Monthly Commodity Digest-October 2021 copy - NCDEX

MONTHLYCOMMODITY DIGEST

OCTOBER 2021Anniversary issue

1. MD's Desk....................................................(Arun Raste)....................................................01

2. Agri Market Overview..................................(Yuvraj Kanoongo).......................................... 02

3. Sectoral Overview: Spices............................(Ajay Kedia).....................................................04

4. Product Overview: Castor ...........................(Ravi Diyora)...................................................06

5. Product Overview: Co�on.......................... (Abhijit Banerjee)........................................... 08

6. Fundamental Reports

- Soybean........................................................................................................10

- Rice...............................................................................................................11

- Maize........................................................................................................... 12

- Co�on.......................................................................................................... 13

- Chana.......................................................................................................... 14

- Bajra............................................................................................................ 15

7. News Digest....................................................................................................................... 16

8. Circular/Regulatory Changes..............................................................................................18

9. FPO Story.....................................................(Sahyog Women Jeevika Agro PCL)............... 20

10. Commodity Corner - Kapas................................................................................................ 22

11. Thank you .......................................................................................................................... 23

12. Journey So Far: At a Glance................................................................................................ 24

INDEX

01

From MD's Desk

he global commodity market is witnessing one of the most challenging �me of our life�mes. The world is craving for energy. Crude is at mul�-year high driving infla�on across

the world. Securing gas supplies ahead of the winter season is ge�ng tough for Europe. Manufacturing giants like China is figh�ng a power crisis and this cascading to other Asian economies as well. India is staring at a big vacuum in the coal pipeline which may create challenges to maintain the much awaited economic rebound from Covid-led slump.The world is facing a period of shortages, not only in commodi�es like energy, food, feed or metals, but also of vessels to move these commodi�es from the places of surplus to des�na�ons of shortages. Some countries are facing the shortage of drivers to move goods within the country.To add, the weather is playing truant in agricultural sector in the West which is directly impac�ng Indian markets. In India too, an unevenly distributed rainy season has led to some crop damage in many states This situa�on has made our markets also very vola�le. Co�on went up 30% in 2 weeks on ICE US. In India too, the fibre crop is trading 40% above the Minimum Support Price despite being the arrival season. A�er a brief slump, soybean is moving up again on crop loss fears. The overall situa�on is quite challenging, but there is definitely a silver lining to it, at least in the Indian market. Though delayed monsoon rains are hur�ng kharif crops, we have seen many water reservoirs have reached to their capaci�es and overflowing in October, assuring ample water supply for rabi season. Many drought-prone areas have received surplus rains which again will contribute to the farm produc�on in rabi season.

The firmer trend in Soybean prices for the past one year is expected to encourage winter cul�va�on of the oilseed in some water surplus regions of Maharashtra and other states. This will also measure up to the governments Atma Nirbhar mission in the oil and oil seeds segment. Its too early to predict what impact it will have on the market in the second half of the season. Unfortunately, the curbs imposed on Mustard Futures or stock limits on the segment is going to dampen the sen�ment of growers in a year of record prices because the such a step not only hurts market sen�ments but also leaves the industry unhedged against adverse price movements. Coming back to markets, we are aware that the infla�on has created a new challenge in the near-to-medium term bringing a lot of uncertainty in the market. The Food Price Index for September has climbed to exactly a 10-year high of 130.0 points driven largely by the Vegetable Oil Price Index averaging at 168.6 points or 60% higher from last September and a few points away from its all-�me high of 174 points hit just four months ago.The vola�lity is here to stay and rising. Today, nobody can predict whether co�on will reach to a level where soybean stood a few weeks ago? Or the whether the Soybean price is yet to conquer the Everest? However, as an Exchange, we will definitely not be interested in finding answers to these ques�ons. But certainly, we will leave no stone unturned to ensure our stakeholders come out of this situa�on unscathed by using our risk management products like futures, op�ons and newly launched Indices like NCDEX SOYDEX or NCDEX AGRIDEX. Because the whole value chain gets exposed to commodity price risk, be it farmers, processors or traders.So be hedged, be safe.

T

Arun RasteMD & CEO, NCDEX

02

Agri Market Overview

ndia is an agriculture intensive country with over 50% of the popula�on dependent on agricultural

income.

The commodity market in India is as old as the markets in USA and UK. They have been vola�le since the onset, however, India has been successful in bringing a degree of stability in the commodity market through progressive technology and transparency. The market forces of demand and supply rule the commodity market.

NCDEX is an e-mandi of sorts, involving trade in the primary sector of the economy. Commodi�es can be broadly bifurcated into two silos: So� commodi�es and hard commodi�es. So� commodi�es are

agricultural products such as sugar, coffee, cocoa, wheat, chana, guar and so on. Hard commodi�es are generally mined products such as oil and gold.

They are secured by physical assets. Trading in commodity markets can be done either physically or through deriva�ves using spot prices, op�ons, forwards and Futures. Farmers generally use deriva�ve trading in the commodity market for managing price fluctua�on risks.

The trading in agricultural commodi�es is aimed at stabilizing the overall prices. The Futures trading in agriculture ensures fair prices to the producers, avoids instabili�es, produces an accurate price discovery, etc. At the same �me, some speculators

may unduly benefit by bringing high instabili�es in the commodity prices.

Importance of agricultural commodity trading

Agricultural commodity trading market is helpful to discover future prices depending upon current trends, thereby possibly influencing the pricing decisions of farmers.

A cohesive link between the Futures and spot market, powers the commodity market to influence the overall agricultural sector.

Agricultural prices in India are set or influenced by MSP and the wholesale prices set by traders. However, both may contain errors if set as a oriented price mechanism. In this context, a more refined commodity market may power market-oriented price determina�on.

NCDEX powers Indian commodity market

(Contd...)

I

The oldest way of trading and investing in commodities is through Futures contract that involves buying or selling an underlying asset at a predetermined price on a specified time in future.

Mr. Yuvraj KanoongoDirector,

Hindustan Tradecom Pvt.Ltd.

03

Scenario of agricultural commodity trading

Of the total commodity trading, agriculture contributes to nearly 12 % and non-agricultural goods like metal, crude etc contribute to the remaining 88%. NCDEX is the largest agricultural commodity stock exchange in the country.

The Ministry of Agriculture and Farmers Welfare signed agreements in mid-September with 5 major IT providers including NCDEX to develop agritech solu�ons using its Na�onal Farmers Database which includes informa�on of around 5.5 crore farmers. A few other companies have also joined this project earlier this year. This is part of an overall effort to modernize the agricultural sector by infusing new technologies so that farmers can increase their income.

The commodity exchange, NCDEX, has proposed a digital marketplace project offering services in market linkages, demand aggrega�on, financial linkages and data sani�za�on to farmers in Andhra Pradesh’s Guntur, Karnataka’s Devanagere and Maharashtra’s Nasik districts.

In the current scenario, weather and crop cycle predic�ons, global agricultural data and more such informa�on are available just a tap away. This data

helps in making informed decisions about the future price movements in commodi�es. Future price

predic�ons help all market par�cipants from farmers to speculators.

NCDEX has recently launched two sectoral indices; GUAREX and SOYEX. The

Exchange has been in the forefront of inclusion of as many farmers and retail

investors as possible. If we compare the Indian market with US markets, the contribu�on of

commodity trading in India has abundant poten�al. With the right

efforts, the Indian market would keep growing as India is a major exporter of

agricultural commodi�es. Such ini�a�ves by the team of NCDEX are praiseworthy as

it gives equal opportunity to various channel par�cipants.

04

Sectoral Overview: Spices

.

ndia commands a formidable posi�on amongst countries in the world spice trade. Indian spices are acclaimed for their flavor and aroma

domes�cally as well as in interna�onal markets, hence India is popularly called the World’s Spice Bowl. The Indian Spice Market is expected to rapidly grow at a Compound annual growth rate (CAGR) of 4.5% by 2026.

Since 2021, the prices for Jeera and Dhaniya have risen as the domes�c demand surge for spices have kept their prices high. Experts point out that despite the economic slowdown amidst the coronavirus pandemic, the charm of Indian spices is maintained and India shall con�nue to be the top producer and exporter in years to come, India achieved its highest-ever spice export figures of USD 4 billion last year and now aims for USD 5 billion this year. The spice complex on NCDEX has retained its mojo, case

in point being turmeric, coriander, and jeera futures rebouncing a�er 3-4 weeks of downward trends. Overall, spices witnessed sideways to lower movements since the la�er part of May 2021.

Spice exporters eye shortage of containers and soaring freight costs ahead of fes�val demand. The Indian spice trade has sought the Centre’s interven�on to �de over the crisis arising out of a shortage of containers for export and soaring freight costs. A global shortage in shipping containers could slow down Indian exports a�er a sharp recovery earlier this year. A wide range of exported items across various industries could be hit due to the container shortage that has resulted in record freight rates. The Economic Times reported that the global container shortage is a result of conges�ons at Chinese ports that have been closed or opera�ng at lower capacity a�er the na�on announced fresh restric�ons due to Covid-19. The high demand for containers in the US and Europe has also led to a

surge in container rates. Container charges have increased to record levels in the past 10-15 days, according to industry execu�ves who spoke to the publica�on.

Dhaniya prices on NCDEX traded well above the 8000 level, gaining around 13.88% in three months. The prices showed a tremendous rise in the 3rd quarter with prices rallying around 40% at one point, se�ling at 7838 with 13.88% gains. Mul�ple factors have contributed to support of prices since March 2021. Prices dropped nearly 18%, due to pessimism triggered pressure in the market. This was caused as a result of rise in covid cases, lock-down, drop in demand from end-user (Hospitality industry), and with produc�on at 822,210 tonnes, up 17.3% on the year as per Spices Board. Although we have seen a drop in covid cases in India since 15th August, resul�ng in reversal of lockdown announcements, heavy rainfall and floods in Gujarat and Rajasthan caused damages to stored stocks, leading to a supply crunch. Further, rains also caused slowdowns for arrivals in major market yards, resul�ng in prices increasing by 8-10% in the past few weeks. Moreover, with domes�c demand expected to pick up with the upcoming fes�val season and easing of restric�ons, Dhaniya prices are expected to remain firm.

(Contd...)

I

Mr. Ajay KediaDirector,

Kedia Advisory

The SPICE year ahead!

There shall be some pullback in prices, since good rains in Gujarat and Rajasthan are expected to help the rabi crop in the coming season. Further, exports of Dhaniya fell 10% during Apr-Jul period to 17830 tonnes vs 19820 tonnes last year, though it is 17.7% higher compared to the 5-year average. Coriander exports from India were up 21% Y-O-Y at 57,000 Tonnes.

The Cabinet Commi�ee on Economic Affairs (CCEA) this month approved an increase in the Minimum Support Prices (MSP) for all mandated Rabi crops for the Rabi Marke�ng Season (RMS) 2022-23 with an aim to realign the MSPs in favour of oilseeds, pulses, and coarse cereals. This is in line with the Union Budget 2018-19 announcement of fixing the MSPs at a level of at least 1.5 �mes the all-India weighted average cost of produc�on, aiming at a reasonably fair remunera�on for the farmers. However, due to this, there is concern that farmers may switch acreage to more profitable crops for the next season.

Jeera prices currently trade at a price band around 14600 level, with prices gaining approximately 5.67% in 3 months as demand from spice millers slowed and arrivals have improved. Sufficient stocks with the traders and farmers keep prices in range. The forecast of normal rains in the Western region during Sep-Nov will support jeera cul�va�on in Gujarat. India, the

main producer and consumer of Jeera, produces 70% of the world’s supply and consumes 90% of the same, which literally means India consumes 63% of the world's Jeera. Other producers are Syria which produces 7%, Iran 6%, and Turkey 6% and the remaining 11% comes from other countries. Recent rains in Gujarat led to abundant availability of water, which r a i s e d hopes of be�er

sowing of Jeera in the coming Rabi s e a s o n . This too has kept prices under pressure. Gujarat has received 149.3 mm of rainfall, 437% above the normal of 27.8 mm for the week ending Sep 15th. The state is also the top producer of Jeera followed by Rajasthan. Exports are muted, and local demand is slow due to rainfall in most consump�on centres.

Currently, stockists are buying only for immediate requirements and pessimism con�nues to be high due to covid cases. In 2021 (Jan-Jul), the country exported 1.75 lakh tonnes (lt) of Jeera compared to

1.67 lt last year during the same period. Due to heavy rainfall and floods this year, the stored stocks of Jeera seeds in Gujarat and Rajasthan have been damaged leading to a supply crunch, which has contributed to a price hike, affec�ng even the interna�onal markets. Lower supplies from Turkey and Syria maintained the shor�all in the interna�onal market, as per the Seeds and Spices Stakeholders Associa�on (SSSA).

Produc�on of spices in India is likely to have risen 3.5% Y-O-Y to 10.5 million tonnes in 2020-21 (Jul-Jun), according to data from India’s Spices

Board. Jeera produc�on was at 856,505 tonnes in FY 2020-21, down 6.1% Y-O-Y

according to the Board. Further, according to a survey by the Federa�on of Indian Spice

Stakeholders, Jeera produc�on in India is likely to be 478520 tonnes in 2020-21 (Oct-Sep), down by 11 percent Y-O-Y.

The upcoming fes�val demand in Q4 of 2021 with the announcement of reopening shall support prices as domes�c consump�on looks to improve. However, in Q1 of 2022, severely �ght supply is foreseen due to deple�ng stock, weather concerns and improved export demand during Ramzan. These make a perfect environment for Spices to rally and amongst all spices, we find Jeera and Dhaniya ruling in the Spice Complex!

05

Product Overview: Castor

(Contd...)

As the largest producer of castor seed and castor oil, India has a dominant posi�on in the global castor market. India consumes approximately 25 percent of its total produc�on and exports the rest to the world. However, India s�ll remains the second largest consumer in the world. In India, Gujarat acts as the major producing state, having a share of more than 80 percent of the total domes�c produc�on, followed by Rajasthan and Andhra Pradesh.

However, according to the latest survey from SEA for the crop year 2020–21, the country’s castor crop is expected to fall to 17.55 lakh tonne from a previous es�mate of 17.81 lakh tonne, also down from the previous year’s produc�on of 19.616 lakh tonne.

The acreage of the castor seed is expected to remain lower owing to uneven monsoons and the interest of farmers towards other crops like rice, pulses and oil seeds. Nevertheless, the yield is expected to jump from 2,007 kg/hectare to 2,125 kg/hectare. As per the state government’s data of previous crop year, India’s castor acreage is expected to fall to 8.26 lakh hectares versus 9.73 lakh hectares YoY. Further, castor sowing in Gujarat is expected to be 6.38 lakh hectares versus 7.40 lakh hectares in the previous year. Moreover, the five-year average of castor acreage is es�mated at 8.95 lakh hectares.

Castor Oil Balance Sheet

As per the data discussed in the castor annual summit, the ending stock of castor oil for the year 2020-21 is projected to be higher, at 191.0 thousand MT versus 141.0 thousand MT in the previous year. However, the Chinese import for the current season is expected to play a vital role in changing the ending stocks. Chinese import of castor oil con�nuously plays the dominant role, though the pace is likely to improve as Chinese industrial ac�vi�es see a con�nuous expansion.

Castor Oil Exports: Major Catalyst for the Next Season

Castor Acreage

("000" Ha) Castor Yield Es�mates

(Kg/Hectare) Produc�on Es�mates

(in "000" Tons) States 2019-20# 2020-21# 2019-20$ 2020-21$ 2019-20$ 2020-21$ Gujarat 740.6 638.0 2241.0 2342.0 1659.3 1494.2 Rajasthan 154.2 125.7 1598.0 1780.0 245.8 223.7 AP&TP 57.4 38.2 593.0 589.0 34.6 22.5 Others 21.0 24.2 600.0 630.0 12.6 15.1 India 973.2 826.1 2007.0 2125.0 1952.8 1755.6

Source: SEA$-Primary Survey (Revised) #-Acreage as per State Govt Est.

Mr. Ravi DiyoraDirector - Research at

Kunvarji Commodi�es Pvt. Ltd.

06

The fallen price of castor oil in the year 2020 will help users recover or even exceed the normal inventory. Overall, export numbers of castor oil, which is also used for producing fa�y acids, paints, varnishes, soaps, lubricants, and cosme�cs products, shows a rising trend from 2019 to 2021. During the period, export is expected to jump by more than 17 percent, from 5.8 lakh tonne to 6.83 lakh tonne.

Castor Oil Export in India

India exports about 85 percent of the castor oil globally, with China being its major buyer, contribu�ng to more than 40 percent of the total castor oil export. Castor oil is becoming an essen�al bio-based raw material, making it ideal for various industrial applica�ons. The demand has seen an up�ck given its poten�al to even be an alterna�ve to petroleum-based chemicals. As per the current export policy, castor seed belongs to the freely exportable criteria. China tried to take advantage of this policy by buying castor seed from India to be crushed at

their end. However, the SEA associa�on has urged the ministry to take necessary steps to discourage the export of castor seed by taking suitable ac�on, such as fixing minimum export price (MEP) or imposing export duty on the castor seed.

According to the SEA data, castor oil export in year 2020 has increased by around 20.0 percent, to 658,114 MTs as compared to 546,868 MTs in the year 2019.

China has imported more than 3 lakh tons of castor oil from India, which is the highest import volume in the recent years, for reasons ranging from China building inventory and the year by year growth of other applica�on users.

During the first eight months of this calendar year, export of castor oil is already at 494,415 MT. The rise in the market value can be a�ributed to the growing demand for biodegradable products and its deriva�ves in major end-use industries.

SummaryThe current year produc�on of castor oil is expected to remain lower as compared to that from last year as acreage in India fell to 8.26 lakh hectares versus 9.73 lakh hectares YoY, as per latest predic�on from SEA. During the Kharif season, farmers seem more interested in sowing oil seeds, pulses and rice because of the higher prices they fetch. The higher exis�ng inventories of castor oil are expected to pare because of the falling castor produc�on from the past three years. Castor oil import from China and the yields of the current season are expected to act as an important catalyst for castor to see prices and produc�on.

Source: SEA (in Thousand MT), *Est.

Castor Oil: World Supply & Demand Balance (October / September)

20/21F 19/20 18/19 17/18 16/17 Opening Stocks 141 131 188 162 142

Produc�on 906* 851 744 842 841 India 835* 778 678 781 776

Imports 690* 611 593 651 609 EU-28 191* 173 191 183 183 USA 63* 57 59 63 54 China 325* 272 247 289 267 Thailand 21* 22 20 29 18

Export 683* 624 580 646 623 India 660* 604 556 624 603

Consump�on 863* 828 814 822 806

Ending Stocks 191* 141 131 188 162

2018 2019 2020 2021 (TillAugust)

Total 593527 546868 658114 494415

0

100000

200000

300000

400000

500000

600000

700000

IN M

ETRI

C TO

NN

E

CASTOR OIL EXPORT FROM INDIA (in MT)

07

08

Product Overview: Cotton

o�on markets have risen sharply a�er the third week of September 2021. Co�on futures raced past $1 a pound for the first �me in

nearly 10 years; adverse weather and shipping had risked supplies, which drive up the costs for co�on clothing around the world.

However, crops in several key-growing countries have been experiencing problems, from rain-drenched fields in the U.S. to bollworm-infested ones in India. At the same �me, co�on buyers need more of the fibre. Presently, Mexico and China have been regularly buying record quan��es from expor�ng na�ons. However, the trouble for supplies con�nues globally because of high freight rates and geopoli�cs,

with interna�onal cri�cism con�nuing regarding labour viola�ons in Xinjiang, China’s biggest co�on producing region.

Addi�onally, the U.S. had banned imports earlier this year. The recent developments regarding pink bollworm infesta�ons in Punjab and Haryana and heavy rains in MP and Maharashtra have also started raising doubts about this season’s crop size.

Addi�onally, domes�c prices shot up during the la�er part of previous month because of threats of significant crop damage in the affected areas and the

possibility of delayed harvests. However, the agriculture department is constantly monitoring the situa�on closely and preparing to take required ac�ons.

C

Mr. Abhijit BanerjeeSenior Manager -

Commodi�es Research Religare Broking Limited

(Contd...)

Cotton Futures: Optimistic Despite Adversities

This has undermined the earlier forecasts, made by the United States Department of Agriculture (USDA) and the Co�on Corpora�on of India (CCI), which had predicted a be�er harvest as compared to the previous year.

09

The adversi�es affec�ng co�on today

Co�on is grown around 4.8 lakh hectares in the state of Punjab. According to reports Sirsa, Fatehabad, Hisar, Mahendragarh, and Jind Districts in Haryana and Bathinda and Mansa Districts in Punjab are some of the districts affected by the pink bollworm infesta�on. The matured pink bollworm is a �ny and slender grey moth with fringed wings. The female moth deposits her eggs in a co�on ball, which is the rounded seed capsule of the plants. The larvae that hatch feed on the plant, thus causing harm to it. The pest eats the seeds by chewing through the raw co�on, and the disrupted �ssues in the co�on make it easy for other insects or fungi to entre it.

Besides Punjab and Haryana, the regions of Maharashtra and Madhya Pradesh are also affected adversely, although that from the heavy rains across the respec�ve produc�ve belts.

The extent of damage in Punjab, Haryana, Maharashtra and MP is yet to be assessed and may take a few weeks to evaluate the overall crop loss in these states.

Reasons to remain op�mis�c

Despite all of the above, trade-related ac�vi�es are expected to improve in the next few weeks, following the rising interest in the new season’s co�on. India’s export poten�al remains op�mis�c, and lower prices between November and December 2021 could be beneficial for the exporters, helping them bag he�y orders from the overseas markets.

All in all, business opportuni�es appear to be good in the physical markets as well as the futures markets. Kapas Futures at NCDEX are expected to trade with decent vola�lity, thus providing adequate trading opportuni�es. Addi�onally, the margin requirements of the fibre are the least as compared to other commodi�es. Another advantage in this counter is that the April contract is usually traded every year,

hence elimina�ng the rollover concerns while enabling par�cipants to trade as per their posi�onal views, which also helps long-term hedgers plan their decisions comfortably.

10

Fundamental Report

SoybeanArrival State Wise In the current marke�ng season, star�ng Oct 1, arrivals of soybean decreased by 22% from the corresponding period a year ago.

Source: USDA(*A�ribute Unit Descrip�on: Area in 1000 Ha; Yield in MT/Ha; Quan�ty in 1000 MT); Note- FSI: Food Seed Industry

Balance Sheet (India)

Major Media NewsIndia's 2021-22 soybean output seen sharply lower on year: Pla�s survey Sourceh�ps://www.spglobal.com/pla�s/en/market-insights/latest-news/agriculture/092021-indias-2021-22-soybean-output-seen-sharply-lower-on-year-pla�s-survey

Source: Agmarknet

State-Wise (Qty in MT)

This Year Last Year % Change from Last Year (01/10/2020-30/09/2021) (01/10/2019-30/09/2020)

Madhya Pradesh 2,452,893 3,164,333 -22

Maharashtra 1,167,744 1,471,733 -21

Rajasthan 436,702 520,356 -16

Karnataka 92,599 98,977 -6

Telangana 58,979 84,945 -31

Gujarat 27,013 44,029 -39

Uttar Pradesh 23,708 16,206 46

Chattisgarh 10,700 61,591 -83

India 4,272,952 5,463,521 -22

Commodity Attribute India (21-22) World (21-22)

Oilseed, Soybean

Beginning Stocks 350 95,076 Area Harvested 12,700 132,420

Yield 1 3 Production 11,200 384,422

Feed Waste Dom. Cons. 950 27,271 Food Use Dom. Cons. 520 21,752

Imports 250 170,938 Total Supply 11,800 650,436

Exports 250 173,173 Domestic Consumption 11,170 378,369

Ending Stocks 380 98,894

Meal, Soybean

Beginning Stocks 481 11,432 Production 7,760 258,455

Feed Waste Dom. Cons. 6,735 250,744 Food Use Dom. Cons. 300 731

Imports 830 65,236 Total Supply 9,071 1,527

Exports 1,700 335,123 Domestic Consumption 7,035 70,584 Industrial Dom. Cons. 253,002

Ending Stocks 336 11,537

Oil, Soybean

Beginning Stocks 150 4,331 Production 1,750 61,863

Feed Waste Dom. Cons. 5,350 110 Food Use Dom. Cons. 48,849

Imports 3,625 11,808 Industrial Dom. Cons. 12,474

Total Supply 5,525 78,002 Exports 15 12,595

Domestic Consumption 5,350 61,433

Ending Stocks 160 3,974

13

Fundamental Report

RiceArrival State Wise In the current marke�ng year, star�ng Oct 1, arrivals of Paddy (Dhan) (common variety) decreased by 15% from the corresponding period a year ago.

Source: USDA(*A�ribute Unit Descrip�on: Area in 1000 Ha; Yield in MT/Ha; Quan�ty in 1000 MT); Note- FSI: Food Seed Industry

Balance Sheet - Rice Milled (India)

Major Media NewsRain damages paddy, co�on crops in Bathinda, Mansa districtsSource-h�ps://www.tribuneindia.com/news/punjab/rain-damages-paddy-co�on-crops-in-bathinda-mansa-districts-320644

Punjab to put a cap on per acre yield of paddySource-h�ps://www.hindustan�mes.com/ci�es/chandigarh-news/punjab-to-put-a-cap-on-per-acre-yield-of-paddy-101633464079686.html

Source: Agmarknet

11

State-Wise (Qty in MT)

This Year Last Year % Change from Last Year (01/10/2020-30/09/2021) (01/10/2019-30/09/2020)

Punjab 8,481,916 5,686,396 49 Chattisgarh 6,358,178 6,198,988 3 Haryana 2,744,157 5,281,013 -48 Uttar Pradesh 1,667,267 3,887,545 -57 Madhya Pradesh 1,603,496 1,950,774 -18 Karnataka 1,506,615 2,715,657 -45 Telangana 846,270 630,793 34 Uttrakhand 820,028 1,506,694 -46 Odisha 663,074 1,228,168 -46 Rajasthan 600,689 792,042 -24 Tamil Nadu 455,778 379,996 20 NCT of Delhi 360,314 460,802 -22 West Bengal 295,848 284,577 4 Gujarat 230,077 343,626 -33 Maharashtra 133,584 150,917 -11 India 26,780,740 31,526,488 -15

Country Attribute 2021-22 2020-21

India

Beginning Stocks 34,500 33,900 Area Harvested 45,000 45,000 Yield 4 4 Production 122,000 122,270 Rough Production 183,018 183,423 Total Supply 156,500 156,170 Exports 17,000 19,000 Domestic Consumption 105,000 102,670 Ending Stocks 34,500 34,500

World

Beginning Stocks 185,969 181,753 Area Harvested 163,606 163,262 Yield 5 5 Production 507,945 506,232 Imports 45,860 45,846 Rough Production 758,224 755,638 Total Supply 739,774 733,831 Exports 48,528 48,504 Domestic Consumption 509,399 499,358 Ending Stocks 181,847 185,969

12

Maize

Fundamental Report

Arrival State Wise In the current marke�ng year star�ng from October 2020, total mandi arrivals remained lower by 36% from the corresponding period of last year.

Balance Sheet (India)

Major Media NewsFluctua�ng prices of maize, soya haunt animal feed industrySource-h�ps://www.thehindubusinessline.com/economy/agri-business/fluctua�ng-prices-of-maize-soya-haunt-animal-feed-industry/ar�cle36740714.ece

Source: Agmarknet

Source: USDA(*A�ribute Unit Descrip�on: Area in 1000 Ha; Yield in MT/Ha.; Quan�ty in 1000 MT); (** FSI: Food Seed Industry)

State-Wise (Qty in MT)

This Year Last Year % Change from Last Year (01/10/2020-30/09/2021) (01/10/2019-30/09/2020)

Madhya Pradesh 874,955 1,340,439 -35

Maharashtra 514,446 706,697 -27

Karnataka 514,345 1,998,821 -74

U�ar Pradesh 491,910 500,378 -2

Rajasthan 420,151 217,634 93

Cha�sgarh 264,869 255,755 4

Telangana 248,792 339,131 -27

Odisha 182,087 251,133 -27

Tamil Nadu 74,617 23,396 219

Punjab 73,448 52,655 39

Gujarat 47,406 69,576 -32

Haryana 7,088 37,776 -81

India 3,717,857 5,807,021 -36

Country Attribute 2021-22 2020-21

India

Beginning Stocks 1,923 1,863 Area Harvested 9,700 9,865 Yield 3 3 Production 30,000 31,510 Imports 300 50 Total Supply 32,223 33,423 Exports 1,700 3,500 FSI Consumption 11,400 11,500 Feed Dom. Consumption 18,000 16,500 Domestic Consumption 29,400 28,000 Ending Stocks 1,123 1,923

World

Beginning Stocks 286,482 306,088 Area Harvested 200,303 197,713 Yield 6 6 Production 1,197,767 1,117,114 Imports 185,946 185,096 Total Supply 1,670,195 1,608,298 Exports 201,274 179,590 FSI Consumption 422,058 416,817 Feed Dom. Consumption 749,237 725,409 Domestic Consumption 1,171,295 1,142,226 Ending Stocks 297,626 286,482

13

Fundamental Report

Cotton

Arrival State Wise In the current marke�ng year star�ng October 1, arrivals of co�on declined 49% so far, compared with the arrivals during the corresponding period a year ago.

Major Media News

Co�on growers fall prey to ‘middlemen’ in PunjabSource-h�ps://www.tribuneindia.com/news/punjab/co�on-growers-fall-prey-to-middlemen-in-punjab-321204

Co�on crop at risk again, Vid farmers seek Government aidSource-h�ps://�mesofindia.india�mes.com/city/nagpur/co�on-crop-at-risk-again-vid-farmers-seek-govt-aid/ar�cleshow/86760790.cms

Global co�on output seen rising 6%: ICAC Source-h�ps://www.thehindubusinessline.com/markets/commodi�es/global-co�on-output-seen-rising-6-icac/ar�cle36794128.ece

Source: Agmarknet

State-Wise (Qty in MT)

Current Year Last Year % Change from Last Year (01/10/2020-30/092021) (01/10/2019-30/09/2020)

Gujarat 805,247 1,078,903 -25 Maharashtra 478,686 991,037 -52 Telangana 383,028 1,072,570 -64

Madhya Pradesh 359,401 718,899 -50

Rajasthan 330,322 854,125 -61

Punjab 201,193 141,702 42

Karnataka 157,696 334,035 -53

Haryana 57,943 360,322 -84

Andhra Pradesh 54,425 75,854 -28

Odisha 41,042 32,775 25

Tamil Nadu 17,646 25,757 -31

India 2,895,451 5,690,060 -49

14

Fundamental Report

Chana

Arrival State Wise In the marke�ng year star�ng from April 2021, all India fresh arrivals of Chana decreased by 8% from the corresponding period a year ago.

Note: Produc�on figures sourced from Ministry of Agriculture and Farmers Welfare ^: As per Fourth Advance Es�mate of Produc�on for 2020-21 released on August 11, 2021

Chana Produc�on:

Major Media NewsAgriculture officers readying detailed Rabi crop plan Source-h�ps://www.deccanchronicle.com/na�on/current-affairs/260921/agriculture-officers-readying-detailed-rabi-crop-plan.html

Karnataka’s farmers suffer shortage of key fer�liserSource-h�ps://www.newindianexpress.com/states/karnataka/2021/sep/30/karnatakas-farmers-suffer-shortage-of-key-fer�liser-2365590.html

Resolving farm crisis: Assured procurement of pulses at MSPSource-h�ps://www.hindustan�mes.com/ci�es/chandigarh-news/resolving-farm-crisis-assured-procurement-of-pulses-at-msp-101633433775131.html

Source: Agmarknet

Marke�ng Year (April-March) Produc�on

(Qty. in Lakh Tonne) Chana 119.90^̂

State-Wise (Qty in MT)

This Year Last Year % Change from Last Year (01/04/2021-30/09/2021) (01/04/2020-30/09/2020)

Madhya Pradesh 386065.67 481931.92 -20

Maharashtra 323101 198393 63

Rajasthan 184604.83 238754.84 -23

Gujarat 110980.97 108316.29 2

Uttar Pradesh 93601.95 125572.58 -25

Karnataka 35836 66317.5 -46

Chattisgarh 34016 53417.01 -36

West Bengal 6885 4381 57

Telangana 5350.56 4657.88 15

India 1,183,477 1,286,655 -8

15

Fundamental Report

BajraArrival State Wise During the current marke�ng season star�ng from October 2020, Bajra arrivals declined by 21% from the corresponding period a year ago.

Balance Sheet (India)

Major Media NewsChha�sgarh government launches 'Millet Mission' to become millet hub of IndiaSource-h�ps://www.business-standard.com/ar�cle/current-affairs/chha�sgarh-govt-launches-millet-mission-to-become-millet-hub-of-india-121091401161_1.html#:~:text=Chha�sgarh%20govt%20launches%20'Millet%20Mission'%20to%20become%20millet%20hub%20of%20India,-BS%20Web%20Team&text=He%20said%20that%20%22Millet%20Mission,of%20the%20exper�se%20of%20experts.

Note: Data relates to all Millets not only to Pearl Millet. Pearl millet accounts for about around 50-60% of the total produc�on of millets in India. (Source: USDA) Note- FSI-Food Seed Industry(*A�ribute Unit Descrip�on: Area in 1000 Ha; Yield in MT/Ha; Quan�ty in 1000 MT)

Source: Agmarknet

State-Wise (Qty in MT)

This Year Last Year % Change from Last Year (01/10/2020-30/09/2021) (01/10/2019-30/09/2020)

Rajasthan 369,622 421,805 -12 U�ar Pradesh 222,062 336,907 -34 Gujarat 154,060 145,051 6 Karnataka 113,867 114,157 0 Maharashtra 81,037 108,303 -25 Madhya Pradesh 35,711 97,586 -63 India 991,470 1,258,846 -21

Country A�ribute 2021-22 2020-21

India

Beginning Stocks 612 612 Area Harvested 8900 9130 Yield 1.44 1.45 Produc�on 12800 13200 Total Supply 13412 13812 FSI Consump�on 11300 11800 Feed Dom. Consump�on 1500 1400 Domes�c Consump�on 12800 13200 Ending Stocks 612 612

World

Beginning Stocks 612 612 Area Harvested 30622 31082 Yield 1.02 1.02 Produc�on 31110 31818 Total Supply 31722 32430 FSI Consump�on 29443 30164 Feed Dom. Consump�on 1667 1654 Domes�c Consump�on 31110 31818 Ending Stocks 612 612

16

News Digest

For more details:https://www.businesstoday.in/latest/economy/story/icra-raises-fy22-gdp-forecast-to-9-cites-brightening-prospects-307793-2021-09-27

01 ICRA raises FY22 GDP forecast to 9%; cites 'brightening' prospects

Ra�ngs agency ICRA has raised the country's FY22 real GDP (gross domes�c product) forecast to 9 per cent from 8.5 per cent earlier, ci�ng the brightening prospects for H2FY22. The ra�ngs agency, in its latest report, said the country is benefi�ng from the rapid ramp-up in Covid-19 vaccine administra�on, healthy advance es�mates of kharif output and the withdrawal of expenditure management measures related to the government's spending.

For more details:https://www.thehindubusinessline.com/economy/agri-business/edible-oil-prices-could-fall-in-h1-of-2022-on-higher-output-mielke/article36665037.ece

02 Edible oil prices could fall in H1 of 2022 on higher output: Mielke

Edible oil prices are likely to fall by a moderate $100 per tonne the rest of the year and accelerate their decline in the first half of 2022 as produc�on increases, leading analyst Thomas Mielke said on Saturday.Malaysian RBD palm olein prices could average $920 per tonne in the first half, down nearly 23 per cent from the current level, Mielke, Head of Hamburg-based analyst firm Oil World, told the Globoil India conference.

For more details:https://www.thehindubusinessline.com/economy/agri-business/stakeholders-expect-soyabean-output-to-be-up-by-1-million-tonne/article36637437.ece

03 Stakeholders expect soyabean output to be up by 1-million tonne

Stakeholders in the oilseed sector are expec�ng the produc�on of soyabean at 10 million tonnes (mt) during the kharif season.Speaking at a panel discussion on ‘Domes�c kharif oilseed crops situa�on’, organised by Solvent Extractors’ Associa�on (SEA) of India in Goa on Thursday, Atul Chaturvedi, SEA President, said the soyabean produc�on is likely to go up by one mt during this season.

For more details:https://www.thehindubusinessline.com/economy/agri-business/agri-exports-rise-22-to-79-billion-during-april-august/article36586902.ece

04 Agri exports rise 22% to $7.9 billion during April-August

Sustaining the growth trend witnessed last year, agri exports under APEDA’s por�olio grew 22 per cent during April-August period of the current financial year to $7,902 million from $6,485 million in the same period last year.In rupee terms, the exports grew 19.6 per cent at ₹58,478 crore compared with ₹48,885 crore in the same period last year.

News Digest

17

For more details:https://www.thehindubusinessline.com/economy/agri-business/cotton-harvest-likely-to-be-delayed-amid-�ooding-in-saurashtra-region-in-gujarat/article36469145.ece

05 Co�on harvest likely to be delayed amid flooding in Saurashtra region in Gujarat

The latest spell of heavy rains in Gujarat may appear to have saved the State from sinking into a drought, but for the current kharif crops such as co�on, it has pushed back the harvest period by at least 15 days and also weakened the prospects of kharif groundnut due to waterlogging.Incessant rains, which started on Sunday and lasted �ll Tuesday morning in most parts of the Saurashtra region, has le� the rivers swollen and fields flooded.

For more details:https://www.thehindubusinessline.com/economy/agri-business/indian-sugar-mills-sign-contracts-to-export-12-lakh-tonnes-next-season/article36467522.ece

06 Sweet news: Indian sugar mills sign forward contracts to export 12 lakh tonnes next season

Indian mills and exporters have signed forward contracts to export 12 lakh tonnes of sugar ahead of the new crushing season for the crop year 2021-22 star�ng October. This is claimed to be the first �me that such forward contracts have been signed by the mills and without any government assistance.

For more details:https://agriculturepost.com/ncdex-agri-derivatives-market-share-jumps-to-85-in-aug-2021/

07 NCDEX agri-deriva�ves market share jumps to 85% in Aug 2021

NCDEX has consolidated its leadership posi�on by garnering 85 per cent share in the India’s agri-deriva�ves segment during the month as compared to 80 per cent in August 2020Na�onal Commodity and Deriva�ves Exchange has posted a healthy 115 per cent rise in the Average Daily Turnover Value (ADTV) of Rs. 2,444 crore in August 2021 despite restric�ons on Chana futures, one of its key liquid contracts in the pulses segment.

For more details:https://www.meps.co.uk/gb/en/news/world-stainless-steel-production-forecast-to-rise-by-11-in-2021

08 World stainless steel produc�on forecast to rise by 11% in 2021

MEPS has upgraded its global crude stainless steel produc�on forecast to 56.5 million tonnes, for 2021. This represents an 11 percent increase, year-on-year. Higher-than-expected first quarter output in Indonesia, and robust growth in China, are suppor�ng the predicted upturn in supply.

Circular/Regulatory Changes

18

For more details:h�ps://ncdex.com/public/uploads/circulars/Circular_Linking%20of%20PAN%20with%20Aadhar_1630503138.pdf

Linking of PAN with AadhaarThis is with reference to the direc�ve issued by Government of India, manda�ng PAN holders to link their PAN with their Aadhaar. The process of linking PAN with Aadhaar is available on the Income Tax website and link for the same is as below: h�ps://eportal.incometax.gov.in/iec/foservices/#/pre-login/bl-link-aadhaar

01

For more details:h�ps://ncdex.com/public/uploads/circulars/Margin_Framework_06092021_1630933576.pdf

Margin Framework for Commodity Deriva�ves SegmentClearing Members are hereby informed that, the minimum Ini�al Margin (IM) and minimum Margin Period of Risk (MPOR) for commodity deriva�ves contracts stands revised according to the categoriza�on of the commodi�es.

02

For more details:h�ps://ncdex.com/public/uploads/circulars/Withdrawal%20of%20Addi�onal%20Margin%20on%20Soyabean_1631535590.pdf

Withdrawal of Addi�onal Margin on Soy Bean (SYBEANIDR)Trading and Clearing members are hereby informed that in terms of Bye-law Part B, 5.1 of the Byelaws, Rules and Regula�ons of the Exchange, addi�onal margin of 3% on both long side and short side in Soy Bean (SYBEANIDR) have been withdrawn for contracts expiring on and a�er October 2021 from beginning of the day Tuesday, September 21, 2021.

03

For more details:h�ps://ncdex.com/public/uploads/circulars/AI_ML_Jun_17092021_1631863730.pdf

Repor�ng for Ar�ficial Intelligence (AI) and Machine Learn-ing (ML) applica�ons and systems offered and used by market intermediaries.The members are required to submit Ar�ficial Intelligence (AI) and Machine Learning (ML) applica�ons and systems details as on September 30, 2021 to the Exchange latest by October 15, 2021.

04

19

Circular/Regulatory Changes

For more details:h�ps://ncdex.com/public/uploads/circulars/Lean_Period_Agriculture_commodi�es_17092021_1631884385.pdf

Lean Period in Agricultural Commodi�esMembers and par�cipants are hereby informed that, the lean period for some commodi�es has been revised.

05

For more details:h�ps://ncdex.com/public/uploads/circulars/PreExpiry_Margin_and_Lean_Period_Margin_Soybean_SYBEANIDR_22092021_1632317569.pdf

Pre-Expiry Margin and Lean Period Margin – Soybean (SYBEANIDR)Pre Expiry Margins which is currently being levied at 3.50% per trading day incrementally during the last 7 trading days �ll the expiry day of the contract, shall now be levied at 2.50% per trading day incrementally during the last 7 trading days (including expiry day) �ll the expiry day for the respec�ve contracts

06

For more details:h�ps://ncdex.com/public/uploads/circulars/Modifica�on%20in%20contract%20specifica�ons%20%E2%80%93%20Turmeric%20(TMCFGRNZM)%20Futures%20Contracts_1632138778.pdf

Modifica�on in contract specifica�ons – Turmeric (TMCFGRNZM) Futures ContractsThe Exchange has modified the contract specifica�ons of Turmeric (Symbol: TMCFGRNZM) futures contracts expiring in the month of April 2022 and therea�er with effect from October 01, 2021.

07

For more details:h�ps://ncdex.com/public/uploads/circulars/Se�lement_Calendar_28092021_1_1633356062.pdf

Se�lement Calendar and �melines for submission of deliv-ery inten�ons for all the futures and op�ons contracts expiring in October 2021The Se�lement Calendar and �melines for submission of delivery inten�ons for all Futures Contracts and Op�ons in Goods Contracts expiring in October 2021 are given in the following tables

08

20

FPO Story: Sahyog Women Jeevika Agro PCL

These almost illiterate women of Nalanda in Bihar, many of whom are even landless, couldn’t have even dreamt of traveling alone to far places as trainers, leave alone holding daises with top government officials and policy makers a decade ago but this is now an everyday reality for them. And this miracle has happened in last 8 years a�er the incorpora�on of Sahyog Women Jeevika Agro Producer Company Limited, a farmer producer company (FPC) which came into existence on 18th April 2013.

“You can’t imagine the situa�on women like us are in, leave the big achievements, even recogni�on by name was like a big ambi�on for us. But now we all women not only

par�cipate in day to day work of our company, but also go to other centres to train fellow women and indulge in dialogues with senior government officials for demands to increase efficacy of our organiza�on. This is nothing short of a revolu�on,” said Mamta Devi, one of the Directors from Harnaut block. Mamta Devi echoed around 1400 women farmer members of the FPC, 60% of whom are landless and cul�vate on lands taken on produc�on-sharing basis, called batai locally.

Normally, FPCs in different parts of the country come into existence for taking on challenges posed to small and marginal farmers in different stages of their cul�va�on. But,

Sahyog Women Jeevika Agro PCL, as the name itself suggests, was an ini�a�ve by JEEViKA, also known as Bihar Rural Livelihoods Promo�on Society (BRLPS). With 100 per cent women par�cipa�on, this ini�a�ve was unique in the sense that more

than half of the total members were chosen from landless women farmers. To ini�ate the process of forming the FPC, JEEViKA first ini�ated the farmers’ mobiliza�on by forming the Producer Groups (PG) in villages. Each PG accommodated 30

Members of Sahyog Women Jeevika Krishi PCL participating in the 8th GBM

Distinction on Empowerment and Awareness of Landless Women

21

to 50 women farmers on the basis of their cul�va�on pa�ern.

Finally, when the FPC was incorporated, there were 539 farmers in the group of 11 PGs, who became the shareholders by buying shares at Rs. 200 per share. A�er the incorpora�on, the FPC started capacity building, trained the farmers in best prac�ces of cul�va�on and got them trained in Package of Prac�ces (PoP) in different commodi�es, like potato, len�l, maize, paddy, Bengal gram etc. On the business front, the FPC started procurement of potatoes ini�ally. In 2013-14, it did a buyback agreement with member farmers and supplied them potato seeds at a subsidy of Rs. 3-4 per Kg. A�er harves�ng, the FPC bought 125 MT potatoes for which the farmers were paid Rs. 5 per Kg more than the prevailing market price. Next year, onion was also added to it and total

of 275 MT of potatoes and onion was procured from the farmers. By the year 2015, the shareholders number grew to 1376.

The business momentum grew by year and the FPC added new commodi�es. In 2016-17, the FPC procured 60 MT len�ls. Half of the quan�ty, it processed, and rest it sold in spot market. Farmer members of the FPC got payment within 24 hours which usually used to take 8-10 days when sold in open market. They also saved expenditure on transporta�on, gunny bags, labour charges etc. Last year the FPC also procured paddy whereas this year it added wheat and maize as well into its business por�olio. Although dealing with so many commodi�es earned a lot of experience capital to the FPC, it has yet to create a profitable business model with the experiences.

Explaining the phenomena, Mr. Nityanand Singh, CEO of the FPC said, “Due to experimen�ng with so many new commodi�es each year, we have not been able to build on our business strength. But now we are focussing on strategic ways to increase our business. We also have started trading on NCDEX pla�orm.” Mr. Singh told his FPC wanted to trade 500 MT of Maize this year, but due to quality issues, it only could deliver 100 MT. “We earned around Rs. 125 per quintal on the trade which boosted the morale of our farmers. We also learnt a lot about Futures trade and now plan to go big on NCDEX pla�orm from next season onwards”, said Mr. Singh.

The FPC plans to establish a warehouse of 5000 MT capacity for which the process of land iden�fica�on is on. It has also created its own brand under which Sa�u and Besan are packaged and

marketed. No doubt, the Sahyog Women Jeevika Agro FPC is s�ll to leave a mark in the business records, but as far as the empowerment and awareness among one of the most weaker sec�on of the society is concerned, it already has achieved the unthinkable.

Commodity Corner: Kapas

Contract Specifica�ons

Commodity: KapasTicker Symbol: KAPASBasis: RAJKOTDelivery Logic: Inten�on MatchingQuota�on: Rs. per 20 KgTrading and Delivery Unit: 1 lot (200 maunds of 20 kg each i.e. 4 MT)Tick Size: 50 Paisa For more details click on the below link:h�ps://ncdex.com/products/KAPAS

22

GENERAL INTRODUCTION OF KAPAS India is one of the largest producer of Kapas in the world with annual produc�on of around 14 to 19 million MT. Major producing states are Gujarat, Maharashtra, Telangana, Andhra Pradesh, Punjab, Madhya Pradesh, Karnataka, Rajasthan and Haryana. Major consuming states are Gujarat, Maharashtra, Telangana, Andhra Pradesh and Punjab.

USAGE OF KAPAS Lint obtained from Kapas is majorly used for manufacturing of yarn and for export purpose. Demand of Kapas is gradually increasing with the increase in tex�le industry and importers of co�on from India. On the other hand seed obtained from Kapas goes for crushing which in turn produces co�on seed oil cake and co�on oil.

FACTORS INFLUENCING THE PRICE

Weather condi�on in co�on producing areas especially at sowing, flowering and harves�ng stage

Demand of lint from tex�le industry

Demand for Co�on seed from crushing industry

Demand for Co�on Seed Oil Cake from farmers, dairy and feed industry

Price movement in Co�on bales & Co�on seed

Interna�onal produc�on of Co�on

23

Thank You

We thank you all for your continuous patronage and contribution in making Monthly Commodity Digest (MCD) a success.

Mr. D K Aggarwal CMD, SMC Global

Ms. Rajni Panicker Head of Commodi�es,

Phillip Capital

Mr. Sunil Nya�Managing Director,

Swas�ka Investmart Ltd.

Mr. Rajkumar Patel Manager (Trade),

Vippy Industries Ltd.

Mr. Nirav DesaiMD,

Nikhil Commodity

Mr. Priyam Bansal AVP, Globe Capital

Market Ltd.

Mr. Abhsihek Chouhan Business Head- Commodi�es &

Currencies, Swas�ka

Mr. Ritesh Sahu Analyst Agri-Commodi�es,

SMC Comtrade Ltd.

Mr. Vinod TP Agri Analyst,

Geojit Financial

Mr. Vinod TP Director, Hindustan Tradecom Pvt.Ltd.

Mr. Vikram Dhawan Head Commodi�es &

Fund Manager, Nippon India Mutual Fund

Mr. Vishnu Kant UpadhyayManager - Commodi�es Research, Globe Capital

Mr. Vijay Joshi President, Unjha

Commodity Associa�on

Mr. Anuj GuptaVice President,

IIFL Securi�es Ltd.

Mr. Aurobinda P. GayanHead -Commodity

Strategist, Tata Asset Management

Mr. Viral ShahIIFL Private Wealth

Mr. G. ChandrashekharSenior Editor & policy commenta-tor, agribusiness & commodi�es

market specialist

Mr. Himanshu Gupta VP - Research, Globe

Capital Markets

Mr. Ajay KediaDirector -Kedia Advisory

Mr. Vishal BagadiaDirector, Ganganagar Commodity Limited

Ms. Vedika Narvekar Research Analyst, Anand

Rathi Share & Stock Broker Ltd.

Mr. Abhijeet Banerjee Senior Manager, Agri

Commodi�es Research at Religare Broking Ltd.

Mr. Manoj Jain Director & Head- Commodity

& Currency Research at Prithvi Finmart Pvt. Ltd.

Mr. Ravi Diyora Director – Research,

Kunvarji Commodi�es Pvt Ltd

Mr. Suresh Arora MD, Quan�lya Capital

Pvt. Ltd.

Mr. Amit Sachdev Regional Consultant Bangla-desh, India, Nepal, Sri Lanka

with US Grains Council

Mr. Davish Jain Chairman of Soybean

Processors Associa�on of India, Indore

Mr. Ashok Gula� Chair Professor for

Agriculture at ICREAR

Mr. Ravikant Kanoongo MD, Hindustan Technosol

Pvt. Ltd

Ms. Vandana Bhar� AVP, Commodity

Research, SMC Global

Mr. Anil Ghelani Head passive investments

& products, DSP Investment Managers Ltd

24

Journey So Far: At a Glance

OCTOBER 2020

FEBRUARY 2021

JUNE 2021 JULY 2021 AUGUST 2021 SEPTEMBER 2021

MARCH 2021 APRIL 2021 MAY 2021

NOVEMBER 2020 DECEMBER 2020 JANUARY 2021

NATIONAL COMMODITY & DERIVATIVES EXCHANGE LIMITEDAckruti Corporate Park, 1st Floor, Near G.E.Garden, L.B.S. Marg,

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Disclaimer: Trading in commodities contracts is subject to inherent market risks and the traders/investors should understand and consult their brokers/financial advisers before trading/investing. The content in this

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