Daily Agri Commodity Trading Market News By Epic Research Pvt. Ltd. - 14th August 2014

AGRI COMMODITY DAILY WRAP UP

SUGAR UPDATE

Allahabad High Court today ordered sugar mills in Uttar Pradesh to start liquidating their sugar stock for clearing cane arrears. The mills have been directed to liquidate 5% of their current stock in hand every week for the next three weeks, while fixing Sep- tember 3 for subsequent case hearing. The court has fixed Rs 3,100/quintal as the floor price for the sale. Thirty% of the realized amount would go towards clearing the cane dues, while the status of the remaining 70% would be decided later by the court.The 95 private mills hold nearly 2.98 million tonnes (MT) of unsold sugar stock in UP. This way, they will have to sell 1,49,000 tones of sugar every week, which would realise nearly Rs 462 crore based on the floor price.

CARDAMOM UPDATE

Cardamom prices rose by 0.74 per cent on Wednesday at the Multi Commodity Ex- change (MCX) on account of good buying support from both exporters and upcountry buyers and also on hopes of improved export demand. Cardamom futures for August 2014 contract were trading at Rs 984 per kg, up by 0.74 per cent, after opening at Rs. 988 against the previous closing price of Rs. 976.80. It touched the intra-day high of Rs. 988 till the trading.

NATIONAL MARKET REPORT

According to ministry of agriculture, Kharif soybean sowing area has progressed to 103.09 lakh hectares as on 8 August, 2014, but is still 13.1% lower than the 118.76 lakh hectares sown by this time last year. Rains during the last 2-3 weeks support the sowing pace over key growing belts and

the numbers are likely to improve in the days ahead.

INTERNATIONAL MARKET UPDATE

Soya bean settled up 0.22% at 3575 on strong China demand for United States soybean amid caution ahead of monthly production and stockpiles data by United States Department of Agriculture However upside seen limited on account of dull demand owing to favorable weather condi- tion for soybean crop. The physical mandis remained steady, however, the bearish tinge were preva- lent across the board on account of poor trading activities amid slow exports of soy meal. India’s oil meal exports fell 43 percent in July from a month ago to 115,094 tones as castor meal and rice bran meal sales slumped.

DHANIYA

SELL BELOW 11780 TGT 11750-11700 SL 11830

BUY ABOVE 11975TGT 12005-12055 SL 11925

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