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Date: 05-06-2018 NCoMM NCML Commodity Market Monitor
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Date: 05-06-2018 NCoMM NCML Commodity Market Monitor
With India’s 2017-18 sugar production touching 32 mn tonnes against only
20.3 mn tonnes last year, India’s sugar Industry has been saddled with
almost 7 mn tonnes of surplus and is in a deep glut. Amid forecast of good
rains, the surplus stocks are expected to pileup further next year.
As per the sowing data released by the Agriculture Ministry, as on 1 June
2018, sugarcane has been planted in around 49.32 lakh hectares (lh) across
the country, higher than 48.72 lh in the corresponding week last year and
normal of 45.02 lh till date.
Under such scenario, India has last week made a strong pitch to export 1.5
mn tons of sugar to China under the 50% tariff category to reduce surplus.
China imports 4-5 mn tonnes sugar annually but India’s sugar export to
China has been thus far very small. The deal is expected to be finalised by
August & exports to China might begin after September this year.
Despite measures like allowing export of 2 mn tonnes under MIEQ scheme
& scrapping off the 20% export duty, India’s sugar exports have not picked
up due to excess supply in global market.
The Minister of agriculture has also hinted at the possibility of Government
paying an assistance of Rs. 7.70 to mills for every kg of sugar they export
as the international prices are hovering low.
To support the crashed prices, the cabinet may soon fix a minimum price
for the sale of sugar by the mill owners to traders. The minimum price
could hover around Rs 30-32 per kg. There is also a proposal to impose a
cess on sugar sales being decided by GST panel.
The government is also considering building a buffer stock of 3 mn tons to
to taper excess & help mills pay cane arrears to farmers.
The cane arrears have mounted to 22,000-crore. The government in May
month approved a subsidy of Rs 55 per tonne for cane farmers to help clear
these arrears.
In order to manage the glut and avoid cheaper imports, in March, the
government doubled the import duty to 100% & imposed stock holding
limits in February to restrict fall in prices.
However refiners say these measures don’t go far enough & the
government should stop raising the cane price to avoid sugar gluts.
The seasonal summer demand and speculations about the government
measures like buffer stock offered slight support to sugar prices last week.
Record output in India and Thailand is driving the global market to the
biggest ever glut with a global surplus of 11.1 million tons in 2017-18.
A global glut has pushed sugar prices close to a three-year low, amounting
to significant setbacks for countries like Brazil and Thailand that depend on
export revenues.
Mandi Price in Rs/ Quintal
04-06-2018 28-05-2018 %Change
Kohlapur 2855 2737.5 4.29
Muzzafarnagar
2988.4 2840 5.23
Delhi 2946.9 2855 3.22
2,100
2,400
2,700
3,000
3,300
3,600
3,900
Jan
-14
Jul-1
4
Jan
-15
Jul-1
5
Jan
-16
Jul-1
6
De
c-16
Jun
-17
De
c-17
Jun
-18
Sugar - M-grade : Muzaffarnagar
FUNDAMENTAL SUMMARY
Price Drivers Impact
Speculation of government measures like creation of a buffer stock, fixing a minimum selling price or imposition of cess
Bullish
India pitching to export 1.5 mn tons of sugar to China under China’s 50% tariff category
Bullish
Surplus sugar production of 32 mn tonnes against only 20.3 mn tonnes last year
Bearish
Higher cane acreage for 2018-19 Bearish
Subsidy of Rs 5.5 per qtl to cane farmers for the produce they sell to sugar mills by the government
Bullish
MIEQ (Minimum Indicative Export Quota) of 2 mn tonnes mandated by government & Scrapping off the 20% export duty on sugar
Bullish
Export disparity due to low global sugar prices
Bearish
Seasonal summer demand Bullish
Based on Primary & Secondary Sources
Fundamental Report SUGAR
India is the second producer of
sugar in the world after Brazil,
and largest consumer of Sugar.
If India subsidises its sugar
exports and “dumps” the surplus
sugar in global market, which is
already in glut, it will hurt other
exporter countries who may
complain to WTO.
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Date: 05-06-2018 NCoMM NCML Commodity Market Monitor
Fundamental Report TUR
Tur import up to 2 lakh tonnes has been allowed for the year 2018-19. Parity
is in favour of importers despite 10% import duty on Tur, thus they will
import tur under the renewed quota.
Burma Tur is being offered at $465 per tonne basis Indian port, which after
an import duty of 10% comes to Rs 3427/qtl. This is lower than the
prevailing domestic price of Rs 3900-4200/ qtl.
Apart from this, another 1.5 lakh tonnes of tur was allowed to be imported
from Mozambique, with India bound by the MoU signed in 2016.
The third advance estimates released by the government have pegged
India’s tur production at 4.18 mn tonnes against 4.87 million tonnes last
year. India already has a huge pile up of surplus tur stocks from this year
and last.
Farmers are holding a stock of nearly 6 million quintal with them, as prices
have fallen far below the MSP. Another 10 million quintal tur is estimated
to be with various government agencies.
Farmers of Maharashtra are in protest and one of the reasons is tur being
imported from Mozambique despite Maharashtra having abundant stocks.
Tur sowing has begun at a very slow pace and as per the preliminary
sowing report, till 1 June area sown under Tur is lags behind at 0.08 lakh ha
against 0.10 lakh tonnes till same date last year.
Tur acreage is expected to fall by around 20% due to low realisations for
farmers. The prices of tur have been ruling between Rs 3900-4200/ qtl
against MSP of Rs 5,400/qtl due to surplus stocks.
The MSP of Tur for Kharif 2018 may be raised to Rs 5850/qt (the
notification is awaited).
The Centre had granted extension to the Maharashtra government for
procurement of tur (arhar) under at MSP, however several million tonnes
of tur is already lying at purchase centres and there is no storage space.
The Maharashtra government has increased the profit margin of PDS shop
owners on tur dal in a bid to increase its sale. Maharashtra government has
decided to sell Tur dal at Rs 35 per kg through ration shop. It was selling
Rs55 per kg earlier.
Nafed has procured around 8.57 lakh tonne Tur. Karnataka & Maharashtra
contributed around 3.35 & 3.24 lakh tonne.
The tur arrivals are at fag end and along with some wedding season
demand, diminishing arrivals may lend some support to prices. News of
lower acreage may also lend support to the tur prices
However, the imports, stocks with the government, expected rise in MSP
to encourage acreage and normal monsoon may limit the upside.
2500
6500
10500
14500
Jun
-15
Oct
-15
Feb
-16
Jun
-16
Oct
-16
Feb
-17
Jun
-17
Oct
-17
Feb
-18
Jun
-18
Lemon tur FAQ-Myanmar origin : Mumbai
TUR FUNDAMENTAL SUMMARY
Price Drivers Impact
Import of 2 lakh tonnes allowed for 2018-19
Bearish
Import of 1.5 million tonnes of tur allowed from Mozambique, bound by the MoU signed in 2016
Bearish
Huge pile up of tur stocks with farmers and government
Bearish
Export disparity Bearish
Arrivals ending Bullish
Wedding season tur demand Bullish
Fall in tur acreage expected in 2018-19
Bullish
Based on Primary & Secondary Sources
Mandi Price in Rs/ Quintal
04-06-2018 28-05-2018 %Change
Yavatmal 3695 3825 -3.40
Amravati 3750 3837.5 -2.28
Akola (Avg cmie)
3950 4175 -5.39
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Date: 05-06-2018 NCoMM NCML Commodity Market Monitor
Fundamental Report WHEAT
Indian government raised the import duty on wheat from twenty
percent to thirty percent to protect domestic growers from sourcing
cheaper produce from overseas markets. A weakening rupee against
the dollar, coupled with the increase in import duty will put an end to
the cheap inflow of wheat in the coming days.
Roller flour mills in South India are worried over the hike in the wheat
import duty as it makes them uncompetitive in the domestic market
compared with their counterparts in wheat growing areas in the
North India. Bulk of the imports are generally made by mills of the
South India from countries such as Australia and the Black Sea region,
mainly Ukraine.
Wheat procurement has crossed the government's target by 6.84 per
cent to 34.19 million tonnes (MT) so far in this marketing year as
purchases in Uttar Pradesh have picked following special efforts by
the state authorities. Moreover, market participants are expecting
more wheat to be procured from Uttar Pradesh in the coming days.
According the latest report of Food Corporation of India (FCI), as on
01st June 2018, wheat procurement has reached 341.90 lakh metric
tonnes. Of the total quantity procured, around 126.91 lakh tonnes
have been procured from Punjab, 87.39 lakh tonnes from Haryana,
38.41 lakh tonnes from Uttar Pradesh, 72.81 lakh tonnes have been
procured from Madhya Pradesh, 14.90 in Rajasthan, 0.97 lakh tonnes
from Uttarakhand, 0.14 lakh tonnes from Chandigarh and 0.37 lakh
tonnes from Gujarat.
According to the third advance estimate released by government,
wheat production estimate for 2017-18 is 98.61 million MT which is 1.54
per cent higher than second advance estimate of 97.11 million MT.
Despite some crop damage reports in many parts of the country due
to storm in harvesting period, production estimate is higher due to
higher yield expectation. However, trade sources are estimating the
crop in the range of 91-94 million MT for 2017-18.
According to latest monthly report of IGC, world wheat production is
projected at 742 million MT for 2018-19 against 758 million tonnes
forecast for 2017-18, while the ending stocks are projected lower at
258 million tonnes against 262 million tonnes last year.
1500
1700
1900
2100
2300
2500
Mar
-16
Jun
-16
Se
p-1
6
Jan
-17
Ap
r-17
Au
g-1
7
No
v-17
Mar
-18
Jun
-18
Wheat: Standard mill quality : Delhi
FUNDAMENTAL SUMMARY
Price Drivers Impact
Increase in import duty Bullish
Higher procurement by the government agencies
Bullish
Higher production estimate of Indian wheat
Bearish
Lower production estimate of global wheat
Bullish
Based on Primary & Secondary Sources
Mandi Price in Rs/ Quintal
04-06-2018 28-05-2018 %Change
Delhi 1761.75 1769 -0.41
Indore 1832.5 1805 1.52
Kanpur 1655 1655 0.00
0
Date: 05-06-2018 NCoMM NCML Commodity Market Monitor
Fundamental Report CHANA
Indian government has increased the procurement limit for chana to
15.77 lakh tonnes for ongoing procurement season. Procurement
activities by the government agencies are keeping the prices stable in
the domestic market and support to the farmers.
According to the latest Nafed report, as on 21st May Nafed had
procured 14.59 Lakh MT of chana. Of the total quantity procured,
around 0.50 lakh tonnes have been procured from Telangana, 1.27 lakh
tonnes from Karnataka, 0.77 lakh tonnes from Andhra Pradesh, 0.88
lakh tonnes have been procured from Maharashtra, 2.67 lakh tonnes in
Rajasthan,9.09 lakh tonnes from Madhya Pradesh, 0.27 lakh tonnes in
Gujarat and 0.008 lakh tonnes from Uttar Pradesh.
Higher arrivals of chana in the domestic market are keeping the prices
downward. According to agmark, all India chana arrivals in the last
week of May is 2.42 lakh MT which is 340 per cent higher than the last
year arrival of 0.55 lakh MT in the same time period.
Despite putting higher import duty on chana, India imported 9.72 lakh
tonnes of chana during April 17 to February 18 which is 4.6 per cent
higher than last year in the same time period. In December 2017, the
government withdrew customs duty exemption on chana and
imposed a 30 per cent duty. This increase was not sufficient to plug
imports and hence the government again hiked import duty to 40 per
cent in February and then to 60 per cent in March 2018.
As of 04th June, imported Australian chana is being traded at Rs 3400
per quintal in Mumbai market and Rs 3450 per quintal at Mundra port.
According to the third advance estimates released by the government,
India’s chana production estimate for 2017-18 is 11.16 million MT which
is 18.97 per cent higher than 2016-17 fourth advance production
estimates of 9.38 million MT. Higher production estimate is due to
higher chana sowing acreage and favourable weather condition in
major producing states.
Chickpeas production in Australia is expected to decrease by 35.92 per
cent to 11.88 lakh tonne in 2017-18 from 18.54 lakh tonne in 2016-17.
Despite higher area coverage of chickpea, production is bound to
decrease due to hot and dry weather condition in the major growing
regions. Chickpeas area increased from 1052 in 2016-17 to 1099
thousand ha in 2017-18.
3300
3840
4380
4920
5460
6000
Jul-
17
Au
g-1
7
Oct
-17
Dec
-17
Jan
-18
Mar
-18
Ap
r-1
8
Jun
-18
Gram - Rajasthani desi : Bikaner :
TUR FUNDAMENTAL SUMMARY
Price Drivers Impact
Increase in procurement limit of chana
Bullish
Higher arrivals of chana in the domestic mandis
Bearish
Higher imports in 2017-18 Bearish
Higher domestic production estimate
Bearish
Lower Australian chickpea production estimate
Bullish
Based on Primary & Secondary Sources
Mandi Price in Rs/ Quintal
04-06-2018 28-05-2018 %Change
Akola 3442.5 3525 -2.34
Bikaner 4800 4900 -2.04
Amravati 3150 3190 -1.25
0
Date: 05-06-2018 NCoMM NCML Commodity Market Monitor
Fundamental Report MAIZE
Mandi Price in Rs/ Quintal
04-06-2018 28-05-2018 %Change
Erode 1466.35 1454 0.85
Gulab bagh 1150 1150 0.00
Nizamabad 1235 1235 0.00
FUNDAMENTAL SUMMARY
Price Drivers Impact
Higher 3rd advance Production
estimates
Bearish
Ongoing arrivals Bearish
Higher global production Bearish
Lower world corn stocks for the
current year (2018-19) Bullish
Lower Kharif Area Bullish
Based on Primary & Secondary Sources
As per the Third advance estimates released by the government,
the kharif maize output for 2017-18 has been projected at 19.81
million tonnes, higher than 19.24 million tonnes in the previous
2016-17 season. Rabi production was at 7.07million tonnes.
As of 1st June Acreage for the maize Kharif 2018/19 crop is at 0.52
Lakh Ha down by 26% compared to the previous year at 0.71 Lakh
Ha in 2017/18 but an increase of 48% compared to the Normal area
of 0.35 Lakh Ha
Haryana has submitted a maize procurement plan of 10,000 MT to
be procured at MSP to support farmers
Arrivals for maize for the month of May increased by 20% to
4,09,221 tonnes in 2018 from 3,41,525 tonnes in 2017
As of 28th May US progress Planting reports at 92% up from 81%
last week and ahead of both last year (2017) and the 5 year
average , both at 90%
According to UK Agro consult, Ukraine’s export of maize for the
2017/18 Marketing year (July-June) stands at 15.9 Million tonnes till
may end down by 25% compared to the same time last year at 21
million tonnes.
In its latest report IGC raised the world corn production for
2018/19 by 1 MMT to 1055 MMT but cut the closing stock by 5 MMT
to 257 MMT
1100
1250
1400
1550
1700
Ap
r-16
Jun
-16
Se
p-1
6
De
c-16
Mar
-17
Jun
-17
Se
p-1
7
De
c-17
Mar
-18
Jun
-18
Maize-Feed/Industrial Grade : Gulab Bagh
0
Date: 05-06-2018 NCoMM NCML Commodity Market Monitor
Fundamental Report RICE/PADDY
As per the Ministry of Agriculture the All India Rice acreage as on 01st
June showed a decline of 43 per cent at 2.95 lakh hectares as
compared to 5.20 lakh hectares last year same period. Major acreage
was reported from Uttarakhand 1.04 lakh hectares, Assam 0.65 lakh
hectares, Tamil Nadu 0.39 lakh hectares, Mizoram 0.35 lakh hectares,
and Maharashtra 0.26 lakh hectares.
All-India progressive procurement of Rice as on 28 May 2018 stood at 350.32 lakh tonnes against the procurement of 360 lakh tonnes in the corresponding period of last year.
Higher Rice procurement has been received from northern states of Punjab (118.33 lakh tonnes), Haryana (39.67 lakh tonnes), and U.P (28.75 lakh tonnes) and in south it is picking up in Telangana (33.55 Lakh tonnes).
According to the latest 3rd Advance Crop Production Estimates for
2017-18, Rice production is estimated at a record level at 111.52 million
tonnes as against 109.70 million tonnes last year.
Thailand upwardly revised its 2018 Rice export target to 10 million
tonnes, from the previous forecast of 9.5 million tonnes after exports
of the grain for the first four months of this year performed better
than expected, according to the Thai Rice Exporters Association.
From January through April, Thailand exported 3.31 million tonnes of
rice, up 38 per cent from a year earlier and outpacing other big rice
exporters like India which shipped 3.21 million tonnes; Vietnam, 1.61
million tonnes and Pakistan, 1.28 million tonnes.
As per market sources, Indian non-Basmati rice may soon make its way
to China with Beijing clearing the grain of any risk of introduction of
alien pests.
According to market sources, at present there is a lot of confusion in
the market on what will happen after US sanctions on Iran. Central
government is in talks with Iranian government to avoid US sanctions
and do business smoothly. Iran is a big market for basmati rice.
According to exporters, African buyers are turning to India due to the recent price fall. In the last few weeks inquiries have risen from buyers. Prices for India’s 5 per cent broken parboiled variety rose by $5 to $399-$403 per tonne. India’s rice exports in April rose 12 per cent from a year earlier to 989,848 tonnes on good demand for non-basmati rice from African countries.
In Thailand, prices of the 5 per cent broken variety stood at $430-446
per tonne, free on board (FOB) Bangkok, versus $435-438 last week.
Prices of Vietnam’s 5 per cent broken rice eased slightly to $455-$460 a
tonne from $460-$465 previously.
Mandi Price in Rs/ Quintal
04-06-2018 28-05-2018 %Change
Hanumangarh
(1121 Pusa) 3200 3300 -3.0
Delhi (1121) 2900 3125 -7.2
Ernakulam
(Jaya) 3500 3500 0.0
1700
1900
2100
2300
2500
2700
2900
3100
Se
p-1
7
Oct
-17
De
c-17
Jan
-18
Mar
-18
May
-18
Jun
-18
Paddy - Sugandh : Narela
RICE/PADDY FUNDAMENTAL SUMMARY
Price Drivers Impact
Decline in current season Rice acreage
Bullish
Decline in progressive rice procurement compared to last year
Bearish
Record Rice production in 2017-18
Bearish
Strong demand from African countries
Bullish
Export of basmati and non - basmati rice to China
Bullish
Based on Primary & Secondary Sources
0
Date: 05-06-2018 NCoMM NCML Commodity Market Monitor
`
Fundamentals- Domestic & International RM SEED
Fundamental Report GUAR SEED
2,900
3,200
3,500
3,800
4,100
4,400
4,700
May
-16
Jul-1
6
Oct
-16
Jan
-17
Ap
r-17
Jul-1
7
Se
p-1
7
De
c-17
Mar
-18
Jun
-18
Guarseed : Bikaner
GUAR FUNDAMENTAL SUMMARY
Price Drivers Impact
Poor buying interest from traders and crushers
Bearish
Normal Monsoon forecast and early on- set date
Bearish
Subdued export demand
Bearish
Expectation of higher production of Guar in Rajasthan
Bearish
Higher stocks availability
Bearish
Based on Primary & Secondary Sources
Mandi Price in Rs/ Quintal
04-06-2018 28-05-2018 %Change
Bikaner 3590 3800 -5.52
Jodhpur 3641 3835 -5.05
Sri Ganga Nagar 3470 3673 -5.53
Guar seed and Guar gum prices have remained weak at key markets
across the country due to poor buying interest from traders and
crushers. Crushers have opted to stay on the side-line or did need-
based buying due to consistent fall in prices of Guar seed and Guar
gum against lower than expected export demand.
Demand in Guar seed is expected to remain sluggish due to fag end
season and good monsoon prospects which may pressure prices
ahead.
According to traders, the reason behind weakness in the commodity
is normal monsoon forecast and subdued export demand.
Good monsoon has raised prospects of Guar seed sowing and
production. Guar seed stock in the country is already ample and
next crop is expected well in case monsoon makes good progress in
producing states of Rajasthan, Gujarat, Punjab and Haryana.
As per market sources, Rajasthan is expected to produce 17.50 lakh tonnes guar seed during the Kharif crop season 2018-19, up 40 per cent from 12.45 lakh tonnes a year ago due to forecast of normal monsoon.
As per IMD 2018 Monsoon forecast, monsoon rains are expected to
be normal this year and are expected to be 97 per cent of the long-
period average (LPA) with model error of +/- of 5 per cent.
As per the 2nd advance production estimates, Guar seed in Rajasthan
is estimated at 15.44 lakh tonnes for 2017-18 compared to 14.04 lakh
tonnes in 2016-17.
According to trades, Guar seed stock in the country is expected to
be over 1 crore bags (100kg each) or 10 lakh tonnes, which is
massive under current circumstances.
As per latest update by DGCIS, India has exported around 494126
metric tonnes of guar gum in April-March (2017-18) compared to
419952 metric tonnes in April-March (2016-17).
As per trade sources, export of guar gum has declined in the month
of April. Exports in the month of April are down by around 7.4 per
cent compared to previous month. India exported around 27283
tonnes of guar gum in the month of April at an average FOB of $
1884.03 per tonne.
0
Date: 05-06-2018 NCoMM NCML Commodity Market Monitor
Bumper sugarcane output a bitter pill for sugar mills: ISMA
Fruit & vegetable output pegged at over 307 million tonnes in current year
Cotton prices firm up as demand rises and season nears end
Sub-par rain in August may impact early kharif crop
Govt considering setting up 3MT sugar buffer stock: Ram Vilas Paswan
Sugar output likely to hit record next season as farmers stay sweet on cane
Kharif sowing yet to gather pace, early cotton planting affected
Cotton acreage to decline 10-12% this kharif season as farmers shy away
To purchase the India Commodity
Year Book 2018, contact us at
research@ncml.com
Official Production Estimates
Third advance estimates 2017-18 &
previous years’ estimates : Third
Advance Estimates 2017-18
MINIMUM SUPPORT PRICE (Rs/Qtl.)
Commodity 2016-17 2017-18
KHARIF
Paddy Common 1470 1550
paddy grade A 1510 1590
Jowar Hybrid 1625 1700
Jowar Maldandi 1650 1725
Bajra 1330 1425
Ragi 1725 1900
Maize 1365 1425
Tur 5050 5450*
Moong 5225 5575*
Urad 5000 5400*
Groundnut 4220 4450*
Sunflower seed 3950 4100 #
Soyabean black 2775 3050
Sesamum 5000 5300 #
Nigerseed 3825 4050 #
Cotton(Medium Staple) 3680 4020
Cotton(Long Staple) 4160 4320
RABI
Commodity 2016-17 2017-18
Wheat 1625 1735
Barley 1325 1410
Gram 4000* 4400
Masur (Lentil) 3950* 4250
Rapeseed/Mustard 3700* 4000
Safflower 3700* 4100
Wheat 1625 1735
*includes bonus of Rs 200 per quintal
# includes bonus of Rs 100 per quintal
Commodity Latest Fortnight ago
Month ago Year ago
04-Jun-18 21-May-18 07-May-18 05-Jun-17
Wheat 1832.5 1792.8 1766.95 1598
Chana 4800 3600 3550 4600
Rice/Paddy 3200 3300 3300 3100
Guar 3590 3825 3775 3300
Sugar 2988.4 2746.5 2702 3903
Tur 3950 4100 3910 3725
Maize 1235 1235 1240 1520
PRICE TRACKER
Link for commodity-wise and
market-wise prices and arrivals:
http://agmarknet.gov.in/PriceAndArriv
als/CommodityWiseDailyReport2.aspx
THE WEEK THAT WAS
0
Date: 05-06-2018 NCoMM NCML Commodity Market Monitor
0
Date: 05-06-2018 NCoMM NCML Commodity Market Monitor
Answers for 10 April 2018 Quiz:
Q1. With respect to India and the commodity shown above, tick the correct option for each country. Ans1. USA−Export competitor, Bangladesh−Major importer, China− Major importer, Vietnam−Major importer, Brazil−Export competitor (Commodity−Cotton) Q2. Write the 2017-18 production of the commodity shown above in the largest producing state of this seed in India. Ans 2. 12.69 lakh tonnes (Commodity−Castor seed, State−Gujarat)
People who gave correct answers:
Moumita Samanta
Shashikant C. Pandhare
Sumit Chahal
Maheshkumar Ramaswamy
Babloo Kumar
Arun Kumar
Vinod Kumar Maurya
Rahul Gautam
Sandeep Kumar Yadav
Jitendra Tyagi
Praveen Kumar Mundra
Jaswinder Singh
Anjali
Mandeep Singh
Rajesh Kumar Vishwkarma
S.Narendra
Radhakrishna
Abhineet Srivastava
Dara Kartik Kumar
Abinandhan
Lucky Winner:
Abhineet Srivastava (IVG/Gurgaon/NCML)
(BD, Bikaner)
0
Date: 05-06-2018 NCoMM NCML Commodity Market Monitor
Advisory Team
Basant Vaid Head: TCIG basant.v@ncml.com
Sreedhar Nandam Vice President: SCM sreedhar.n@ncml.com
Research Team
Suresh Solanki Assistant Manager: TCIG suresh.s@ncml.com
Kamna Malhotra Economist: TCIG kamna.m@ncml.com
Akash Jaiswal Research Analyst: TCIG akash.j@ncml.com
Ansh Aggarwal Senior Officer: Trade Support ansh.a@ncml.com
For any research queries, contact us at research@ncml.com
Fundamentals- Domestic & International RM SEED
Disclaimer:
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addressee. Neither the report nor any part of the report shall be provided to third parties without the written consent of NCML. Any
third party in possession of the report may not rely on its conclusions without the written consent of NCML. NCML has exercised
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No other warranty, express or implied, is made in relation to this report. Therefore, NCML assumes no liability for any loss resulting
from errors, omissions or misrepresentations made by others. Any recommendations, opinions and findings stated in this report are
based on circumstances and facts as they existed at the time of preparation of this report. Any change in circumstances and facts on
which this report is based may adversely affect any recommendations, opinions or findings contained in this report.
© National Collateral Management Services Limited (NCML) 2017