On Tuesday morning a cardamom futures fell over 3% as an investor and speculators cut down their bets in the Agri-commodity amid slump in physical demand for cardamom in the domestic spot market, sufficient supplies from major cardamom regions influenced the downward trend in the domestic cardamom prices. 

n MCX for July 2017 cardamom futures is trading at Rs 1,038.30/kg down by 3% opening of Rs 1,040.50 against a previous close of Rs 1,070.40 and reached intra-day low of Rs 1,038.30.

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Cotton on MCX settled down by -0.61% at 19520 on report on diminishing physical demand on anticipation of good production in the next season as sowing progress is good in the country. As per latest data from Agricultural Ministry, cotton is planted in 16.7 lakh hectares (l ha) till last week, higher by 36.1% compared to last year acreage of 12.25 l ha for same period.


As per ICAC, Cotton area in India is forecast to expand by 7% to 11.3 million hectares, and production could increase by 3% to 6 mt in 2017/18. According to the official figures, cotton has been sown on 16.67 lakh hectares, 2017 across the country compared to 12.25 lakh hectares during the same period previous year. Acreage under cotton has jumped around 30 per cent as farmers in Haryana, Punjab and Karnataka have increased the area on better price during the previous season.



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Jeera on NCDEX settled up 1.39% at 18590 on a lower output forecast and strong demand from overseas buyers. Exporters are likely to fetch better realisation due to the quality of the jeera crop. Exports demand has been good throughout the season which may have steadied on seasonal trend. The jeera arrival in May is lower this year compared to last year. As per data, about 10,688 tonnes of jeera arrived in May 2017 compared to 14,302 May last year.

On the export front, country the exports increase by 26% to 1.24 lt in 2016/17 as per the data release by Dept. of commerce, GOI. The stock levels in the NCDEX warehouse as on Jun 20 were 1,217 tonnes which has been constant in June. The Centre pegs production of jeera in the state at 221,000 tonnes, down 11 per cent from last year’s output of 238,000 tonnes. The output is far lower than the normal of 346,000 tonnes in Gujarat in 2013-14. Acreage has fallen to 279,000 hectares this year from 286,000 hectares earlier.

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Turmeric on NCDEX settled down -1.38% at 6150 due to profit booking after prices gained due to good physical demand. Market arrivals dropped about 60% in June compared to May. This season the prices have been lower on less demand from upcountry and industrial buyers. Turmeric arrivals in the country are higher in the month of May. As per data, about 20,506 tonnes arrived in the first 20 days of June compared to 49,726 tonnes during last month same period.

As per spice board, Increased global demand for turmeric, especially in the pharmaceutical sector, drove its exports to attain figures of 1,16,500 tonnes in volume and crossed Rs 1,241 crore in value terms in 2016-17. Good quality turmeric has been brought for sale by the farmers. At the Erode Turmeric Merchants Association Sales yard, finger turmeric sold at Rs. 5,966 to Rs. 7,656 a quintal, root variety sold at Rs. 5,566 to Rs. 6,744 a quintal.

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Mustard seed prices remained pressure due to weak demand from the oil mills due higher supplies and lower prices of mustard oil in domestic market. As per SEA recent data, mustard oil imports increase by 55.7% in May compared to last year imports. Moreover, imports for period Nov-May increase to 1.18 lt in 2016/17 from 1.72 lt in the previous year. Meal exports from the country during last month jumped which improves demand for oilseed.

Mustard meal exports have increase 1275% in May this year at 42,488 tonnes compared to last year in May. Last year, India exports about 3,090 tonnes of meals in May. The arrivals of mustard seed in the physical market is lower during first 20 days of June compared to May. As per data, the mustard arrivals were 1.13 lakh tonnes this month compared to 2.08 lakh tonnes during last month.

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Crude palm Oil on MCX settled down by -0.04% at 483.8 tracking weakness in spot demand and higher imports of palm oil in the last two months. As per SEA latest release, the imports of palm oil have been higher by 12 lakh tonnes to 72 lt in the calendar year 2017 compared to last year’s 60 lt during the first 5 months. As per SEA, palm oil import raised 21.6% y-o-y to 7.99 lt in May on higher shipment of crude palm oil (CPO).

There are good stocks in the country due to higher imports during last two month. For the second fortnight of May, Base import prices of crude palm oil were cut by $15 to $716 per tonne while for RBD Palmolein the cut was about $14 to $747 per tonne. Palm is down nearly 6 percent in the second quarter of the year from the previous quarter, as an increase in output has put pressure on prices.

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Ref Soya oil on NCDEX settled down -0.1% at 624.95 tracking weakness in spot demand. Pressure also seen due to ample supplies of edible oil in the domestic market and weak international prices. However downside seen limited on anticipation that Government may increase import duty but government has no plans to raise import duty at this moment. However, government increases the tariff value for crude soyoil for the second half of Jun by $1 to $812 per tonne.

As per SEA, Import of soy oils during May 2017 is reported at 3.40 lt compared to 1.78 lt in May 2016 – up by 91% however, the import volume is down by about 30% for the period from Nov-May to 16.10 lt compared to 24.22 lt last year for same period. India's government is facing mounting pressure to raise import duties on edible oils after farmers staged mass protests in key farm states amid a slump in oilseed prices to below government support levels.

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