA, 1 June 2016 -- Ref Soy oil on NCDEX settled down by on over supply following higher imports data.

Technical Outlook

SELL CORIANDER JUN BELOW 6752 TARGET 6707 6607 SL ABOVE 6817
SELL GUARGUM JUN BELOW 5250 TARGET 5200 5130 SL ABOVE 5310
BUY TURMERIC JUN ABOVE 7960 TARGET 8004 8064 SL BELOW 7900

Commodity News

Soybean oil meal exports plunged 91.99% to 1,442 tons in April compared to 18,017 tons for the corresponding period a year earlier, data released from Solvent Extractors Association of India (SEA) showed. As per the latest report from United States Department of Agriculture ( USDA), Global oilseed production for 2016/17 is projected at 533.8 million tons, up 2.1 percent from 2015/16.Global soybean production is projected at 324.2 million tons, up 8.3 million with gains for India, Brazil, Ukraine, and Argentina, partly offset by lower U.S. production.

Jeera on NCDEX settled up by as traders are expecting good export demand in the coming weeks. Though jeera output is projected higher in Gujarat, prices are likely to firm up on weak arrivals against good domestic demand. Export demand expected to pick up further before monsoon rains in June, because physical movement can be interrupted and may affects quality. During last three years, major volumes of export were happening during March to August.

Economic News

Lamenting that both politicians and bureaucrats are "far removed" from the rural problems, Union Transport Minister Nitin Gadkari today said that despite provision of funds and efforts to boost the agriculture and rural economy , the "desired results" were still elusive.He was addressing the students of Institute of Rural Management Anand (IRMA) here during its 35th convocation."I have been living in Delhi for several years but the voice of villages does not reach Delhi," Gadkari said, "Politicians and bureaucracy are far removed from the problems of rural India . And because of this, the amount of efforts that should be taken to resolve their problems is not happening.

National Market Update

Sugar mills in India had accumulated total cane arrears of Rs 9,361 crore for this MY, 2015-16 compared to Rs 22,000 crore arrears in 2014-15.

On the recommendation of CACP (Commission for Agricultural Costs and Prices), the centre had fixed all India sugarcane FRP (Fair Remunerative Prices) at Rs 2300/ton for marketing year 2016-17 (October – September).

The Maharashtra govt. notified sugar stock limit of 500 MT and 50 MT respectively to the wholesalers and retailers in the state that needs to be implemented with an immediate effect from 29th April, 2016 to 25th October, 2016.

Indian sugar export fell by 43% this week as the country exported 39.4 thousand tons of sugar during the week (ending on 22nd May, 2016) compared to 69.4 thousand tons of exports made in the previous week.

The Indian government had withdrawn its direct cane subsidy (of Rs 45/tons) support to the farmers which was initially introduced to promote sugar export from the country.

Viewing the current surge in sugar prices, the Indian government is planning to lower down the sugar import duty or even banning the sugar exports if need arises so.

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Submitted by Epic Research, Epic Research Pvt.Ltd indore on Wednesday, 1 June 2016 at 1:10 PM
Category: Business
 
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