Epic Research Daily Agri Report 19th Feb 2016

1. DAILY AGRI COMMODITY REPORT 19 February 2016 Our Presence HNI & NRI Sales Contact Australia Toll Free Number 1-800-200-9454 All queries should be directed to Info@epicresearch.co Epic Research India 411 Milinda Manor (Suites 409- 417) 2 RNT Marg. Opp Central Mall Indore (M.P.) Hotline: +91 731 664 2300 Alternate: +91 731 664 2320 Or give us a missed call at 026 5309 0639 Mintara Road, Tarneit, Victoria. Post Code 3029 Phone.: +61 422 063855 HNI & NRI Sales Contact USA 2117 Arbor Vista Dr. Charlotte (NC) Cell: +1 704 249 2315 1 YOUR MINTVISORY YOUR MINTVISORY Call us at +91 Call us at +91- -7 731 31- -6642300 6642300

2. Market Views MONTH OPEN HIGH LOW CLOSE % CHG VOL MONTH OPEN HIGH LOW CLOSE % CHG VOL CORIANDER CASTORSEED APR 6871 7054 6864 6890 -0.91 6010 - - - - - - - SUPPORT SUPP.1 SUPP. 2 SUPPORT SUPP. 1 SUPP. 2 6818 6746 - - Coriander short term trend is bearish and May continue in coming days. PIVOT PIVOT INTRADAY LEVELS INTRADAY LEVELS - 6936 - RES. 1 RES. 1 RES. 2 RES. 2 RESISTAN CE RESISTAN CE 7126 - 7008 - TURMERIC GUARGUM APR 8860 8996 8760 8794 -0.83 13310 MAR 5830 5880 5760 5770 -0.86 12174 SUPPORT SUPP. 1 SUPP. 2 SUPPORT SUPP. 1 SUPP. 2 8704 8614 5727 5683 Turmeric short term trend is bearish and May continue in coming days. Guargum short term trend is bearish and May continue in coming days. PIVOT PIVOT INTRADAY LEVELS INTRADAY LEVELS 8850 5803 RES. 1 RES. 1 RES. 2 RES. 2 RESISTAN CE RESISTAN CE 9086 8940 5847 5923 2

3. Most Active Contract NCDEX INDICES TOP LOSERS Pre. Close % Index Value Change CURRENT PRICE CHANGE % SYMBOL EXPIRY DATE CHANGE CASTORSEED - - - CHANA 20-04-2016 4302.00 -98.00 -2.23% JEERA 18-03-2016 14580.00 -205.00 -1.39% CHANA -1.96 4302 4388 CORIANDER 20-04-2016 6890.00 -96.00 -1.37% CORIANDER -0.91 6890 6953 TURMERIC 20-04-2016 8794.00 -86.00 -0.97% SOYABEAN 19-02-2016 3745.00 -20.00 -0.53% GUARGUM -0.70 5700 5740 RAPESEED-MUSTARD SEED 20-04-2016 4017.00 -19.00 -0.47% JEERA -1.22 14580 14760 BARLEY 20-04-2016 1387.50 -6.00 -0.43% MUSTARD SEED -0.32 4017 4030 TOP GAINERS CURRENT PRICE SOYABEAN -0.29 3745 3756 SYMBOL EXPIRY DATE CHANGE CHANGE % COTTON SEED OIL CAKE AKOLA TURMERIC -0.83 8794 8868 19-02-2016 2138.00 27.00 1.28% 3

4. Commodities In News ECONOMIC NEWS Ref Soya oil settled up as support seen due to expensive imports coupled with firm International market. Strength in crude palm oil and lower crush of soybean has reduced soya oil supplies hence prices are constantly finding support after a moderate decline. Soymeal exports touched an all time low of 7,707 tonnes in January this year, due to higher bean prices in the domestic market.The export during April- January period of the current fiscal declined by 87 per cent to 69,266 tonnes compared to 5.35 lakh tonnes in the same period of previous year. The National Oilseed Processors Association (NOPA) reported US January 2016 soy oil stocks at 1.526 billion lbs v/s 1.481 billion lbs in December 2015, higher by 3 percent m-o-m. Soy oil stocks in January 2015 were 1.228 billion lbs. Crush of soybean in US in January 2016 is reported at 150.453 million bushels v/s 157.111 million bushels in December 2015, lower by 9.99 percent m-o-m.In January 2015 crush of soybean in US was reported at 162.675 million bushels. US soy oil production in January 2016 fell to 1,758.38 million lbs v/s 1,834.03million lbs in December 2015, lower by 4.1 percent m-o-m. Urea imports increased by 11 per cent to 81.25 lakh tonnes (LT) in the first ten months of this fiscal.India had imported 73.02 LT of urea in the corresponding period a year ago, according to official data.The rise in imports was due to lower prices of the fertiliser in the international market, a source said.The government imports urea through three agencies -- STC, MMTC and IPL.Besides, India also has an offtake agreement with Oman- based fertiliser firm OMIFCO, a joint venture between domestic co- operatives such as IFFCO, Kribhco and Oman Oil company SAOC.Urea is a controlled fertiliser and is sold at a fixed selling price of Rs 5,360 per tonne. The difference between cost of production and selling price is paid as a subsidy to the manufacturers.The country's annual urea demand is 30 million tonnes (MT), while the production is stagnant at 22 MT.The government has ensured that the urea which is being sold in the country whether indigenously produced or imported will be completely neem coated, a move aimed at checking the diversion of subsidised urea for industrial purposes.The decision for mandatory neem coating of urea was taken on May 25 this year. In a record time of 166 days, 100 per cent urea is now being sold neem coated, Fertiliser Minister Ananth Kumar had said.The cabinet gave ex-post facto approval for memorandum of understanding (MoU) signed between India and 13 countries including Israel and Syria for cooperation in the field of agriculture and allied sectors."The Union Cabinet, chaired by Prime Minister Narendra Modi, today gave its ex-post facto approval for MoU signed between India and various countries for cooperation in the field of agriculture and allied sectors," an official release said.The approval has been given to MoUs signed with 13 countries -- Netherlands,Nepal, Cyprus,Israel, Bangladesh, Cambodia, Tanzania, Surinam, Zambia, Syria, Bhutan, Chile and Mauritius, it said.These MoUs are signed for capacity building, knowledge exchange through visits of scientists and technicians, exchange of genetic resources, development of appropriate technologies and farm practices for enhancing agriculture productivity at farmers' field.Expenditure incurred on implementation of such MoU is managed within the financial allocation made for the ministry, the statement added. Jeera settled up on the expectation of lower yield and some fresh export enquiries pushed up jeera prices in Gujarat, though arrival of new crop capped the gains. According to the sources in spot market delayed sowing due to low rains in Gujarat could also lead to delayed arrivals of the crop. Low rains in January amidst warmer weather too may adversely affect crop productivity leading to a firmness in prices. Meanwhile exports are expected to pick up however amidst fall in International market stocks and a fall in exports from Turkey and Syria. Also Rupee weakness is also beneficial for the exporters and in order to capture the same Spice board had kept a target export of 1 lakh tons for 2015-16.In 2015-16, exports were at 1.55 lakh tons while export during April to Sept has fallen by 48% to only 46,700 tons vs 89,700 tons same period last year. At Unjha mandi, 2,000 bags of old crop and 700 bags of new crop arrived and prices increased by Rs. 50 to Rs. 2,650- 2,800 per 20 kg for best quality. 4

5. Fundamental Watch : Cotton National Market Update COTTON PRICES AT KEY SPOT MARKET The Foreign Agriculture Services (FAS), division of USDA has lowered the production forecast for India in its latest report to 356 lakh bales. The reason for the downfall in the revision is lower yield expectation in Punjab and Haryana due to the attack of white fly and impact of pink bollworm in Gujarat. CENTER 18-Feb-15 17-Jan-15 Change RAJKOT 4830 4780 +50 Total cotton arrival till January 27 this season remained 144.07 lakh bales (of 170 Kg each), around 30% lower as compared to 206.76 lakh bales previous season during the same period, according to Cotton Corporation of India. BHIWANI 4700 4670 +30 According to the industry sources, Cotton Corporation of India (CCI) has auctioned most of its stocks it procured under MSP operation in 2015-14 and currently it is holding 25000 bales (of 170 Kg each) of cotton. ADAMPUR 4745 4700 +45 India is likely to export 1.24 million tons (around 73 lakh bales of 170 kg each) of cotton in season 2015-16, around 9% higher than the estimates of previous month which was 1.26 million tons and around 36% higher as compared to 0.91 (around 53.76 lakh bales) million tons, the volume it exported in the previous season, according to USDA. AHMEDABAD 4800 4750 +50 GONDAL 4835 4820 +15 According to USDA latest report, USA cotton exports would stand around 2.07 million tons, around 5% lower compared to the estimates of previous month i.e. 2.18 million tons and around 15.5% lower than the exports of previous year i.e. 2.45 million tons. Following the lower exports expectation, the cottonprices in the region are moving weaker. GUNTUR NA NA - RAICHUR 4770 4720 +50 5

6. Technical Outlook SELL GUARGUM MARBELOW 5740 TARGET 5690 5620 SL ABOVE 5800 SELL CORIANDER APR BELOW 6850 TARGET 6805 6655 SL ABOVE 6915 SELL TURMERIC APRIL BELOW 8830 TARGET 8786 8726 SL ABOVE 8890 6

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