Epic Research Daily Agri Report 26th Feb 2016

1. DAILY AGRI COMMODITY REPORT 29 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 6269 6380 6205 6370 +2.51 7510 - - - - - - - SUPPORT SUPP.1 SUPP. 2 SUPPORT SUPP. 1 SUPP. 2 6257 6143 - - Coriander short term trend is bearish and May continue in coming days. PIVOT PIVOT INTRADAY LEVELS INTRADAY LEVELS - 6318 - RES. 1 RES. 1 RES. 2 RES. 2 RESISTAN CE RESISTAN CE 6493 - 6432 - TURMERIC GUARGUM APR 8740 8820 8680 8710 -0.59 6005 MAR 5570 5630 5500 5570 +0.54 17373 SUPPORT SUPP. 1 SUPP. 2 SUPPORT SUPP. 1 SUPP. 2 8653 8597 5503 5437 Turmeric short term trend is bullish and May continue in coming days. Guargum short term trend is bullish and May continue in coming days. PIVOT PIVOT INTRADAY LEVELS INTRADAY LEVELS 8737 5567 RES. 1 RES. 1 RES. 2 RES. 2 RESISTAN CE RESISTAN CE 8877 8793 5633 5697 2

3. Most Active Contract NCDEX INDICES TOP LOSERS Pre. Close % Index Value CURRENT PRICE CHANGE % Change SYMBOL EXPIRY DATE CHANGE CASTORSEED - - - CORIANDER 20-04-2016 6370.00 137.00 2.20% CHANA 20-04-2016 4264.00 78.00 1.86% CHANA +1.99 4264 4181 SOYABEAN 18-03-2016 3717.00 34.00 0.92% CORIANDER +2.51 6370 6214 BARLEY 20-04-2016 1408.50 5.50 0.39% COTTON SEED OIL CAKE AKOLA 18-03-2016 2193.00 6.00 0.27% GUARGUM +0.54 5570 5540 RAPESEED-MUSTARD SEED 20-04-2016 3940.00 6.00 0.15% JEERA -0.42 14130 14190 TOP GAINERS MUSTARD SEED +0.15 3940 3934 CURRENT PRICE SYMBOL EXPIRY DATE CHANGE CHANGE % SOYABEAN +0.76 3717 3689 JEERA 18-03-2016 14130.00 -70.00 -0.49% TURMERIC -0.59 8710 8762 TURMERIC 20-04-2016 8710.00 -14.00 -0.16% 3

4. Commodities In News ECONOMIC NEWS Chana settled up on short covering after prices dropped on reports of good arrivals from new season crop. Imported chana has also hit the markets this month and traders & stockists are buying up to their respective stock limits for the new season crop. Since, Government is creating buffer stock for pulses including chana they have to compete with traders to procure it from farmers. In the second advance estimate for 2015-16, government forecasted 8.09 mt of chana this year, which is more than production estimated last year (7.17 mt).This year chana is sown in 85.48 lakh hectares (lh), compared with 85.74 lh last year, as per data latest release by Agriculture Ministry on Jan 28. India has imported 3.75 lt of Chana until November in the current financial year. According to the Second Advance Estimate by Government, Gram production estimate has been revised down to 8.09 MMT from targeted estimate of 9.50 MMT. Gram production estimate has been lowered due to lower area coverage against higher coverage expectation.The government has issued a tender for importing 5,000 tons of pulses to boost local supply and control the rise in prices. Stating that Indian agriculture has become a "victim" of its own success, the Economic Survey has favoured the use of hybrid and GM seeds along with better MSP, irrigation and national market facilities to boost crop yields and for bringing in major transformation in the sector.The survey said safety concerns related to hybrid and genetically modified (GM) seeds need to be debated and tested so that their introduction is facilitated in the next six months. It also said the regulatory process needs to be evolved to address safety concerns of GM crops.The Economic Survey for 2015-16, which was tabled in Parliament suggested the policies must incentivise raising of production of pulses and oilseeds, for which the country is heavily dependent on imports."Indian agriculture, in a way, a victim of its own past success especially the green revolution. It has become cereal- centric and as a result, regionally biased and input intensive. Rapid industrialisation and climate change are raising the scarcity value of land and water, respectively," the survey observed.It said agriculture requires a "new paradigm" shift by focusing on raising yields with less inputs, prioritising cultivation of less water intensive crops, especially pulses and oilseeds, supported by favourable MSP regime and backed by better procurement system and research.Pointing out deep segmentation in agri- market, the survey said unified national market would boost farmers income.On controversial GM crops, it said: "Concerns about affordability of hybrids and GM seeds, environmental and ethical issues in cultivation of GM crops, risk to the food chain, diseases spread and cross pollination have resulted in their non-introduction. These issues needs to be debated, tested, evaluated, so that introduction of hybrids is facilitated in the next six months." The adoption of hybrid and high yielding variety seeds is one definite pathway to raising productivity in Indian agriculture, added.Stating that a host of studies have demonstrated significant net benefit of GM crops, the survey said, "Nonetheless there are good reasons for some of the public apprehensions on GMOs.Therefore, the regulatory process in India needs to evolve so as to address the concerns in a way that does not come in the way adapting high yielding technologies and rapidly moving towards the world's agro-technological frontier." Jeera settled down by on subdued demand from traders and stockists in physical market. Further, expectation of good production in states of Gujarat and Rajasthan too fuelled the uptrend. Though, some fresh export enquiries, capped some losses. As per the final rabi sowing report, Gujarat has planted more cumin compared to last year sowing progress. Jeera is planted in about 10.8% more area at 2,95,400 hectares compared to 2,66,700 hectares last year same time.As per second advance estimate of Gujarat State for 2015-16, production is pegged at 2.11 lt higher by about 7% forecasted in revised fourth advance estimate of 1.97 lt. In 2013-14 production was 3.46 lt. According to Dept of Commerce data, the export of jeera during first 8 month of 2015-16 (Apr-Nov) is 56,787 tonnes, which is, lower as compared to last year. Jeera (cumin) exports have been 1.55 lt in 2014- 15. According to Govt data, exports for 2015-16 shows a decline trend compared to last year until September. it 4

5. Fundamental Watch : Castorseed CASTORSEED PRICES AT KEY SPOT MARKET National Market Update Market fundamentals and recent developments hint that the year will remain favorable for castor oil consumers as upside potential is very limited in the short to medium term. Speculators have burnt their fingers and would prefer to remain sidelined in futures if futures contracts are re-launched. Under current condition castor business may revert to fundamental good demand -supply equations. CENTER 25-Feb-15 24-Jan-15 Change SUMERPUR 2900 2900 UNCH Agricultural Statistics Division, Directorate of Economics & Statistics, India has revised its Second Adv estimate for foodgrains and estimated 17.27 lakh tonne castor seed production for 2015-16 crop year,to be marketed in MY 2016-17.The production target for the year had been fixed at 20.34lakh tonne. India had produced 18.70 lakh tonne castor seed last year as per final estimate by DES..Against this private estimates hinges in the range of 14 to 15 lakh tonne for this year. PATAN 3050 3060 -10 MEHSANA 3000 3000 UNCH India exported 14035.49 T castor oil during week ended 21st Feb-2016 at an average price of $1162.67 per tonne.It is higher by 35% from previous week. However price realization increased only by 0.96 % from last week. The minimum and maximum prices were registered at $3374 and 679.80 per tonne. Castor oil export would continue to grow as prices are lower and availability is higher. BHABAR 3000 3025 -25 HARJI 3000 2990 +10 Total area under Castor crop in Gujarat for the year 2015-16 is 781,000 hectares as per the Government’s estimates. It has increased by 6 % as compared to the previous year, which was 734,000 hectares according to Government’s estimates. RAJKOT 2910 2975 -65 KADI 3010 3030 -20 5

6. Technical Outlook SELL GUARGUM MAR BELOW 5550 TARGET 5500 5430 SL ABOVE 5610 BUY CORIANDER APR ABOVE 6390 TARGET 6435 6585 SL BELOW 6325 BUY TURMERIC APRIL ABOVE 8740 TARGET 8784 8844 SL BELOW 8680 6

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