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13TH NOV 2017
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Cotton production to exceed rate of consumption in 2017-18 Global Cotton stocks, outside of China, are expected to lift to a record 53 million bales for in 2017-18. This is up from 41 million bales last season, according to a recent US Department of Agriculture report. The USDA report is also tipping a 15 per cent expansion in Cotton production, which is outpacing rising global Cotton use. The USDA said 2017-18 Cotton production in the US was forecast to decline by 643,000 bales from last year, but globally the drop would be offset by production increases in Argentina, Brazil and Greece. The USDA said major exporters in Central Asia, Africa, the US and the southern hemisphere would all “bear the brunt of the burden of high stocks”. US exports are forecast to decline by 400,000 bales, “more than offset by higher exports from India, Brazil and Australia”, the USDA report said. The USDA is forecasting Australia to increase exports this season due to estimates of a large crop and “robust early season shipments” Government to import Onion to ease prices The Consumer Affairs Ministry-led Price Stabilization Fund Management Committee (PSFMC) has decided to import Onion through a government agency to augment their availability in the market to moderate prices. The committee also decided that the National Agricultural Cooperative Marketing Federation (NAFED) and the Small Farmers' Agribusiness Consortium (SFAC) would procure 10,000 tonnes and 2,000 tonnes of onions, respectively, from the producing areas including Delhi, said a statement .They will supply the Onions to the consuming areas to enhance its availability and to help moderate prices, the statement said. For more than a month, onion prices have been on the rise due to tight supplies. At present, retail prices of Onions are in the range of Rs 65-70 per kg in the national capital and other cities. Malaysia's end-Oct Palm Oil stocks up 8.4% Malaysia's end-stocks of Palm Oil in October rose 8.4% to 2.19 million tonnes, the highest level since January 2016, according to data from industry regulator the Malaysian Palm Oil Board (MPOB).The data also showed a jump in production for the first time in three months, as output rose 12.9%. October production rose to a fraction above 2 million tonnes, breaching the 2 million tonne mark for the first time in two years, on seasonal gains and on a higher number of working days.Demand growth came in below production gains, contributing to October's rise in stockpiles. The MPOB data showed a 2% rise in exports to 1.55 million tonnes, their strongest level in over a year. India Q3 Gold jewellery demand tumbles after three consecutive quarters of growth World food prices declined marginally in October from the month before, as valuations dropped for all food commodities apart from Cereals, the United Nations food agency said .The Food and Agriculture Organization's (FAO) food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 176.4 points in October, down 1.3 per cent from September. Food prices on international markets were 2.5 per cent higher than their values last October, but 27 percent below the all-time high hit in February 2011.Cereals markets are likely to be balanced in 2017-18, FAO said, forecasting global production would surpass last year's record harvest by a small margin, with total production of coarse grains set to reach a new record. Wheat production, however, is due to decline slightly from last year, mainly due to a smaller harvest in the United States and an expected fall in Australia's crop. Global Rice output is expected to remain broadly stable in 2017, FAO said.
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Daily Market Wrap up COMMODITY
OPEN
HIGH
LOW
CLOSE
GUARSEED
3540
3617
3528
3590
RMSEED
3945
3960
3882
3887
SYBEANIDR
2895
2910
2860
2863
JEERAUNJHA
19110
19220
18510
18905
DHANIYA
4926
5054
4915
4983
MEETHAOIL
1438
1474
1425.10
1467.30
TURMERIC
7152
7342
7152
7312
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JEERA NOV Technical Update NCDEX JEERA NOV 2017
RESEARCHER VIEW CALL SELL JEERA NOV BELOW 18250 TGT 18200/18150 SL 18350
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GUARSEED NOV Technical Update NCDEX NCDEX GUARSEED 2017
RESEARCHER VIEW CALL BUY GUARSEED NOV BELOW 3620 TGT 3635/3650 SL 3585
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