NCDEX August Turmeric continues to fall for third consecutive day on Wednesday on profit booking by the market participants from 8 month higher prices. However, good physical demand from upcountry buyers and stockists may support prices. In Telangana, turmeric acreage as on 13-Jul-17, up 14.3% to 24,000 hectares as compared to last year acreage of 21,000 hectares. The normal acreage is close to 47,000 hectares. Market arrivals dropped about 60% in June compared to May. As per Agmarknet data, about 8,627 tonnes arrived in first 15 days in July compared to 10,703 tonnes in previous fortnight. As per the data release by government, turmeric exports during first four months in 2017 is 42,855 tonnes, up 40.7% compared to last year same period.

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NCDEX Jeera for Aug delivery close with gains on Wednesday on short covering as physical demand is expected to lower at higher levels.

As per Agmarknet, jeera arrival during first fifteen days of July recorded only 524.5 tonnes compared to 3922 tonnes and 4148 tonnes in previous two fortnights in June. As per the data release by government, jeera exports in April 2017 was 14,599 tonnes, were down 9% from March. n 2016/17, country exports increase by 26% to 1.24 lt in as per the data release by Dept. of commerce, GOI.

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MCX Cotton closed higher as market participants initiated fresh buying on concern about excess rains in cotton growing areas in Gujarat. However, good progress in cotton sowing in the country capped further gain. As per latest data from Agricultural Ministry, cotton is planted in 90.1 lakh hectares (l ha) till last week, higher 23% compared to last year acreage of 74 lakh ha for same period. USDA in its latest monthly report increase the production forecast by 1.28 million bales (1 bale = 170 kg).

However, there is fear of decline in yield due to deficient rainfall in major growing areas but higher acreage may keep the production at higher levels.

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Sugar Futures closed lower on Wednesday on expectation of good production next year and good domestic supplies. India’s sugar production is set to rebound from a seven-year low as abovenormal monsoon rain in the world’s largest consumer helps the cane crop that will be crushed from Oct. 1. According to government data, sugarcane acreage in the country was at 47.5 lakh ha, higher than 44.8 lakh ha a year ago. Recently government hiked Sugar import duty to 50 per cent to support domestic prices.

ICE Raw sugar futures rose to their highest level in seven weeks on Wednesday, supported by broad-based commodity buying and concerns about cold crop weather in Brazil. Market participants were monitoring weather in Brazil, where there were concerns about frost damaging some cane and low temperatures were forecast in the coming days.

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MCX CPO closed lower tracking other oilseeds in the country. Moreover, higher stock level in the country too pressurizes prices. According to data by the Solvent Extractors' Association of India, India's monthly requirement of the commodity is about 17.5 lt, sufficient for about 30 days. Currently, the stocks are at over 22.8 lt, about 39 days requirement.

Moreover, imports of palm oil increase by 35% on Year to 8.2 lakh tonnes compared to 6.1 lt last year. During the first 8 months of current oil year, the imports are higher by 5.7% to 59.21 lt compared to 56 lt last year same period.

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Refined Soy Oil Aug futures closed lower for the second consecutive session on Wednesday due to fresh selling by the market participants on reports of higher stock levels in the country coupled with steady demand. Moreover, delayed decision on hike in import duty too pressurizes prices.

Increase in tariff duty by government for the current fortnight cannot support prices. The base import price of crude soyoil has been hike by $9 to $812 per tonne for the second half of July. Base import prices of edible oils are revised every fortnight, based on global prices and changes in foreign exchange rate. The prices were last revised on Jun 15.

As per SEA, 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.

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Mustard Aug futures prices closed lower on Wednesday on profit booking but prices have been trading in range on reports of steady demand and sufficient stocks in the country. However, improvement in exports of meal during the first quarter of 2017/18 helped gain 23% in last one month. Meal exports from the country during the first quarter increase to 1.36 lakh tonnes from 60,889 tonnes last year same period. Mustard meal exports in June this year is pegged at 44,074 tonnes, down 21.4% compared to previous month in May. Last year, India exports 43,636 tonnes of meals in June.

According to data compiled by Mustard Oil Producers Association of India, Oil mills in the country crushed 550,000 tn mustard seed in June, 23% lower from the previous month.

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