What is Agri Commodity? Agricultural commodity, means wheat, cotton, flax, corn, dry beans, oats, barley, rye, tobacco, rice, peanuts, soybeans, sugar beets, sugar cane, tomatoes, grain sorghum, sunflowers, raisins, oranges, sweet corn, dry peas, freezing and canning peas, forage, apples, grapes, potatoes, timber and forests, nursery crops, citrus, and other fruits and vegetables, nuts, tame hay, native grass, aquacultural species or any other agricultural commodity, excluding stored grain, determined by the Board, or any one or more of such commodities, as the context may indicate. Recent Updates for Agri Commodity Market The recent decision of the commodity futures market regulator to extend trading hours in agri-commodities has not gone well with the stake holders in oilseeds processing industry in India. SEAI in a memorandum to market regulator Forward Markets Commission (FMC) said that in the absence of banking operations beyond 4pm, the impact of absence of hedging mechanism for the underlying foreign exchange will be detrimental to the stake holders. Sharp dip was witnessed in commodity futures trading volume in 2013-14 with total turn over from April 1 2013-March 15 2014 falling 40% to Rs 98.57 lakh crore against Rs 164.79lakh crore in the corresponding period last fiscal. The impact of commodity transaction tax and over all bearish trends in commodities impacted overall trading sentiments, according to analysts. Except agri-commodities, all other categories of commodities witnessed fall in trade volume. NCDEX Spot Exchange NCDEX Spot Exchange (NSPOT), a leading electronic commodity spot exchange wholly owned subsidiary of NCDEX – a leading commodities futures exchange in agri commodities and ferrous metals in India, achieved a turnover of Rs. 6321 crores till date during FY 2013-14. NCDEX attributed the growth to its ongoing initiatives since inception has brought complete transparency by providing its customers real time access to price information which enables them to trade seamlessly. More than 450 new members have started business with NSPOT during current FY 2013-14 successfully. Mandi Modernisation Project (MMP) was a new reform undertaken by NSPOT. Karnataka government has shortlisted 54 mandis of the state for modernization through NSPOT’s MMP project, out of which 27 are already in different phases of activation. Some of the major commodities in these mandis are cotton, tur, jowar, sunflower, chana, bajra, maize, bengal gram, etc NSPOT provided Food Corporation of India (FCI) with its e-auction trading platform for wheat in New Delhi and Hyderabad which was successfully completed. NSPOT was able to expand its reach to more than 5,000 millers who could participate on its platform for procuring more than 3 million MT of wheat from FCI. Good News for India in Agri Commodity Trading Global surge in oilseeds, edible oil production could prove beneficial for major importers India and China even as it is quite distressing for farmers in Southern and Northern hemisphere. According to Solvent Extractors Association of India (SEA), overal import of vegetable oils rose 25% in November and December at 2,012,018 tons. SEA said that December witnessed the second highest record import of vegetable oils at 10.67 lakh tons, since 1994. Global oilseed production will be larger than estimated a month ago because of improving prospects for soya beans in Brazil and sunflowers in Russia and Ukraine, Oil World said. Production of seven major oilseeds will be 491 million tonnes in the 2013- 14 marketing year, two million more than previously estimated and seven per cent higher than the prior season, according to Hamburg based Oilworld. Global inventories of all three will rise to records by the end of the season, according to the report. The Ministry of Agriculture in its 1st Advance Estimates, projected 2013-14 soybean output at 15.68 mn tn as against 14.67 mn tn in 2012-13. Soybean sowing across the country 14.3% up at 122.2 la ha as against 106.9 lakh ha last year. Near term outlook for soybean, RM seed, Refined soyoil futures is negative on increased production, supplies,acreage and global cues.

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