Project 3.0

A STUDY ON IMPACT OF COVID-19 ON SELECTED INDIAN
AGRICULTURAL COMMODITIES WITH SPECIAL REFERENCE

TO NCDEX
Project Submittedto Bangalore North University
in partial fulfillment for the award of the degreeof
MASTER OFCOMMERCE
by
Pavithra Poovarasan
(Register Number:19CM101032)
Under the Supervision and Guidance of
Prof. Madhu Druvakumar
DEPARTMENT OF COMMERCE PG
KRISTU JAYANTI COLLEGE (AUTONOMOUS)
(Affiliated to Bangalore North University)
Bengaluru – 560077
March 2021
CERTIFICATE OF ORIGINALITY
This is to certify that the Project entitled “A STUDY ON IMPACT OF

COVID-19 ON SELECTED INDIAN AGRICULTURAL COMMODITIES
WITH SPECIAL REFERENCE TO NCDEX” is a bonafide research work
done by Pavithra Poovarasan (Reg. No. 19CM101032) during the period
November 2020 to April 2021 in the Department of Commerce PG, Kristu
Jayanti College(Autonomous), Bengaluru in partial fulfillment of the
requirements for the award of the Degree of MASTER OF COMMERCE
and the project has not previously formed the basis for the award of any
degree diploma, associateship, fellowship of any University / Institution and
the project represents the independent and original work done by candidate.
For Guide of Ms.MadhuDruvakumar

Ms.MadhuDruvakumar Rev. Dr. AugustineGeorge
GuideandSupervisor Principal
Coordinator
Department of Commerce (PG)For Other
GuideDr.T.K.Murugesan Ms.MadhuDruvakumar
Rev. Fr. Dr. Augustine George Guide and Supervisor Coordinator
Principal Department of Commerce PG
DECLARATION
I, Pavithra Poovarasan (19CM101032) hereby declare that the Project

entitled “A STUDY ON IMPACT OF COVID-19 ON SELECTED INDIAN
AGRICULTURAL COMMODITIES WITH SPECIAL REFERENCE TO
NCDEX” submitted to Kristu Jayanti College (Autonomous), Bengaluru, in
partial fulfillment of the requirements for the award of the Degree of
MASTER OF COMMERCE and the project has not previously formed the
basis for the award of any degree diploma, associateship, fellowship of any
University / Institution and the project represents the independent and
original work done by me.
Place:Bengaluru Pavithra Poovarasan
Date:
ACKNOWLEDGEMENT
First and foremost I thank the lord almighty and my parents for their
blessings to me to do this research work.
I am extremely grateful to the Management of Kristu Jayanti College

(Autonomous) for providing me a chance to pursue my Post Graduation
Degree in Commerce.
I express my sincere thanks to Dr. Aloysius Edward, Dean,Faculty of

Commerce and Management, Prof. Vijayakumar R, Head, Department of
Commerce and Prof.MadhuDruvakumar, Coordinator, Department of
Commerce PG for their supports and encouragements to complete my
project.
With deep sense of gratitude, I express my sincere and hearty thanks to my

guide and supervisor Prof Madhumalathi for devoting his precious time in
guiding me with valuable guidance and suggestions right from the selection
of the topic to the completion of this project work.
I express my sincere thanks to all faculty members of Department of

Commerce PG for their constant support during the period of my research
work.
I extend my thanks to all my family members, my well-wishers and my

dear friends for their moral supports and encouragements during my
researchwork.
(Pavitra Poovarasan)
TABLE OF CONTENTS
CHAPTER NO. CHAPTER NAME PAGE NO
I Introduction 1-26
II Review of Literature and Research Design 27-36
Industry Profile & Company Profile /

III 37-53
Theoretical Perspectives
IV Data Analysis and Interpretation 54-81
V Findings, Suggestions and Conclusions 82-86
Bibliography
Appendix
LIST OF TABLES
Table No Table Page No

4.1 Wheat spot price Paired test 56
4.2 Wheat Future Paired test 58
4.3 Coriander Spot Paired Test 60
4.4 Coriander Future Paired Test 62

4.5 Coriander spot Anova Pre 64
Covid & Post Covid Test
4.6 Wheat Future Anova Pre Covid 66

& Post Covid Test
4.7 Trend Analysis spot price of 67
coriander 2019
4.8 Trend Analysis Future Prices Of 68

Coriander 2019
4.9 Trend Analysis Spot Prices Of 69

Coriander 2020

Coriander 2020

Wheat 2019

Wheat 2020
Wheat 2019

Wheat 2020
LIST OF MAPS AND FIGURES
FIGURE TITLE OF THE FIGURE PAGE NO

NO
4.1 Increasing or decreasing trend of Wheat Future Price in 57

2019
4.2 Increasing or decreasing trend of Wheat Spot Price in 2020 59
4.3 Increasing or decreasing trend of Coriander Future Price in 61

2019
4.4 Increasing or decreasing trend of Coriander Spot Price in 63
2020
4.5 Increasing or decreasing trend Of Wheat Future Price in 65

2020
4.6 Increasing Or decreasing Trend of Wheat Spot Price in 2019
4.7 Increasing Or decreasing Trend of Coriander Future Price in

2020
4.8 Increasing Or decreasing Trend of Coriander Future Price in

2019
A Study On Impact Of Covid-19 On Indian Agricultural
Commodities
CHAPTER- I
INTRODUCTION
Kristu Jayanti College [Autonomous] Page 1

A Study On Impact Of Covid-19 On Selected Indian
Agricultural Commodities with special reference to
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1.1 AGRICULTURE
Agriculture is the science and art of cultivating plants and livestock. Agriculture was
the key development in the rise of sedentary human civilization, whereby farming of
domesticated species created food surpluses that enabled people to live in cities. The
history of agriculture began thousands of years ago. After gathering wild grains
beginning at least 105,000 years ago, nascent farmers began to plant them around
11,500 years ago. Pigs, sheep and cattle were domesticated over 10,000 years ago.
Plants were independently cultivated in at least 11 regions of the world. Industrial
agriculture based on large-scale monoculture in the twentieth century came to
dominate agricultural output, though about 2 billion people still depended on
subsistence agriculture into the twenty-first.
Modern agronomy, plant breeding, agrochemicals such as pesticides and fertilizers,

and technological developments have sharply increased yields, while causing
widespread ecological and environmental damage. Selective breeding and modern
practices in animal husbandry have similarly increased the output of meat, but have
raised concerns about animal welfare and environmental damage. Environmental
issues include contributions to global warming, depletion of aquifers, deforestation,
antibiotic resistance, and growth hormones in industrial meat production. Genetically
modified organisms are widely used, although some are banned in certain countries.
The major agricultural products can be broadly grouped into foods, fibers, fuels and
raw materials (such as rubber). Food classes include cereals (grains), vegetables,
fruits, oils, meat, milk, fungi and eggs. Over one-third of the world's workers are
employed in agriculture, second only to the service sector, although the number of
agricultural workers in developed countries has decreased significantly over the
centuries.

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AGRICULTURE IN INDIA
The history of Agriculture in India dates back to Indus Valley Civilization and even
before that in some places of Southern India. India ranks second worldwide in farm
outputs. As per 2018, agriculture employed more than 50℅ of the Indian work force
and contributed 17–18% to country's GDP.
In 2016, agriculture and allied sectors like animal husbandry, forestry and fisheries
accounted for 15.4% of the GDP (gross domestic product) with about 31% of the
workforce in 2014. India ranks first in the world with highest net cropped area
followed by US and China. The economic contribution of agriculture to India's GDP
is steadily declining with the country's broad-based economic growth. Still,
agriculture is demographically the broadest economic sector and plays a significant
role in the overall socio-economic fabric ofIndia.
India exported $38 billion worth of agricultural products in 2013, making it the
seventh largest agricultural exporter worldwide and the sixth largest net exporter.
Most of its agriculture exports serve developing and least developed nations. Indian
agricultural/horticultural and processed foods are exported to more than 120
countries, primarily to the Japan, Southeast Asia, SAARC countries, the European
Union and the UnitedStates.
As per the 2014 FAO world agriculture statistics India is the world's largest producer
of many fresh fruits like banana, mango, guava, papaya, lemon and vegetables like
chickpea, okra and milk, major spices like chili pepper, ginger, fibrous crops such as
jute, staples such as millets and castor oil seed. India is the second largest producer of
wheat and rice, the world's major food staples.
India is currently the world's second largest producer of several dry fruits, agriculture-
based textile raw materials, roots and tuber crops, pulses, farmed fish, eggs, coconut,
sugarcane and numerous vegetables. India is ranked under the world's five largest
producers of over 80% of agricultural produce items, including many cash crops such

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as coffee and cotton, in 2010. India is one of the world's five largest producers of
livestock and poultry meat, with one of the fastest growth rates, as of2011.
One report from 2008 claimed that India's population is growing faster than its ability
to produce rice and wheat.While other recent studies claim that India can easily feed
its growing population, plus produce wheat and rice for global exports, if it can reduce
food staple spoilage/wastage, improve its infrastructure and raise its farm productivity
like those achieved by other developing countries such as Brazil andChina.
In fiscal year ending June 2011, with a normal monsoon season, Indian agriculture
accomplished an all-time record production of 85.9 million tonnes of wheat, a 6.4%
increase from a year earlier. Rice output in India hit a new record at 95.3 million
tonnes, a 7% increase from the year earlier. Lentils and many other food staples
production also increased year over year. Indian farmers, thus produced about 71
kilograms of wheat and 80 kilograms of rice for every member of Indian population in
2011. The per capita supply of rice every year in India is now higher than the per
capita consumption of rice every year in Japan.
India exported $39 billion worth of agricultural products in 2013, making it the
seventh largest agricultural exporter worldwide, and the sixth largest net
exporter.[7]This represents explosive growth, as in 2004 net exports were about $5
billion. India is the fastest growing exporter of agricultural products over a 10-year
period, its $39 billion of net export is more than double the combined exports of the
European Union (EU-28). It has become one of the world's largest supplier of rice,
cotton, sugar and wheat. India exported around 2 million metric tonnes of wheat and
2.1 million metric tonnes of rice in 2011 to Africa, Nepal, Bangladesh and other
regions around the world.[15]
Aquaculture and catch fishery is amongst the fastest growing industries in India.
Between 1990 and 2010, the Indian fish capture harvest doubled, while aquaculture
harvest tripled. In 2008, India was the world's sixth largest producer of marineand

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freshwater capture fisheries and the second largest aquaculture farmed fish producer.
India exported 600,000 metric tonnes of fish products to nearly half of the world's
countries.Though the available nutritional standard is 100% of the requirement, India
lags far behind in terms of quality protein intake at 20% which is to be tackled by
making available protein rich food products such as eggs, meat, fish, chicken etc. at
affordable prices
India has shown a steady average nationwide annual increase in the kilograms
produced per hectare for some agricultural items, over the last 60 years. These gains
have come mainly from India's green revolution, improving road and power
generation infrastructure, knowledge of gains and reforms. Despite these recent
accomplishments, agriculture has the potential for major productivity and total output
gains, because crop yields in India are still just 30% to 60% of the best sustainable
crop yields achievable in the farms of developed and other developing countries.
Additionally, post harvest losses due to poor infrastructure and unorganized retail,
caused India to experience some of the highest food losses in theworld.
AGRICULTURE AND COLONIALISM
Over 2500 years ago, Indian farmers had discovered and begun farming many spices
and sugarcane. It was in India, between the sixth and four BC, that the Persians,
followed by the Greeks, discovered the famous "reeds that produce honey without
bees" being grown. These were locally called (Sākhara). On their return journey, the
Macedonian soldiers carried the "honey bearing reeds," thus spreading sugar and
sugarcane agriculture. People in India had invented, by about 500 BC, the process to
produce sugar crystals. In the local language, these crystals were called Khanda,
which is the source of the wordcandy.
Before the 18th century, cultivation of sugarcane was largely confined to India. A few
merchants began to trade in sugar – a luxury and an expensive spice in Europe until
the 18th century. Sugar became widely popular in 18th-century Europe,then

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graduated to become a human necessity in the 19th century all over the world. This
evolution of taste and demand for sugar as an essential food ingredient unleashed
major economic and social changes. Sugarcane does not grow in cold, frost-prone
climate; therefore, tropical and semitropical colonies were sought. Sugarcane
plantations, just like cotton farms, became a major driver of large and forced human
migrations in the 19th century and early 20th century – of people from Africa and
from India, both in millions – influencing the ethnic mix, political conflicts and
cultural evolution of Caribbean, South American, Indian Ocean and Pacific Island
nations.
The history and past accomplishments of Indian agriculture thus influenced, in part,
colonialism, slavery and slavery-like indentured labour practices in the new world,
Caribbean wars and world history in 18th and 19th centuries.
INDIAN AGRICULTURE AFTER INDEPENDENCE
In the years since its independence, India has made immense progress towards food
security. Indian population has tripled, and food-grain production more than
quadrupled. There has been a substantial increase in available food-grain per capita.
Before the mid-1960s India relied on imports and food aid to meet domestic
requirements. However, two years of severe drought in 1965 and 1966 convinced
India to reform its agricultural policy and that they could not rely on foreign aid and
imports for food security. India adopted significant policy reforms focused on the goal
of food grain self-sufficiency. This ushered in India's Green Revolution. It began with
the decision to adopt superior yielding, disease resistant wheat varieties in
combination with better farming knowledge to improve productivity. The state of
Punjab led India's green revolution and earned the distinction of being the country's
breadbasket.
The initial increase in production was centred on the irrigated areas of the states of
Punjab, Haryana and western Uttar Pradesh. With the farmers and the government

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officials focusing on farm productivity and knowledge transfer, India's total food
grainproductionsoared.AhectareofIndianwheatfarmthatproducedanaverageof
0.8 tonnes in 1948, produced 4.7 tonnes of wheat in 1975 from the same land. Such
rapid growth in farm productivity enabled India to become self-sufficient by the
1970s. It also empowered the smallholder farmers to seek further means to increase
food staples produced per hectare. By 2000, Indian farms were adopting wheat
varieties capable of yielding 6 tonnes of wheat perhectare.
With agricultural policy success in wheat, India's Green Revolution technology spread
to rice. However, since irrigation infrastructure was very poor, Indian farmers
innovated with tube-wells, to harvest ground water. When gains from the new
technology reached their limits in the states of initial adoption, the technology spread
in the 1970s and 1980s to the states of eastern India — Bihar, Odisha and West
Bengal. The lasting benefits of the improved seeds and new technology extended
principally to the irrigated areas which account for about one-third of the harvested
crop area. In the 1980s, Indian agriculture policy shifted to "evolution of a production
pattern in line with the demand pattern" leading to a shift in emphasis to other
agricultural commodities like oil seed, fruit and vegetables. Farmers began adopting
improved methods and technologies in dairying, fisheries and livestock, and meeting
the diversified food needs of a growing population.
As with rice, the lasting benefits of improved seeds and improved farming
technologies now largely depends on whether India develops infrastructure such as
irrigation network, flood control systems, reliable electricity production capacity, all-
season rural and urban highways, cold storage to prevent spoilage, modern retail, and
competitive buyers of produce from Indian farmers. This is increasingly the focus of
Indian agriculture policy.
India ranks 74 out of 113 major countries in terms of food security index. India's
agricultural economy is undergoing structural changes. Between 1970 and 2011, the
GDP share of agriculture has fallen from 43% to 16%. This isn't because ofreduced

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importance of agriculture or a consequence of agricultural policy. This is largely

because of the rapid economic growth in services, industrial output, and non-
agricultural sectors in India between 2000 and 2010.
Agricultural scientist MS Swaminathan has played a vital role in the green revolution.
In 2013 NDTV awarded him as 25 living legend of India for outstanding contribution
to agriculture and making India a food sovereign country.
AGRICULTURAL COMMODITIES
Agricultural commodities are staple crops and animals produced or raised on farms or
plantations. Most agricultural commodities such as grains, livestock, and dairy
provide a source of food for people and animals across the globe.Mainly agriculture
commodities are routine food and animals produced by the farmers on farms. In India,
various agriculture commodities are grains, dairy, livestock, and others that are
consumed by users across the world. Various agricultural commodities were used for
both a source of food and an industrialsector.
Practically every person depends on agriculture somehow or another. We all want

food for a living, and that food is called agriculture commodities, i.e., fruits, grains,
vegetables, and livestock. And, agriculture commodities used to make clothes from
wool and cotton. We used vehicles that had tires made fromrubber.
India Rank in Agricultural Production
India’s rank in agriculture production 2020 is 74 out of 113 prime countries in terms
of food. And, Indian grocery and food market placed 6th rank in the world. It
contributes 70% of the sales. Indian farmers produce agricultural products, those
products used for consumption in India and for exporttoo.

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Here we come up with a fresh topic about the list of agro commodities in India. From
that, you get all the accurate and detailed information regarding Top 10 Agriculture
Commodities in India.
Main Uses of Agricultural Commodities
However, some agricultural commodities have purely industrial applications. The

building and furniture industries use lumber from trees, while manufacturers in
several sectors use latex from the rubber tree. Wool from sheep provides the fabric for
the clothing industry and lanolin for skin- and hair-care products. Some agricultural
commodities serve as both a source of food and an industrial ingredient. Both humans
and animals consume corn, but the commodity is also an important ingredient in fuel
production. Similarly, humans eat the beef of cows, while a variety of industries use
beef hide, fats, and bones to createproducts.
Why Are Agricultural Commodities Important?
Virtually every living being on the planet depends on the agricultural industry in one
way or another. We eat the grains, fruits, vegetables, and livestock that farmers
produce; build the frames of our houses from lumber; make clothes from cotton and
wool; and ride in cars with tires made from rubber. Also, over 1.3 billion people –
nearly 20% of the global population – work in farming. In some regions of the world,
such as South Asia and Sub-Saharan Africa, farming employs more people than any
other industry. The global impact of the agricultural industry is enormous. According
to the Food and Agricultural Organization of the United Nations, the economic value
of the agriculture industry, in constant 2010 dollars, is more than $3 trillion. With the
world population expected to climb from 7.5 billion to 11.8 billion by 2100,
agricultural commodities are likely to play an even bigger role in the decades ahead.
What Are the Different Agricultural Commodities?
Agricultural commodities fall into six categories:
1) CerealGrains

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2) Oilseeds
3) Meat
4) Dairy
5) Other SoftCommodities
6) Miscellaneous Agricultural Commodities
Cereal Grains: A Primary Food Source
Farmers grow these commodities as:
1)Food source for humans
2)Food source for animals
3) Feedstock for fuels (in somecases)
The most common grain commodities include the following:
• Wheat
• Corn
• Oats
• Barley
• RoughRice
Grain commodities often serve similar purposes. For example, corn, oats, and barley
all function as food sources for livestock. Depending on price, farmers will choose
one grain over the other. As a result, most grain commodities have a strong price
relationship with one another. Traders monitor the spread between grain prices to
determine the relative values of one grain versusanother.

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Oilseeds: What Remains After The Oil?
These commodities resist easy classification since they serve multiple purposes.
Farmers grow them for (a) the high oil content in their seeds and (b) the meal that
remains after the oil is extracted:
• Canola
• Cotton
• PalmOil
• Soybeans
In the case of cotton, its plant fibers have an important market in the clothing and
houseware industries. Because farmers use the meal from these crops in animal feed,
oilseeds often have a strong price relationship with cereal grains.
Meat: A Food Source
Meat commodities include (a) live animals raised for meat, hide, organs, bones, and
hooves and (b) cuts of meat produced during the butchering of animals: Feeder Cattle
• LiveCattle
• LeanHogs
• PorkBellies
• Dairy: Post-19th Century FoodProducts
Dairy commodities
Dairy commodities include milk, butter, whey, and cheese. Markets for these
commodities date back to the 19th century when traders organized the Chicago Butter
and Egg Board. Today these products trade on the Chicago Mercantile Exchange
(CME).

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Other Soft Commodities
Soft commodities refer to commodities that are farmed rather than mined. However,
most commodity traders classify cereal grains, oilseeds, dairy, and meat separately.
The remaining soft commodities all have developed and liquid global markets:
• Cocoa
• Coffee
• Frozen Concentrated Orange Juice(FCOJ)
• Sugar
Miscellaneous Agricultural Commodities
Some commodities have well-developed global markets, but don’t fit easily into the
above categories:
• Lumber
• Rubber
• Wool
What Key Global Trends Impact Agriculture?
Several long-term trends could create trading opportunities in agriculture over the
next two decades:
1) PopulationGrowth
2) AgriculturalProductivity
3) Technology and BigData
4) Demand for Meat inChina
5) GlobalWarming

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Top 10 Agricultural Commodities in India
India is popularly known for its various agricultural commodities. All we know is that
India is a rich agricultural country. Here we are showing the list of top 10 agricultural
commodities in India. Check out the below.
1. Rice
In India consumption of rice is highest from other agriculture commodities. Rice
mainly produced in India, including white rice and brown rice grown in the
eastern and southern parts. India is the 2nd largest grower of rice over the world.
Increasing demand in the market, rice production is in trend in India.
The Major Rice Production States in India
• Punjab
• Odisha
• Assam
• WestBengal
• UttarPradesh
2. Milk
India is the highest producer of milk throughout the world. In India, milk of buffalo,
cow, cattle, and many more animals produced at a considerable level. After the white
revolution, India became the largest producer of milk all over the world. Nowadays,
the Indian farming sector is developing day by day, and with that poultry industries
are growingrapidly.

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The Highest Milk Production States in India
• UttarPradesh
• Rajasthan
• Andhra Pradesh
• Gujarat
• Punjab
3. Wheat
In India, wheat is consumed and produced at a wide range. Wheat came in necessary
goods and used almost daily in India. It is a crucial agriculture commodity that is rich
with proteins, carbohydrates, and vitamins, plus it counts in balanced food. Wheat can
be grown on a variety of soils and mainly in the northern states of India.
The Major Wheat Production States in India
• Punjab
• UttarPradesh
• Madhya Pradesh
• Haryana
4. Mangoes
Mango in India is a king of fruits. The people of India love the summer season for
mangoes, and they are crazy about it. India is known for its exotic mangoes hotspot. It
is a fruit that is rich with unique flavor and sweetness. The most famous types of

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mangoes which you can find in India are Alphonso, Hapus, Badami, Chausa, and
Dasheri. Apart from this, In Indian markets, you get various varieties of mangoes.
The Major Mango Production States in India
• Maharashtra
• Karnataka
• HimachalPradesh
• UttarPradesh
5. Guavas
Guava is the fifth most primarily grown agriculture commodity, and further, it is
called a poor man’s fruit. It consists of antioxidant factors and contains vitamin C.
Guava is used to control systolic blood pressure. It is the best source of proteins
and a solution to constipation. Except for high heels regions, it is produced almost
throughout India.
The Major Guava Production States in India

• UttarPradesh
• Madhya Pradesh
• Bihar
• Andhra Pradesh
6. Sugarcane
Sugarcane is an agricultural commodity which has been employed by Indian

farmers from the ancient time. All of us very well know that sugarcane is an
indigenous agriculture commodity and belongs to the bamboo family. Sugarcane
is the primarysource of Gur, Sugar, and Khandsari. India is the perfect nation for

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sugarcane, and almost ⅔ or total is grown in India. From the left raw material of
sugarcane, alcohol manufactured.
The Major Sugarcane Production States in India

• UttarPradesh
• Maharashtra
• TamilNadu
• Andhra Pradesh
• Gujarat
• Haryana
7. Cotton
India has the largest cotton cultivation area all over the world after China and the
USA, and it is the prime agriculture commodity or fiber crop worldwide. Cotton
supplies the primary raw material to the textile industries of the cotton. There are
three broad types of cotton, i.e., Long staple cotton, Short staple cotton, and
Medium staple cotton.
The Major Cotton Production States in India
• Punjab
• Haryana
• Rajasthan
• Madhya Pradesh
• Maharashtra
• Gujarat
• AndraPradesh
• TamilNadu

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8. Bananas
In India, banana is an important agricultural commodity that is available all over

the year. Banana is tasty, nutritious, affordable, and used for medicinal purposes.
It is the most demanded fruit in India and has excellent potential export. There are
15 to 20 varieties of banana in India, and 300 plus types of bananas in all over the
world.
The Major Banana Production States in India

• TamilNadu
• Gujarat
• Maharashtra
• Karnataka
• Andhra Pradesh
• Assa
• Madhya Pradesh
9. Potatoes
In India, every vegetable is incomplete without a potato. Nowadays, potato is the

necessary agricultural commodity in India. It consumed daily. India is the 3rd
highest potato producing country. Initially, the Portuguese produced potatoes, they
called Batata to them. Along with this, the bangles are called potatoes, Alu.
The Major Potatoes Production States in India
• UttarPradesh
• WestBengal
• Bihar
• Gujarat
• Madhya Pradesh
• Punjab

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10. Groundnuts
Groundnuts is a crucial oil speed agriculture commodity in India. It is the commodity

available throughout the year. Groundnuts are called peanuts, and in India, it is called
Moongaphalee. It is a protein-rich commodity and used for many types. Groundnuts
are mainly grown in the rainy season, and it comes with various flavor tastes,
crunchy, sweet, and nutty. Groundnuts preferred for a healthydiet.
The Major Groundnuts Production States in India
• Andhra Pradesh
• Gujarat
• Karnataka
• Maharashtra
• Rajasthan
• TamilNadu
COVID-19
Coronavirus diseases (COVID-19) is an infectious diseases caused by a newly
discovered coronavirus. Most people infected with the COVID-19 virus will
experience mild to moderate respiratory illness and recover without requiring
special treatment. Older people, and those with underlying medical problems like
cardiovascular disease, diabetes, chronic respiratory disease, and cancer are more
likely to develop serious illness.
The best way to prevent and slow down transmission is to be well informed about
the COVID-19 virus, the disease it causes and how it spreads. Protect your self
and others from infection and by washing your hands or using an alcohol based
rub frequently and not touching yourface.
The COVID-19 virus spreads primarily through droplets of saliva or discharge
from the nose when an infected person coughs or sneezes, so its important that

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you also practice respiratory etiquette ( for example, by coughing into a flexed
elbow ).
EMERGENCE OF CORONA VIRUS
The new decade of the 21stcentury (2020) started with the emergence of a novel
coronavirus known as SARS-CoV-2 that caused an epidemic of coronavirus
disease (COVID-19) in Wuhan, China. It is the third highly pathogenic and
transmissible coronavirus after severe acute respiratory syndrome coronavirus
(SARS-CoV) and Middle East respiratory syndrome coronavirus (MERS-CoV)
emerged in humans. The source of origin, transmission to humans, and
mechanisms associated with the pathogenicity of SARS-CoV-2 are not yet clear,
however, its resemblance to SARS-CoV and several other bat coronaviruses was
recently confirmed through genome sequencing-related studies. The development
of therapeutic strategies is necessary in order to prevent further epidemics and
cure infections. In this review, we summarize current information about the
emergence, origin, diversity, and epidemiology of three pathogenic coronaviruses
with a specific focus on the current outbreak in Wuhan, China. Furthermore, we
discuss the clinical features and potential therapeutic options that may be effective
against SARS-CoV-2. Coronaviruses are enveloped, positive-sense single-
stranded RNA viruses with a nucleocapsid of helical symmetry. Coronaviruses
have been widely identified as causing respiratory and intestinal infections in
humans after the outbreak of severe civets acute respiratory syndrome (SARS) in
Guangdong, China in 2002 and and 2003. Only a decade later, the world
witnessed another outbreak in the form of civets. SARS was determined to be
caused by SARS-CoV and emerged in a market where Middle East respiratory
syndrome (MERS) caused by MERS-CoV in the Middle East. While the
researchers were still investigating the underlying mechanisms of pathogenicity
and developing effective therapeutic strategies against MERS, theworld

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witnessed the deadliest outbreak in the form of COVID-19. The causative

coronavirus of this outbreak was named SARS-CoV-2 due to its resemblance to
SARS-CoV. The SARS-CoV infects ciliated bronchial epithelial cells and type-II
pneumocytes through angiotensin-converting enzyme 2 (ACE2) as a receptor.
MERS infects unciliated bronchial epithelial cells and type-II pneumocytes by
using dipeptidyl peptidase 4 (DPP4), also known as CD26, as a receptor. The
mechanisms associated with the infectiousness of SARS-CoV-2 are not clear,
however, structural analysis suggests it is likely entering human cells through the
ACE2 receptor. This newly emerged virus has much greater similarity to SARS-
CoV than to MERS-CoV, thus both SARS-CoV and SARS-CoV-2 may cause
pathogenesis through similar mechanisms. The transmission of SARS-CoV to
humans was reported from market civets, while that of MERS-CoV was from
dromedary camels. Similarly, the newly emerged SARS-CoV-2 also appears to be
transmitted to humans from markets where wild animals are sold. However, the
zoonotic source of its transmission is not yet clear. According to previous reports,
the aforementioned three coronaviruses are thought to have originated in
bats.Since the first epidemic of SARS, the pathogenic coronaviruses have harmed
thousands of people worldwide. Considering the adverse outcomes of the current
COVID-19 epidemic, developing effective therapeutic strategies is necessary to
cope with the lack of effective drugs, high mortality rate, and the potential of the
virus to cause further epidemics. In this review, we focus on the origin, evolution,
and pathogenicity of SARS-CoV, MERS-CoV, and SARS-CoV-2. We also
discuss the therapeutic options for SARS-CoV-2 given its importance in the
current scenario of COVID-19 outbreak in Wuhan, China. This review will be
useful in preparing against future outbreaks and continuing pathogenic infections
by this class of novel coronaviruses virulent tohumans.

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IMPACT OF COVID-19
India has made an early move to constrain the spread of COVID-19, requesting 21
day across the country lockdown for its populace of 1.3billion individuals beginning
March 25. The epic corona virus has spread generally in India moderately as of late
contrasted with different nations, and the quantity of detailed diseases is low up until
this point, with 5,274 cases and 149 passings as of April 8. In any case, as covid-19
cases are expanding quickly, there is extraordinary worry about the ailment’s latent
capacity spread and effect. India must be prepared for a potential food. Testing ought
to be extended all together. The administration sees the example of the spread of
covid-19 as like the 2009 H1N1 flue pandemic, which means the spread is probably
not going to be uniform. Notwithstanding the fact that food comes under the ambit
ofessential commodities that in principle are exempt from movement
restrictions,India’s food markets have been significantly impacted by the spread of the
novelcoronavirus (and COVID-19 disease). The impact has manifested itself in the
form ofdemand as well as supply shocks. The employment and income shocks that
translatedinto an across-the-board demand compression have been further exacerbated
by theclosure of hotels, restaurants, and institutions. Also, consumers’ buying
behaviour haschanged, with greater online transactions and home-delivery services
displacing in-person purchases and restaurant meals. Produce growers and distributors
are beingforced to shift supplies from food service outlets to retail channels. On the
supplyside, all across the value chain, there are labour and logistical constraints. All
thesefactors have implications for the quantities of goods that arrive at the
wholesalemarkets that feed retail outlets, and the prices at which tradeoccurs.
The Impact of Coronavirus on the Agriculture Sector of India
As the world comes to a standstill and public life shuts down across the globe, all
have their eyes on the healthcare systems which are buckled under the strain of the
COVID-19 pandemic. With the lockdown anticipated to extend for some more time,
there are now concerns rising over food supply and people are now scared. The
potential negative impacts of Corona on agricultural production, market stability,food

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supply may now be seen from the surface but it is still difficult to predict quantify the
exact damage accurately. However, viewing the current scenario and based on the
floating news, here is an overview of the impact on agricultural production and
economy.
As Rabi crop harvest season coincides with the coronavirus pandemic

lockdown, the ready to be harvested crops unabatedly stands in the fields, on
account of the dearth of agricultural laborers. Already reeling under an
unprecedented confluence of pressure, the agrarian economy is now struggling
to keep its head above water. However, timely intervention by the center and
state govt. has brought a big respite to the farmers of India. The Center and
State Governments are now working in harmony to redress the grievances of
farmers by introducing a hantle of measures every day such as subsidies,
including crop insurance to farmers, free flow of agricultural credit,
unemployment allowance to rural landless/migrant workers under MANREGA,
etc. The govt. is using every arrow in its quiver to ensure the health of farmers
by continuously sensitizing the farmers about working in fields with covered
faces while maintaining socialdistancing.
In order to reinforce a zero hurdle harvest season, the govt has exempted the
movement of farm machinery from lockdown. But there are some discrepancies
here, for instance, the farmers in Punjab and Haryana, the ‘food bowls’ of the
country, await ‘combine harvesters’, the machinery to harvest the grain crop,
while it remains stuck in Madhya Pradesh due to the lockdown. Despite enlisted
as an essential service, the movement of combined harvesters has not been a
smooth sailing operation. This is mainly because the order has not made its way
to the people on the ground
The absence of transport facilities clubbed with vigilant blocking roads has a
limiting effect on the movement of migratory harvest labor and agri-machinery.
Also, trucks and tractors are not inclusive of ‘farm machinery’ by definition.

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Although, many state governments have regulated the free movement of trucks, a
nation-wide regulation is yet to be seen.
Currently, tractors are in high demand for sowing and land preparation for Kharif
crops.
Due to a lack of transportation and logistics facilities, the produce remains to lie on
the fields at the grace of Almighty. This leaves the crestfallen farmer with no
alternative other than feeding the fresh produce to the cattle. Railways can play a
turnkey role here by transporting farm inputs – including seeds, etc. from seed
processing units to all states and farm output from the rural pockets to the cities.
The new features of National Agriculture Market (e-NAM) Platform launched by

Shri Narendra Singh Tomar, Union Minister of Agriculture & Farmers’ Welfare,
Rural Development and Panchayati Raj aims to strengthen agriculture marketing by
reducing the need for farmers to physically access the wholesale mandis for selling
their harvested produce; is a welcoming move to decongest mandis.
Although equipped with smartphones, the uneducated and naïve farmers are not
able to reap the benefits of this ingenious measure. As a result, streamlining of crop
procurement and mandi operations continues to be a challenge. NGOs can volunteer
to educate the farmers on the usage of these new features of the National
Agriculture Market (e-NAM)Platform.
Major destinations like China, the U.S, and Europe may grapple with COVID-19
for some coming months. As a result of global embargo and port hurdles, the
exportable produce will also bear the brunt of low consumer demands. As
industries pulled down their shutters, there has been a slump in the domestic
demand as well. Most state governments are now buying their respective farm
produce from the farmers on respective Support Price and above. Thus, ensuring
optimal prices for domestic and export produce and restoring farmer’s faith. This
will further restore farmer’s interest in Kharif season and therefore food production
will not beimpacted.

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To pump up the morale of the farmers, more such creative yet safe and
pragmatic solutions areneeded.
Amid border closures, quarantines, and market, supply chain and trade disruptions,
the food reservoirs are not going to last forever. Despite a purported food crisis, the
trial and error based experimental cooking are trending, causing enormous food
wastages. At such a time when some people are running out of food and are on the
brink of starvation due to the lockdown, it is our moral duty to restrict our diet to
plain and simplistic food.
With a 16.5 percent contribution to GVA (Gross Value Added) and 43 percent
population engaged, the food and agriculture sector has immense potential to wean
India out of the economic crisis abyss. The incessant fast lane solutions and swift
actions by the govt. to empower the farmers, will surely succor India in winning the
war against the life and livelihood pulverising coronavirus pandemic.
Commodities Exchange
A commodities exchange is a legal entity that determines and enforces rules and
procedures for trading standardized commodity contracts and related investment
products. A commodities exchange also refers to the physical center where trading
takes place. The commodities market is massive, trading more than trillions of dollars
each day.
Traders rarely deliver any physical commodities through a commodities exchange.

Instead, they trade futures contracts, where the parties agree to buy or sell a specific
amount of the commodity at an agreed upon price, regardless of what it currently
trades at in the market at a a predetermined expiration date. The most traded
commodity future contract is crude oil.
Commodities exchanges are the central location where commodities are traded. The
commodity markets began with the trading of agricultural products such as corn,

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cattle, wheat, and pigs in the 19th century. Chicago was the main hub for this kind of
trading, due to its geographical location near the farm belt and because it was a key
east-west transit point with railroad access. Modern commodity markets trade many
types of investment vehicles, and are often utilized by various investors from
commodity producers to investment speculators. Two of the best known commodity
exchanges in the United States are the Chicago Mercantile Exchange (CME) Group
and the New York Mercantile Exchange (NYMEX). CME Group is the world's
leading and most diverse derivatives marketplace, handling three billion contracts
worth approximately $1 quadrillion annually, while the NYMEX is one part of the
CMEGroup.
The most well-known commodity exchange in Europe is the Intercontinental

Exchange (ICE). Similar to CME and NYMEX, ICE is an electronic commodity
exchange with no physical trading floor. In a cost competitive environment, electronic
exchanges are becoming more prevalent. The only physical commodity trading
exchange left in Europe is the London Metal Exchange (LME). The LME is the world
center for the trading of industrial metals—more than three quarters of all non-ferrous
metal futures business is transactedthere.
The nature of commodities exchanges is changing rapidly. The trend is in the

direction of electronic trading and away from traditional open outcry trading, where
traders meet face-to-face and trade in what is known as a trading pit. With the open
outcry system, traders communicate buy and sell orders through hand and verbal
signals, just like anauction.
For example, in July 2016, CME Group closed down the NYMEX commodities
trading floor, the last of its kind, after all but 0.3% of its energy and metals volumes
shifted to computers. A year earlier, CME decided to shut down the commodity
trading floor in Chicago, ending a 167-year-old tradition of face-to-face trading in
favor of fully electronic trading.

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Structure Of Commodity Futures Market in India

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CHAPTER II
REVIEW OF LITERATURE
AND
RESEARCH DESIGN

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REVIEW OF LITERATURE
Christian Elleby, Ignacio Pérez Domínguez, Marcel Adenauer &Giampiero

Genovese, in their study Impacts of the COVID-19 Pandemic on the Global
Agricultural Markets (2020) investigated the impact of the very first lockdown
regulations imposed by governments globally, on the agricultural commodities
markets, and found that there was a significantly negative impact (4-18% decrease) on
the meat prices, dairy products, biofuel prices, maize, and oilseeds, as a result of the
demand shock created from the pandemic.
Chinn et al (2005) The relationship between spot and futures prices for energy
commodities (crude oil, gasoline, heating oil and natural gas). The main motivation
was to examine whether future prices were unbiased and accurate predictors of
subsequent spot prices for different time horizons. The study concluded that futures
prices were unbiased predictors of crude oil, gasoline, and heating oil prices, but not
of natural gas prices of three months horizon. But futures prices typically explain only
a small portion of the variation in underlying commodity pricemovements.
Silvapulle and Moosa (1999) examined the relationship between the spot and futures
prices of WTI crude oil using daily data. Linear causality test revealed that future
prices lead spot prices, but nonlinear causality test revealed a bi directional effect. The
results suggests that both spot and futures markets react simultaneously to
information.
Silber (1983) They found that the futures market dominated spot market, the spot
market also played a role in price discovery. The reverse information flow from spot
to future markets as well. They also found that market size and liquidity played
important role in the price discovery function. The gold and silver markets are highly
integrated even over one day. However, the degree of integration varied over the time
lag taken intoconsideration.
Sunil (2004) attempted to investigate price discovery function and futures contracts
for ensuring better hedge against price uncertainty for some selected commodities. In

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this econometric study, the daily futures and comparable spot prices for three
contracts of each commodity for five sample commodities (castor seed, gur, cotton,
pepper and groundnut) were taken. The study used ordinary least squares method for
estimating regression. The study found that the absence of cointegration reflects lack
of long run staple relationships between the spot and future prices. Finally he
concluded that futures markets are notefficient.
Gopal Naik et al., (2002) mainly examined the performance of six commodity future
markets in terms of risk management and price discovery function. The overall
usefulness of futures markets is generally reflected in the trends in the membership of
exchanges and the extend of liquidity. The usefulness of futures markets in risk
management has been evaluated by the analyzing the risk involved in the spot, futures
and basis of commodities. The role of price discovery has been evaluated by testing
its forward pricing ability through of co-integration between cash and futures prices
and test forefficiency.
Aviral Chopra (2005) empirically tested the incidence of price discovery for black
pepper in the spot market and the nearby and first distant futures markets with
October 2001 to February 2003 daily data from Kerala, India. Modern time series
methods of co-integration and directed acyclic graphs showed that the price
information is discovered in the futures market, evidence is ambiguous as to whether
that discovery is in the nearby or distant contract. They said that the evidence is
different from that reported from the united states where, for agricultural
commodities, the nearby contract is clearly the center of pricediscovery.
Pankaj Kumar Gupta (2012) examines the price discovery function of commodity
futures markets in India and the volatility spill over between commodity futures and
spot markets. They tested the price discovery function by using EGARCH model and
causality tests. They selected chana spot and closing futures prices from Multi
Commodity Exchange and National Commodity Derivatives Exchange Ltd. The data
period is from January 2005 to June 2011.

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Bessler and Covey (1991) investigate the price discovery role of live cattle future
markets by using cointegration analysis. The study finds minor evidence of
cointegration between nearby futures and spot price but no evidence of cointegration
when more distant futures contracts are considered.
Schroder and Goodwin (1991) study the live hogs markets in order to analyze the
short and long run price relation between Omaha spot and Chicago
MerchantileExchange(CME) Future markets. The study finds that the futures and spot
series operate to some extent autonomously and the long term relationship is generally
non stationary. The study concludes that the futures markets dominates spot markets
for live hogs.
Fortenbery and Zapata (1993) Use the cointegration to analyze price dominance by
using futures and spot prices of corn and soya bean. The study finds evidence of
cointegration for all spot and futures market pairs under the study. The study suggests
that inclusion of interest rates as an additional explanatory variable would provide a
more appropriate specification because tha cost of maintaining inventory is high in
case of all most all the storable commodities.
Sandeep Kumar (2020) Studied that the situations of COVID-19 will certainly have
an adverse effect over and above health care on factors of the internet of things in
market. To overcome all the above issues, IOT devices and censors can be used to
track and monitor the movement of people, so that the necessary actions can be taken
to prevent the spread of corona virus disease (COVID 19). Mobile devices can be
used for contact tracing of the affected person by analyzing the geomap of the travel
history.
R Ramkumar (2020) deals with the impact of COVID 19 on the agricultural sector.
The analysis is organized at the global level, but it has a specific focus on India. First,
it reviews the overall food supply situation in the world and India to assess the
possibilities of food crises. The fall in wholesale prices indices for cereals, vegetables,
eggs and poultry chicken was indicative of low price realization for thefarmers.

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Statement of the Problem
The World Health Organization declared a state of global health emergency in the
month of January 2020, and since then, there has been drastic social, and economic
impacts worldwide. Social distancing, self-isolation, travel restrictions, and country
wide lockdowns have made a huge impact on the world economy with the
commodities market being one of the worst affected. On this backdrop, it is necessary
to evaluate the impact of COVID-19 on agricultural commodities market, bringing
into notice the insufficient research on thisaspect.
OBJECTIVE OF THE STUDY
• To study the Price Trend of selected agriculturalcommodities

• To analyze the impact of COVID 19 on the selected agriculturalcommodities
• To determine the change in the value of agricultural commodities, Pre and
Post of COVID19
Hypothesis
Null hypothesis (H00)= COVID-19 pandemic has no significant impact on the spot
and future prices of Wheat and coriander on NCDEX.
Alternate hypothesis (H1111)= COVID-19 pandemic has a significant impact on the
spot and future prices of Wheat and coriander on NCDEX
RESEARCH GAP
Covid 19 is a new concept that has emerged in the recent days. The deadly virus has
effected many both directly and indirectly, and one of them is it's impact on the
Agricultural commodities. The study focuses on the selected agricultural commodities
(Wheat and Coriander) which has an impact due to Covid 19. Wheat and Coriander
arethelargelytradedagriculturalcommoditiesintheIndianmarket.Hence,inthe

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present study, futures traded on Wheat and Coriander is analyzed to assess their role
in price discovery and their impact due COVID19
SCOPE OF THE STUDY

In this study both Spot and futures are taken for analysis. The study is based on Wheat
and Coriander agricultural commodities in India. Two commodities on NCDEX were
taken for calculations.
DATA COLLECTION AND METHODOLOGY

• Sources of data: This study is based on the Secondary data which is collected
from National Commodity and Derivatives Exchange Limited (NCDEX). The
study used closing prices of spot and near future contracts of Wheat and
Coriander.
• Sample selection:The study selected the NCDEX as the largest national
commodity exchange for agricultural commodity trading, and the study is
conducted based on two agricultural commodities, Wheat andCoriander.
• Sample criteria:The two commodities selected for the study Wheat and
Coriander are selected on the basis of their trading frequency on the NCDEX
platform.
TOOLS AND TECHNIQUES

• TrendAnalysis
• TTest
• ANOVA
PERIOD OF THE STUDY

The study was conducted from January 2019 to December 2020
IMPORTANCE OF THE STUDY

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The need of this study is to identify the impact of COVID 19 on the Indian
Agricultural Commodities. Impact of COVID 19 is a new concept that
emerged in the recent days. The deadly virus has affected many people all
over the world , both directly and indirectly. One of them is its impact on
Indian Agricultural Commodities. The study helps us to determine the changes
in the value of different agriculturalcommodities.
LIMITATIONS OF THE STUDY

• Since there is no primary data available , research is based on secondary the
reliability of the data mayvary.
• The study is restricted to only selected AgriculturalCommodities.
• The overall study of complete Agriculture Commodities is beyond the scope
of thispaper.
Trend Analysis
Trend analysis is a technique used in technical analysis that attempts to predict future
stock price movements based on recently observed trend data. Trend analysis is based
on the idea that what has happened in the past gives traders an idea of what will
happen in the future. There are three main types of trends: short-, intermediate- and
long-term. Trend analysis tries to predict a trend, such as a bull market run, and ride
that trend until data suggests a trend reversal, such as a bull-to-bear market. Trend
analysis is helpful because moving with trends, and not against them, will lead to
profit for aninvestor.
A trend is the general direction the market is taking during a specified period of time.
Trends can be both upward and downward, relating to bullish and bearish markets,
respectively. While there is no specified minimum amount of time required for a
direction to be considered a trend, the longer the direction is maintained, the more
notable the trend.

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Trend analysis is the process of looking at current trends in order to predict future
ones and is considered a form of comparative analysis. This can include attempting to
determine whether a current market trend, such as gains in a particular market sector,
is likely to continue, as well as whether a trend in one market area could result in a
trend in another. Though a trend analysis may involve a large amount of data, there is
no guarantee that the results will becorrect.
Examples of Trend Analysis
In order to begin analyzing applicable data, it is necessary to first determine which

market segment will be analyzed. For instance, you could focus on a particular
industry, such as the automotive or pharmaceuticals sector, as well as a particular type
of investment, such as the bond market.
Once the sector has been selected, it is possible to examine its general performance.
This can include how the sector was affected by internal and external forces. For
example, changes in a similar industry or the creation of a new governmental
regulation would qualify as forces impacting the market. Analysts then take this data
and attempt to predict the direction the market will take moving forward.
ANOVA(Analysis Of Variance)
Analysis of variance (ANOVA) is a collection of statistical models and their

associated estimation procedures (such as the "variation" among and between groups)
used to analyze the differences among means. ANOVA was developed by the
statistician Ronald Fisher. ANOVA is based on the law of total variance, where the
observed variance in a particular variable is partitioned into components attributable
to different sources of variation. In its simplest form, ANOVA provides a statistical
test of whether two or more population means are equal, and therefore generalizes the
t-test beyond twomeans.

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ANOVA is a form of statistical hypothesis testing heavily used in the analysis of

experimental data. A test result (calculated from the null hypothesis and the sample) is
called statistically significant if it is deemed unlikely to have occurred by chance,
assuming the truth of the null hypothesis. A statistically significant result, when a
probability (p-value) is less than a pre-specified threshold (significance level),
justifies the rejection of the null hypothesis, but only if the a priori probability of the
null hypothesis is nothigh.
In the typical application of ANOVA, the null hypothesis is that all groups are
random samples from the same population. For example, when studying the effect of
different treatments on similar samples of patients, the null hypothesis would be that
all treatments have the same effect (perhaps none). Rejecting the null hypothesis is
taken to mean that the differences in observed effects between treatment groups are
unlikely to be due to randomchance.
By construction, hypothesis testing limits the rate of Type I errors (false positives) to
a significance level. Experimenters also wish to limit Type II errors (false negatives).
The rate of Type II errors depends largely on sample size (the rate is larger for smaller
samples), significance level (when the standard of proof is high, the chances of
overlooking a discovery are also high) and effect size (a smaller effect size is more
prone to Type IIerror).
The terminology of ANOVA is largely from the statistical design of experiments. The
experimenter adjusts factors and measures responses in an attempt to determine an
effect. Factors are assigned to experimental units by a combination of randomization
and blocking to ensure the validity of the results. Blinding keeps the weighing
impartial. Responses show a variability that is partially the result of the effect and is
partially random error.
ANOVA is the synthesis of several ideas and it is used for multiple purposes. As a
consequence, it is difficult to define concisely or precisely.

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Paired T Test
The paired sample t-test, sometimes called the dependent sample t-test, is a statistical
procedure used to determine whether the mean difference between two sets of
observations is zero. In a paired sample t-test, each subject or entity is measured
twice, resulting in pairs ofobservations.
The paired sample t-test, sometimes called the dependent sample t-test, is a statistical
procedure used to determine whether the mean difference between two sets of
observations is zero. In a paired sample t-test, each subject or entity is measured
twice, resulting in pairs of observations. Common applications of the paired sample t-
test include case-control studies or repeated-measures designs. Suppose you are
interested in evaluating the effectiveness of a company training program. One
approach you might consider would be to measure the performance of a sample of
employees before and after completing the program, and analyze the differences using
a paired samplet-test.
Assumptions
As a parametric procedure (a procedure which estimates unknown parameters), the

paired sample t-test makes several assumptions. Although t-tests are quite robust, it is
good practice to evaluate the degree of deviation from these assumptions in order to
assess the quality of the results. In a paired sample t-test, the observations are defined
as the differences between two sets of values, and each assumption refers to these
differences, not the original data values. The paired sample t-test has four main
assumptions:
• The dependent variable must be continuous(interval/ratio).
• The observations are independent of oneanother.
• The dependent variable should be approximately normallydistributed.
• The dependent variable should not contain anyoutliers.

Commodities
CHAPTER III
THEORETICAL PERSPECTIVES

Commodities
INTRODUCTION
This chapter deals with the information collected by the researcher related to the
THEORITICAL aspects of spot and future markets, NCDEX and the background of
commodities which is taken for the study
SPOT AND FUTURES MARKET

The spot market of commodities or securities in which goods are sold for ready cash
and delivered immediately. Spot is real time market for instant sale of commodities
like precious metals gold, grain etc. If the transactions takes place on the spot it is a
spot market. For example a merchant and traders go to the field and buy the standing
crop or the freshly reaped crop at the spot. Since the stock is physically delivered it is
called physical market and cash changes hands it is also called a cash market and
since stock is physically delivered is also called as physical market. The contract
entered in the spot market becomes immediately effective. Prices are settled at current
prices. The primary activities of buying and selling are carried out in spot market. A
spot market can operate only where necessary infrastructure is available. Thus internet
provides a spot market for securities. Grains, cotton and other agricultural
commodities are traded at the firms while spot market proved a ready market or the
farm produce which reduces the farmers cost on transposition and warehousing, not to
speak of the legal hurdles that the farmer has to face in commodity movement, there is
a wide gap between the farm gate price and consumer price.the traders enjoy
monopoly and there is less transparency in pricing, unless the farmer had complete
knowledge about the prevailing price, he would be out to insufferableloss.
As opposed to spot markets, deals are stuck for future action in the future market. A
future contract can be defined as a type of financial contract wherein parties agrees to
exchange financial instruments like securities or physical commodities for future
delivery at a particular price. Future contract is a standardized contract to buy at a
future date at a certain price. The commodities in the future market can be reasonably
expected to be delivered within a month or so. Future market is not ready market like
a spot market. Future market does not involve primary activity and it is speculative in
nature. I. The future market, deals are stuck at forward prices. A future contractgives

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the holders the obligation to buy or sell. Both parties of the contract must fulfil the
contract. Here everything is in a fluid state until the security or commodity reaches
the buyers Hands and the consideration reaches the other party. The future date is
called delivery date and a final settlement date. The present is called future price. The
price of the underlying assets on the delivery date is called the settlementprice.
Future traders are traditionally two groups - Hedgers who have an interest in the
commodity being traded like farmers, producers and consumers and speculators who
seek to make profit by predicting market moves. Future market is full of risk because
anything might go wrong at any stage and the transactionsay become invalid or void.
Stock markets all over the world are highly volatile and the value of the traded
security may go down at any time. Similarly if a commodity like crude oil is traded,
the happening of the future event may be subject to political equations between the
two countries, unrest in a neighboring country may dealay the delivery. This the
future market is not for risk adverse. It is only for those who trust other and their own
luck.
A very small percentage of future contracts turn to physical delivery. In India
NCDEX playing a very important role in future and spotmarket.
NATIONAL COMMODITY AND DERIVITIVES EXCHANGE LIMITED

(NCDEX)
National Commodities and Derivatives Exchange Limited (NCDEX) is an online
commodity exchange based in India. It has an independent board of directors and
provides a commodity exchange platform for market participants to trade in a
commodity derivatives. It is public limited company, incorporated on 23 April 2003
under the companies Act, 1956 and obtained it's certificate for commencement of
business on 9th May 2003. It commenced operations on 15 December 2003.
As of July 2013, NCDEX has 88 registered members and client base of about 20 lakhs
and offers trading on more than 49000 terminals across 1000 centers in India. It
facilities deliveries of commodities through a network of over 594 accredited
warehouse through eight warehouse services providers, while holding capacity of
around 1.5 million tonnes and offer average deliveries of 1 lakh MT at every Contract

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expiry, NCDEX has offices in Mumbai, Delhi, Ahmadabad, Indore, Hyderabad,
Jaipur and kolkatta. National Commodities and Derivatives EXchange
limited(NCDEX) is a professionaly managed online multi commodity
exchange.NCDEX offers a bouquets of benefits which are currently in short supply in
the commodity markets.The shareholders of NCDEX are prominent players in their
respective fields and bring with them institutional building experience, trust,
nationwide reach, technology and risk management skills. NCDEX is a nation level,
technology driven de-mutualized online commodity exchange with an independent
Board of directors and professional management. NCDEX headquarters are located
in Mumbai and offers facilities to its members from the centers located throughout
India. As of March 31, 2019, the exchanges offered futures contracts in 19
agricultural commodities and options contracts in 5 agriculturalcommodities.
BOARD OF DIRECTORS
The governance of NCDEX vests with the Board of Directors. The Board comprises
persons of eminence, each an authority in his own right, in the areas very relevant to
the Exchange.
As per the provisions of our Articles of Association, the Exchange is required to have
not less than three Directors and not more than 16 Directors. In terms of the SECC
Regulations, the Board is required to include Shareholder Directors, Public Interest
Directors and a Managing Director. Further, as per the SECC Regulations, the number
of Public Interest Directors should not be less than the number of Shareholder
Directors.
The Board comprises 11 Directors, including one Managing Director and Chief
Executive Officer, four Shareholder Directors, and six Public Interest Directors
(including one woman Director and one Chairman). The Exchange is in compliance
with the corporate governance requirements prescribed under the SECC Regulations,
SEBI Listing Regulations and the Companies Act, in relation to the composition of
the Board and constitution of committeesthereof.
The Board Comprises of the following members:
Mr. Chaman Kumar
Retired Indian Administrative Service Member

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Public InterestDirector
Mr. AshishBahuguna
Public Interest Director of the Exchange
Dr. Ashok Gulati
Indian Council for Research on International Economic Relations (ICRIER) - Public
Interest Director
Mr. NirmalenduJajodia
Public Interest Director
Advisor to Financial Markets Institutions
Mr. Prem Kumar
MalhotraPublic Interest
DirectorAdvocate
Dr. Purvi Mehta
Public Interest Director
Deputy Director and Head of Asia for Agriculture, Bill and Melinda Gates
Foundation
Mr. B. Venugopal
Shareholder Director
Former Managing Director, Life Insurance Corporation of India
Mr. Manikumar S.
Shareholder Director
General Manager, NABARD.
Mr. Rakesh Kapur
Shareholder Director of the Exchange
Joint managing director and chief financial officer of Indian Farmers Fertiliser
Cooperative Limited.
Mr. Srinath Srinivasan
Shareholder Director of the Exchange
Mr. Vijay Kumar V.
Managing Director and Chief Executive Officer of the Exchange.
Spices

NCDEX
A spice is a seed, fruit, root, bark, or other plant substance primarily used for
flavoring or coloring food. Spices are distinguished from herbs, which are the leaves,
flowers, or stems of plants used for flavoring or as a garnish. Many spices have
antimicrobial properties, which may explain why Spices are more prominent in
cuisines originating in warmer climates, where food spoilage is more likely, and why
the use of spices is more common with meat, which is particularly susceptible to
spoiling are sometimes used in medicine, religious rituals, cosmetics or perfume
production.
'Spices' are aromatic substances of plant origin, they form a dried part of plant, which
is essentially distinguishes them from 'Herbs', which are obtained from the leaves of
herbaceous (non-woody plants). Plants. While spice are generally grown in warm
tropical and sub tropical climates, herbs originate from temperature climates, herbs
originate from temperate climate. Condiments also differ from spices, as they are
edible substances.
Spices' Uses
The primary application of all the three - spices, herbs and condiments - remains the
same, i.e. they are used for adding flavor, aroma, color and taste to food and drinks,
and sometimes also as preservatives or anti-bacterial agents, or as refreshing or
invigorating agents. Although spices are very commonly used in the form of a
powder, some are used as tinctures obtained by extracting essentials oils and many are
used as a whole. The use of spice in food had started from time immemorial but they
have found new applications in the course of history as ingredients of medicines,
perfumes, incense, soaps and many pharmaceutical products. Certain spices have
often been used as medium of exchange/currencies at many periods throughout
history. Researchers have found the mention that Alaric I is said 2 to have demanded
pepper as part of the ransom for raising the siege of Rome in 408. Similarly, Pharisees
in Judea paid tithes in cumin seeds. During the fourteenth century, in Germany, one
be paid in peppercorns, and a pound of pepper would serve to buy the freedom of a
serf in France. Most of Spies are indigenous to tropical Asia, the West Indies and
South America. Hence, spices have always served as a primary and prominent source
toearnthemuchneededforeignexchangebydevelopingcountriesintheseregions,

NCDEX
which historically have been exporting these basic agricultural commodities to
developed countries, which have limited production of the same.
A Brief Backdrop of Spices' Trade

History of spices dates back to 6th century BC, if not long, long before that.
Archaeologists discovered spices in Egyptian tombs as early as 3000 BC. Many of
them spices had strong connections or affiliations with different Gods. Spices from
Asian continent were carried by caravan to ports of the Mediterranean Sea or the
Persian Gulf and thereafter to the market places of Athens, Rome and other cities,
where they were sold at exorbitant prices. During 1497 and 1498, British, Italian,
Portuguese navigators undertook voyages to Asia in search of spices. Portuguese
navigator, Vasco da Gama, who landed in Calicut (Kozhikode, now) in Kerala, India,
on May 20, 1498, reported about Malabar region, the inexhaustible land of spices in
India. The Portuguese started trading directly with India, Siam (modern day Thailand)
and China and controlled the Silk routes to China and the sea routes to India.
Between A.D. 1605 and 1621, the Dutch managed to drive the Portuguese out of the
Spices islands achieving a monopoly in spices trading. However in A.D. 1799 the
Dutch East India Company went bankrupt due to many reasons and the Dutch ports of
Malabar Coast were taken over by the British. By the end of the eighteenth century,
the United States entered the scene of world spice trade (especially pepper), the most
remunerative trade of thetime.
Coriander or
DhaniyaIntroduction
Coriander, (Coriandrum sativum), also called cilantro or Chinese parsley, feathery
annual plant of the parsley family (Apiaceae), parts of which are used as both an herb
and a spice. Native to the Mediterranean and Middle East regions, the plant is widely
cultivated in many places worldwide for its culinary uses. Its dry fruits and seeds,
which are also known as coriander, are used to flavour many foods, particularly
sausages, curries, Scandinavian pastries, liqueurs, and confectionery, such as English
comfits. Its delicate young leaves, known as cilantro, are widely used in Latin
American, Indian, and Chinese dishes.

NCDEX
The plant produces a slender hollow stem 30 to 60 mm (1 to 2.5 inches) high with
fragrant bipinnate leaves. The small flowers are pink or whitish and are borne in
umbel clusters. The fruit is a small dry schizocarp consisting of two semiglobular
fruits joined on the commisural, or inner, sides, giving the appearance of a single,
smooth, nearly globular fruit about 5 mm (0.2 inch) in diameter. The yellowish brown
fruits have a mild fragrance and taste similar to a combination of lemon peel and sage.
The seeds contain from 0.1 to 1 percent essential oil; its principal component is
coriandrol.
Records of the use of coriander date to 5000 BCE. The Romans used it to flavour
bread. It was once used as an aromatic and carminative, but its only modern use in
medicine is to mask unpleasant tastes and odours of drugs.As a spice, the lemony and
floral flavor of coriander finds its way into the many Asian, Latin, and Indian dishes,
as well as European cuisine. While the leaves of the coriander plant are an herb
known as cilantro or Chinese parsley, the round seeds are used to make coriander
spice. This spice is found in the Indian spice mixture garam masala, which is used in
many savory dishes.Most people perceive the taste of coriander leaves as a tart,
lemon/lime taste, but to nearly a quarter of those surveyed, the leaves taste like dish
soap, linked to a gene which detects some specific aldehydes that are also used as
odorant substances in many soaps anddetergents.
Coriander is native to regions spanning from Southern Europe and Northern Africa to
Southwestern Asia. It is a soft plant growing to 50 cm (20 in) tall. The leaves are
variable in shape, broadly lobed at the base of the plant, and slender and feathery
higher on the flowering stems. The flowers are borne in small umbels, white or very
pale pink, asymmetrical, with the petals pointing away from the center of the umbel
longer (5–6 mm or 0.20–0.24 in) than those pointing toward it (only 1–3 mm or
0.039–0.118 in long). The fruit is a globular, dry schizocarp 3–5 mm (0.12–0.20 in) in
diameter. Pollen size is approximately 33 microns.
Coriander grows wild over a wide area of Western Asia and Southern Europe,
prompting the comment: "It is hard to define exactly where this plant is wild and
where it only recently established itself."Fifteen desiccated mericarps were found in
the Pre-Pottery Neolithic B level of the NahalHemar Cave in Israel, which may be the
oldest archaeological find of coriander. About half a litre of coriander mericarps was
recoveredfromthetombofTutankhamen,andbecausethisplantdoesnotgrowwild

NCDEX
in Egypt, Zohary and Hopf interpret this find as proof that coriander was cultivated by
the ancient Egyptians.TheEbers Papyrus, an Egyptian medical text dated to around
1550 BC, describes coriander's medicinal and culinary uses.
Coriander seems to have been cultivated in Greece since at least the second
millennium BC. One of the Linear B tablets recovered from Pylos refers to thespecies
as being cultivated for the manufacture of perfumes; it apparently was used in two
forms: as a spice for its seeds and as a herb for the flavour of its leaves.This appears
to be confirmed by archaeological evidence from the same period; the large quantities
of the species retrieved from an Early Bronze Age layer at Sitagroi in Macedonia
could point to cultivation of the species at that time. Later, coriander was mentioned
by Hippocrates (c. 400 BC), as well as Dioscorides (65AD).
USES
All parts of the plant are edible, but the fresh leaves and the dried seeds are the parts
most traditionally used in cooking, Coriander is used in cuisines throughout the
world.Leaves
The leaves are variously referred to as coriander leaves, fresh coriander, Chinese
parsley, or (in the US and commercially in Canada) cilantro.The leaves have a
different taste from the seeds, with citrus overtones.
Seeds
The dry fruits are coriander seeds. The word "coriander" in food preparation may
refer solely to these seeds (as a spice), rather than to the plant. The seeds have a
lemony citrus flavour when crushed, due to terpenes linalool and pinene. It is
described as warm, nutty, spicy, andorange-flavoured.
Domestic Fundamentals
Cultivation practice coriander is usually cultivated during Rabi season. Itrequires
cool climate during growth stage and warm dry climate at maturity. It can be
cultivated in all most all types of soils but we'll drained loamy soil suits well. In
India, coriander is down during 15th October to 15th November in an area free from
severe frost during 63 February when the crop flowers and sets it's seeds. The sowing
period generally lasts till December and harvesting extends from January toApril,

NCDEX
while arrival starts from January and continue till April. The crop matures is about
110 to 140 days. At maturity, seeds turn to yellow greencolour.
Consumption of Coriander
Among spices, Coriander is the fourth largest spice exported from the country in
terms of quantity. With its exports estimated at 28.1 thousand tonnes in 2011-2012,
coriander accounted for around 5% of the total spices exports, while in terms of value
it's share stood at a meargre 1.7% or Rs 164crore.
Coriander export
Source : Spices Board
Following a healthy domestic demand from household sector (for food usage) and
also from spice powder making industries, more than 90% of the turmeric produced
used to be consumed internally, leaving the economy with a smaller exportable
surplus. However since last couple of years, India's coriander export has picked up
pace on account of increase in consumption of more spicy foods, especially in
developed countries and large population from Indian origin staying in foreign
countries. For e.g., as per the latest available data in 2009-10, 47.3 thousandstonnes of
coriander was exported from 237 thousand tonnes produced in the countryaccounting

NCDEX
for almost 20% of the domestic production. This was significantly higher compared to
2006-07, where coriander exports have stood at 21.4 thousand tonnes forming only
9.2% f the total coriander produced in the country.
Indian Coriander Exporters

Coriander is a herb that’s popularly used in various cuisines across the world. It
comes from the Coriandrum sativum plant and is closely related to parsley, carrots,
and celery. The Coriander exporter in India exports tonnes of the product abroad from
India. This Coriander export from India has been increasing over the years. This may
be because of the several health and medicinal benefits of coriander. The Indian
Coriander exporter, therefore, is earning good revenues from this export. The
Coriander export includes the export of various varieties ofcoriander.
Major Export Markets for Coriander

Malaysia has been the largest importer of Indian turmeric in terms of quality as well
as value, except in 2009-10 when imports by Pakistan has surpassed those from
Malaysia UAE has been the second largest importer of Indian coriander since last few
last years with its share hovering around 13% in terms of both quantity and value.
Malaysia and UAE together account for slightly above one third of the total coriander
exports from.India.

NCDEX
GLOBAL MARKET DEMAND

In the financial year 2018-19 (Apr-Jan), coriander exports from India were about
41,235 tonnes. The Global market demand for Coriander has been increasing
worldwide. This may be because of the several benefits one gets from this vegetable.
The Coriander exporter in India exports more and more coriander to various parts of
the world. The Coriander import from India has been increasing due to the great
reputation and premium quality of coriander exporter from India.
Trading in Dhaniya on NCDEX

Coriander future contracts was launched on August 2008. The supply fluctuations due
to underlying fundamental factors leads to prices being volatile. For example, aver
volatility in spot prices of coriander at 7.75 per month for the period of 53 months,

NCDEX
i.e. from August 2008 to December 2012. Higher volatility in prices makes coriander
spot 2000 3000 4000 5000 6000 7000 8000 9000 10000 Aug -08 Dec-08 Apr-09 Aug-
09 Dec-09 Apr-10 Aug-10 Dec-10 Apr-11 Aug-11 Dec-11 Apr-11 Dec-11 Apr-12
Aug-12 Dec-12 Rs per Quinta source : NCDEX chart 6: Trend in spot and near month
futures prices of coriander near month futures
Coriander prices kept on tumbling almost for two year since the launch of coriander
contract, accomplished by trivial volume and insignificant trading turnover in terms of
value .
In fact, coriander prices, which were trading at their peek (slightly above Rs 9000 per
quintal) in the very first month of its trading on the NCDEX platform on account of
lower output in Rabi season 2008 and strong export demand, plunged sharply by the
end of December 2008 to drop below Rs 5000 per quintal and the declining trend
continued till March 2009 with prices further falling below Rs 4000 per quintal mark.
Source: NCDEX.
The freefall in coriander prices was triggered when many market players resorted
profit - booking at higher prices and prices got dragged down further on reports of
improved sowing acreages under coriander following higher price realisation
witnessed by coriander grower in the earlier months and stockiest selling their crop 74
ahead of onset of dhaniya harvesting season in the country. However, coriander pieces
saw some corrections and started picking up from March 2009; but buoyancy was
short-lived ad prices once again came under pressures amidst the expectations of
lower demand and so, the less off-take of coriander, which kept prices lingering
around Rs 4000 per quintal till the end of the calendar year 2009 showing marginal
upward as well as down fluctuations on seldom occasions and sinking further in the
subsequent year 2010 to touch a low of around Rs2600 per quintal. During the
calendar year 2010, coriander prices traded in the range from Rs 2600 per quintal to
Rs 4100 per quintal. Lower price realisation from coriander encouraged coriander
grower to cultivate more lucrative crops like mustard seeds in Rajasthan and Jeera in
Gujarat. The resultant fall in acreages in major coriander growing regions lowered the
outputestimatesin2011harvestingseasonsandcorianderpricesshortuptocrossRs
5000 per quintal mark in January 2011. Increased export demand drive up by lower

NCDEX
price levels witnessed in the previous year also contributed to this upward rally in
coriander prices seen in the beginning of the year 2011.
However, onset of peek arrival season in the country dented coriander prices till June
amidst higher output of coriander. Prices bounced backed their After till September
to cross a level of Rs 6000 per quintal on reasons like contraction of inventories and
raising export demand. Nonetheless, at that higher level, export demand started
waning, once again pulling down prices towards the end of the year 2011. Source:
NCDEX 75 coriander prices, which remained suppressed during the first half of the
recently concluded year 2012, showed some uptick as a result of the limited stocks on
restricted arrivals from the major growing belts till August and once again saw
correction dropping for next couple of months. However, with a delay in the harvest
of the Kharif crop and poor sowing in major coriander seed growing areas of
Rajasthan and Madhya Pradesh prices went up from October 2012 till the off the year.
Expected strong export demand for the Indian coriander in the current year due to
lower production in major coriander seeds producing countries such as Ukraine,
Bulgaria and Romania and even in the Eastern European countries on account of
unfavorable weather conditions, also supported uptrend in corianderprices.
Major Trading Centers for Coriander
Baran, kotta, Ramgunj Rajasthan

Ramganj Mandi
Guntur, Varavakonda, Nandyal Andhra Pradesh
Tiruchirappalli, Virudhunagar Tamil Nadu
Davangore Karnataka
Varanasi, Jaunpur Uttar Pradesh
Guna Madhya Pradesh

NCDEX
Wheat
Wheat is a grass widely cultivated for its seeds, a cereal grain which is a world wide
staple food. The many species of wheat together make up the genus tritium; the most
widely grown is common wheat (T.aestivum). The archaeological record suggests that
wheat was first cultivated in the regions of the fertile crescent around 9600 BCE.
Botanically, the wheat kernel is a type of fruit called a caryopsis. Wheat is grown on
more land area than any other food crop (220.4 million hectres, 2014). World Trade in
wheat is greater than for all other crops combined. In 2017, world production of
wheat was 772 million tonnes, with a forecast of 2019 production at 766 million
tonnes, making it the second most-produced cereal after maize. Since 1960, world
production of wheat and other grain crops has tripled and is expected to grow further
through the middle of the 21st century. Global demand for wheat is increasing due to
the unique viscoelastic and adhesive properties of gluten proteins, which facilitate the
production of processed foods, whose consumption is increasing as a result of the
worldwide industrialization process and the westernization of thediet.
Wheat is an important source of carbohydrates. Globally, it is the leading source of

vegetable protein in human food, having a protein content of about 13%, which is
relatively high compared to other major cereal but relatively low in protein quality for
supplying essential amino acids. When eaten as the whole grain, wheat is a source of
multiple nutrients and dietary fiber.
In a small part of the general population, gluten – the major part of wheat protein –
can trigger coeliac disease, noncoeliac gluten sensitivity, gluten ataxia, and dermatitis
herpetiformis.
Technological advances in soil preparation and seed placement at planting time, use
of crop rotation and fertilizers to improve plant growth, and advances in harvesting
methods have all combined to promote wheat as a viable crop. When the use of seed
drills replaced broadcasting sowing of seed in the 18th century, another great increase
in productivityoccurred.
Yields of pure wheat per unit area increased as methods of crop rotation were applied
to long cultivated land, and the use of fertilizers became widespread. Improved
agricultural husbandry has more recently included threshing machines, reaper-binder
machines (the 'combine harvester'), tractor-drawn cultivators and planters, and better

NCDEX
varieties (see Green Revolution and Norin 10 wheat). Great expansion of wheat
production occurred as new arable land was farmed in the Americas and Australia in
the 19th and 20th centuries.
Value Chain
Geographical Spread
Wheat is widely cultivated cereal, spread from 57ºN to 47ºS latitude. Hence, wheat
is cultivated and harvested throughout the year in one country or other. ... In India,
UP, Punjab, Haryana, MP, Rajasthan, Bihar, Gujarat, Maharashtra, Uttaranchal and
West Bengal are the important wheat cultivatingstates.
In India, wheat crop is grown mainly in the northern states, with Uttar Pradesh being
the top-most contributor of wheat with a total production of 25.22 million tonnes,
followed by Punjab (15.78 MT) and Madhya Pradesh (14.18 MT). It is interesting to
know that despite being the highest producer of wheat and having the largest land
under wheat cultivation in India (9.85 million hectares), Uttar Pradesh’s productivity
(2561 kg/ hectare) is still less than the national average. But Punjab with 4491 kg/
hectare beats every other state in terms ofproductivity!
Mainly three varieties of wheat are grown in India, with T.aestivum or bread wheat
being the most commonly grown one. It is produced in almost all the wheat
cultivating states of India, i.e. Uttar Pradesh, Punjab, Haryana, Rajasthan, Bihar,West

NCDEX
Bengal, Assam, etc. The second most common variety is T.durum or macaroni/pasta
wheat which is grown in Madhya Pradesh, Maharashtra, Gujarat, Southern Rajasthan
and few locations in Punjab. The third kind, T.dicoccum or Emmer is rarely grown in
the country and is only found to be cultivated in Karnataka, Maharashtra and Tamil
Nadu that too very less compared to the other varieties.
Wheat crop is usually sown from months of September to December in various states
of India depending upon the suitable climate, and the harvesting is done from
February to May depending upon the climate as well as the time it is seeded. The
temperature required for sowing ideally should be the winter temperature of 10°C-
15°C and summer temperature of 21°C-26°C. The temperature at sowing needs to be
low while at the harvesting time, higher temperatures are necessary for the proper
ripening ofWheat.
Being a plant, pests and diseases have always been a problem, although, with the use
of pest and disease resistant varieties and pesticides, the yieldhas increased
phenomenally. Some common pests that affect the wheat cultivation are Stripe Rust
/Yellow Rust, Powdery Mildew, Aphids, Head Scabs, Army Worm, Termites etc.
Most of them can be taken care of with some added vigil and judicious use of
pesticides.
The Indian government has been taking proactive steps to ensure that the farmers do
not have to bear the brunt in case of sharp fall in the selling price of crops. Every year,
Commission for Agricultural Costs and Prices (CACP) advises the government on the
minimum support prices (MSP) for the particular year. For the current year of 2016-
17, the MSP has been announced as INR 1625 per quintal as compared to the last
year’s figure of INR 1525 per quintal.
The high production of wheat crop, however, comes with a downside. Wheat being a
water intensive crop has been responsible for the degradation in the groundwater table
in the states of north India, since farmers resort to groundwater to fulfill the
requirement of the crops. In Punjab alone, the fall in groundwater levels has been
around 10 feet each year. In a country where 65 per of agricultural land is irrigated by
groundwater, the situation seems to be grim and needs some attention and awareness
from the people.

NCDEX
CHAPTER IV
DATA
ANALYSIS AND
INTERPRETATION

NCDEX
WHEAT SPOT PRICE
Table; 4.1
Paired Samples Statistics
Mean N Std. Std. Error
Deviation Mean
PRECOV 2051.70
351 104.02488 5.55244
Pair ID 37
1 POSTCO 1913.97
351 159.57771 8.51763
VID 15
Paired Samples Test
Paired Differences t df Sig. (2-
Mean Std. Std. Error 95% Confidence tailed)
Deviatio Mean Interval of the

n Difference
Lower Upper
VAR000
02 - 136.591 218.742 113.529 159.6545
Pair 1 11.72583 11.649 347 .000
VAR000 95 48 31 9
03
The mean on a average wheat spot price pre covid is 2051.7037 and mean
knowledge on average wheat spot price post covid was 1913.9751.The mean
difference between the variables was 137.73219with a standard deviation was
218.872 & standard error of 11.68253.This resulted in a t-value of 11.790 with 350
degrees of freedom and probability of less than 0.000.Therefore we can conclude that
the test accepts the research hypothesis that,the COVID-19 pandemic has statistically
significant impact on the spot prices of wheat onNCDEX.
Thus, the results of paired sample t-test can be represented as;
Spot Prices;(99)=11.790, p-value=0.000*

NCDEX
WHEAT FUTURE PRICE
Fig 4.2
Deviation Mean
PRECOV 2051.16
351 103.95429 5.54867
Pair ID 81
1 POSTCO 1912.74
351 159.20708 8.49785
VID 07
Paired Samples Test

tailed)
Mean Std. Std. Error 95% Confidence Interval of
Deviation Mean the Difference
Lower Upper
VAR00001 - 138.8257
Pair 1 219.01248 11.70671 115.80114 161.85029 11.859 349 .000
VAR00002 1
The mean on a average wheat future price pre COVID-19 is 2051.1681 and mean
knowledge on average wheat spot price post COVID was 1912.7407 .The mean
difference between the variables was 138.42735 with a standard deviation was
218.82669 & standard error of 11.68010 .This resulted in a t-value of 11.852 with
350 degrees of freedom and probability of less than 0.000.Therefore we can conclude
that the test accepts the research hypothesis that, the COVID-19 pandemic has
statistically significant impact on the spot prices of wheat onNCDEX.

NCDEX
CORIANDER SPOT PRICE
Table 4.3
Deviation Mean
PRECOV 4989.18 3232.6330
356 171.32921
Pair ID 26 2
1 POSTCO 3988.48
356 287.88253 15.25774
VID 03
Paired Samples Test

tailed)
Lower Upper
VAR00001 - -
Pair 1 6236.84877 413.95419 -1669.54284 -38.13592 -2.063 226 .040
VAR00002 853.83938
The mean ona average Coriander spot price pre COVID is 4989.1826 and mean
knowledge on average coriander spot price post COVID was 3988.4803.The mean
3247.87592 & standard error of 172.13708. This resulted in a t-value of 5.813 with
that the test accepts the research hypothesis that, the COVID-19 pandemic has
statistically significant impact on the spot prices of Coriander on NCDEX.

NCDEX
CORIANDER FUTURE PRICE
Table 4.4
Deviation Mean
PRECOV 4888.96 2643.4895
356 140.10467
Pair ID 91 9
1 POSTCO 4090.69 1932.1754
356 102.40509
VID 38 6
Paired Samples Test

tailed)
Lower Upper
VAR00001 - 168.3957
Pair 1 219.52608 14.32030 140.18255 196.60894 11.759 234 .000
VAR00002 4
The mean on a average Coriander spot price pre COVID is 4888.9691 and mean
knowledge on average Coriander spot price post COVID was 4090.6938.The mean
3264.71914 & standard error of 173.02977. This resulted in a t-value of 4.614 with
that the test accepts the research hypothesis that,the COVID-19 pandemic has
statistically significant impact on the spot prices of Coriander on NCDEX.

NCDEX
The time period is considered as the independent variable, and the spot and future
prices,the dependent variables.
The following table represents the result of one- way ANOVA Test.
Table 4.5
Descriptives
Coriander Spot prices
N Mean Std. Std. 95% Confidence Mini Maxi
Deviation Error Interval for Mean mum mum
Lower Upper
Bound Bound
PR
E-
4989. 171.3
CO 356 3232.633 4652.23 5326.13 2019 52735
18 29
VI
D
PO
ST-
3988. 15.25
CO 356 287.883 3958.47 4018.49 2020 4614
48 8
VI
D
Tot 4488. 87.96
712 2347.273 4316.12 4661.54 2019 52735
al 83 8

NCDEX
ANOVA
Coriander Spot prices
Sum of df Mean F Sig.
Squares Square
Between 178250087 178250087
1 33.847 .000
Groups .781 .781
Within 373914138 5266396.3
710
Groups 1.994 13
391739146
Total 711
9.775
From the above F-statistics that we can infer individually that spot prices of coriander having
a p-value Coriander future price 0.000(which is <0.05), is statistically significant, implying
that they are significant for further statistical analyses.Thus, the one-way ANOVA results can
be represented as follows;
Spot Prices;F(1,710)=33.847=0.000.

NCDEX
Coriander Future Prices
Descriptives
N Mean Std. Std. 95% Confidence Interval Minim Maxi

Deviation Error for Mean um mum
Lower Upper
Bound Bound
1.0 4888. 140.10
356 2643.490 4613.43 5164.51 2019 52731
0 97 5
2.0 4090. 102.40
356 1932.175 3889.30 4292.09 2020 40039
0 69 5
Total 4489.
712 2347.906 87.992 4317.08 4662.59 2019 52731
83
Table 4.6
ANOVA

Squares Square
Between 113429329. 113429329
1 21.160 .000
Groups 489 .489
Within 3806075420 5360669.6
710
Groups .287 06
3919504749
Total 711
.775

NCDEX
From the above F-statistics that we can infer individually that spot prices of coriander
having a p-value Coriander future price 0.000(which is <0.05), is statistically
significant, implying that they are significant for further statistical analyses.Thus, the
one-way ANOVA results can be represented as follows;
Spot Prices;F(1,710)=21.160=0.000.
Wheat spot prices
Descriptives

Deviatio Error Interval for Mean mum mum
n Lower Upper
Bound Bound
P
R
E-
2051.7 104.024 5.552 2040.783 2062.624 1843. 2264.
C 351
037 88 44 4 0 00 00
O
VI
D
P
O
ST
- 1913.9 159.577 8.517 1897.219 1930.723 1711. 2304.
351
C 715 71 63 3 7 00 00
O
VI
D
To 1982.8 151.216 5.707 1971.632 1994.043 1711. 2304.
702
tal 376 84 31 1 1 00 00

NCDEX
Table 4.7
ANOVA

Squares Square
Between 3329262.5 3329262.5 183.50
1 .000
Groups 87 87 0
Within 12700176.
700 18143.110
Groups 900
16029439.
Total 701
487
one-way ANOVA results can be represented as follows;
Spot Prices;F(1,710)=183.500=0.000.

NCDEX
Wheat future prices
Descriptives

Deviation Error Interval for Mean mum mum
Lower Upper
Bound Bound
PR
E-
C 2051.1 103.9542 5.548 2040.255 2062.081 1844. 2263.
351
O 681 9 67 2 0 00 00
VI
D
PO
ST
-C
1912.7 159.2070 8.497 1896.027 1929.454 1701. 2306.
O 351
407 8 85 5 0 00 00
VI
D
To 1981.9 151.1564 5.705 1970.753 1993.155 1701. 2306.
702
tal 544 6 03 4 4 00 00

NCDEX
Table 4.8
ANOVA

Squares Square
Between 3362954.0 3362954.0 186.03
1 .000
Groups 51 51 8
Within 12653686.
700 18076.695
Groups 490
16016640.
Total 701
541
one-way ANOVA results can be represented asfollows;
SpotPrices;F(1,700)=186.038=0.000.
The significance as a result of one-way ANOVA test facilities further test on the data
model.Therefore, paired t-test is performed to test the hypothesis;
Null hypothesis (H0)= COVID-19 pandemic has no significant impact on the spot and
future prices of wheat & coriander on NCDEX.
Research hypothesis (H1)= COVID-19 pandemic has significant impact on the spot
and future prices of wheat & coriander on NCDEX.

NCDEX
TREND ANALYSIS
Table 4.9
2019
Jan 4203.2 100
Feb 4010.1 95.40588
March 5159.1 122.7422
April 4243.3 100.954
May 4586.2 109.1121
June 6575.1 156.4308
July 5606.4 133.3841
August 5478.9 130.3507
Sep 5224.6 124.3005
Oct 5647 134.35
Nov 4685.4 111.4722
Dec 4220.9 100.4211

NCDEX
18
0
16
0
14
0
12
0 Series
1
10
0
80
60
40
20
0
From the above table and graph ,The spot prices of 2019 coriander are fluctuating pre
COVID-19 in the year 2019.The highest prices of coriander in the month of June is
156.4308.The lowest prices of coriander is in the month of Feb 95.40588.

NCDEX
Table 4.10
2020
Jan 4441.8 100
Feb 4249.2 95.66392
March 3863.1 86.9715
April 3731.3 84.00423
May 3914.9 88.13769
June 3783 85.16818
July 4056.8 91.33234
August 4332.9 97.54829
Sep 3933.6 88.55869
Oct 3984.5 89.70462
Nov 3761.9 84.69314
Dec 3646.7 82.0996

NCDEX
120
100
80
60
Series1
40
20
From the above table and graph, the spot prices of 2020 coriander are declining pre
COVID-19 in the year 2020.The highest prices of coriander in the month of January is
100.The lowest prices of coriander is in the month of December is 82.0996.

NCDEX
Table 4.11
2019
Jan 4204.8 100
Feb 4071.3 96.82506
March 3999 95.10559
April 4235.1 100.7206
May 4586.5 109.0777
June 6576.3 156.3998
July 5606.4 133.3333
August 5479.6 130.3177
Sep 5226.2 124.2913
Oct 5647.4 134.3084
Nov 4686.3 111.4512
Dec 4221.9 100.4067

NCDEX
18
0
16
0
14
0
12
0 Series
1
10
0
80
60
40
20
0
From the above table and graph ,The Future prices of 2020 coriander are fluctuating
pre COVID-19 in the year 2019.The highest prices of coriander in the month of June
is 156.3988.The lowest prices of coriander is in the month of March is95.10599.

NCDEX
Table 4.12
2020
Jan 4448.9 100
Feb 4243.7 95.38762
March 3863.1 86.8327
April 3732 83.8859
May 3915.5 88.01052
June 3784.9 85.07496
July 4057.3 91.19782
August 4334.2 97.42183
Sep 4936.4 110.9578
Oct 3986 89.59518
Nov 3762.6 84.57371
Dec 3648 81.9978

NCDEX
120
100
80
60
Series1
40
20
From the above table and graph, The Future prices of 2020 coriander are fluctuating
pre COVID-19 in the year 2020.The highest prices of coriander in the month of
September is 110. 9578.The lowest prices of coriander is in the month of December is
81.9978.

NCDEX
Table 4.13
2019
Jan 2138.3
100
Feb 1970.3
92.1432914
March 1906.4
89.15493616
April 1899.4
88.82757331
May 1994.2
93.26100173
June 1999.3
93.49950896
July 2066.2
96.62816256
August 2132.6
99.7334331
Sep 2089.1
97.69910677
Oct 2158.7
100.9540289
Nov 2181.9
102.0390029
Dec 2163.1 101.1597998

NCDEX
10
5
10
0
95
90 Series
1
85
80
From the above table and graph, The Future prices of 2019 Wheat are fluctuating pre
COVID-19 in the year 2019.The highest prices of Wheat in the month of November is
102. 0390029.The lowest prices of Wheat is in the month of April is 88.2579

NCDEX
Table 4.14
2020
Jan 2246.5 100
Feb 2189.7 97.47162
March 1955.2 87.03316
April 1863.4 82.94681
May 1923.5 85.62208
June 1897.8 84.47808
July 1886.2 83.96172
August 1829.9 81.4556
Sep 1764.9 78.56221
Oct 1754.8 78.11262
Nov 1777.1 79.10527
Dec 1736.5 77.29802

NCDEX
12
0
10
0
80
Series
60 1
40
20
Mar…
Aug…
April
Feb
Dec
Jan
June
May
Nov
July
Sep
Oct
0
From the above table and graph, The Spot prices of 2020 Wheat are declining pre
COVID-19 in the year 2020.The highest prices of Wheat in the month of January is
100.The lowest prices of Wheat is in the month of December is 77.29802.

NCDEX
Table 4.15
2019
Jan 2138.3 100
Feb 1970.3 92.1432914
March 1906.4 89.15493616
April 1899.4 88.82757331
May 1994.2 93.26100173
June 1999.3 93.49950896
July 2066.2 96.62816256
August 2132.6 99.7334331
Sep 2089.1 97.69910677
Oct 2158.7 100.9540289
Nov 2181.9 102.0390029
Dec 2163.1 101.1597998

NCDEX
10
5
10
0
95
90 Series
1
85
80
From the above table and graph, The Future prices of 2019 Wheat are declining pre
COVID-19 in the year 2019.The highest prices of Wheat in the month of November is
102.0390029. The lowest prices of Wheat is in the month of April is 88. 82751..

NCDEX
Table 4.16
2020
Jan 2246.5 100
Feb 2189.7 97.47162
March 1955.2 87.03316
April 1863.4 82.94681
May 1923.5 85.62208
June 1897.8 84.47808
July 1886.2 83.96172
August 1829.9 81.4556
Sep 1764.9 78.56221
Oct 1754.8 78.11262
Nov 1777.1 79.10527
Dec 1736.5 77.29802

NCDEX
120
100
80
60
Series1
40
20
From the above table and graph, The Spot prices of 2020 Wheat are declining pre
COVID-19 in the year 2020.The highest prices of Wheat in the month of January is
100. The lowest prices of Wheat is in the month of December is77.29802.

NCDEX
Chapter V
Findings, Suggestions
And Conclusions

NCDEX
Introduction
This chapter summarizes the major findings based on the results and discussions of
empirical study followed by suggestions. The findings are presented on commodity
wise i.e. Wheat and Coriander. Further findings also highlights the impact of covid 19
on the agricultural commodities.
Findings
The present study was taken forward with an aim to find if the COVID-19 pandemic
had impacted the spot and future prices of Wheat and Coriander on NCDEX. The
daily closing price-related data collected from NCDEX website was divided as pre-
corona period and during corona period, and were assigned with dummy variables as
0 and 1, respectively, for ease in performing statistical analyses. For primary analysis,
basic descriptive statistics was used, which helped for concluding from the increased
rates of Mean and Standard Deviations that the prices were highly volatile during the
Corona period, as compared to the pre-coronaperiod.
Wheat
1. The Wheat Integration Test reveals that both Future and Spot prices are
declining During Pre and post covid in the year 2019 and2020
2. The Wheat Integration reveals that Future And Spot prices Of Wheat are
fluctuating during Pre and Post Covid 2019 and2020
3. Before Testing the hypothesis considering the time period as independent
variables and the prices as dependent variable One Way ANOVA test was
performed in order to test the usefulness of thedata
4. The F Statistic so got from the performance of ANOVA (186.038) was high
enough to provide evidence against the Null hypothesis which was further
proved with their P values greater than 0.05 on the basis paired T test was
performed which concluded the Wheat 99% confidence level that there was a
statistically significant impact on Spot and Future prices of wheat on NCDEX
during the Covid19 period (data collected from Jan 2019 to Dec2020.
5. For primary analysis basic descriptive statistics was used which helped for
concluding from the increased rates of Mean and StandardDeviations
6. The prices were highly Volatile during the Pre Covid and Post Covid

NCDEX
7. The Research hypothesis of Covid 19 pandemic has statistically significant
impact on Spot Prices of Wheat on NCDEX
Coriander
• The coriander integration Test reveals that there is a fluctuating Spot and
Future prices during Covid19 and Post Covid19 in the year 2019 and2020
• The coriander integration test reveals that there is a declining during Pre Covid
and Post Covid of future and Spot prices in the year 2019 and2020
• Before Testing the hypothesis considering the time period as independent
variables and the prices as dependent variable One Way ANOVA test was
performed in order to test the usefulness of the data
• The F Statistic so got from the performance of ANOVA (33.847) was high
enough to provide evidence against the Null hypothesis which was further
proved with their P values greater than 0.05 on the basis paired T test was
performed which concluded the Wheat 99% confidence level that there was a
statistically significant impact on Spot and Future prices of wheat on NCDEX
during the Covid19 period (data collected from Jan 2019 to Dec2020.
• The prices were highly Volatile during the Pre Covid and PostCovid
• The Research hypothesis of Covid 19 pandemic has statistically significant

impact on Spot Prices of Coriander onNCDEX

NCDEX
Conclusions:
The pandemic is still unfolding all across the country, and its economic consequences
are still to be fully apprehended. As such, this paper necessarily has a short focus.
This paper is to estimate the causal impacts of COVID-19 on Agricultural
commodities. In general, if the tenure of market price and quantity changes and the
shortness in duration for mean reversal in these outcomes were to be a marker for
resilience, it can be said that agricultural markets in India have been quite supple in
face of the COVID-19 shock. We find that COVID-19 and its associated disruptions
had a differentiated impact—both across commodities and over time.
Together, these results suggest that while there were undoubtedly short-term
disruptions in agricultural markets, they were also relatively resilient, in the sense that
market arrivals were quick to recover after the initial month, and that possible distress
sales did not result in a disproportionate fall in prices.
Assessing the extent of supply chain disruptions attributable to COVID-19—

unmatched in recent times even by the demonetisation episode—is important from the
perspective of public policy (Inoue and Todo 2020). Reardon et al. (2020) comment
that the COVID-19 response in India should consist of the government enabling
markets to function better and rely less on extensive emergency measures. Our
analysis suggests that a more nuanced stance is necessary. The findings indicate a
major role for government intervention in two fundamental ways. In cereals, where
the government is a major buyer through procurement at MSP, it played an important
role in keeping the supply chain intact, and helped mitigate price risk. There is of
course an active debate about whether the government should be involved in the
physical handling of grain in support operations, how efficiently it does so, and on
whether the cereal-focussed nature of government procurement continues to be
relevant. This paper is not the forum for engaging in this debate. Undoubtedly helped
livelihoods for millions of wheat cultivators by mitigating the decrease in prices they
might otherwise have faced. Despite their low and declining shares of agricultural
value added and the consumer’s budget, cereals are cultivated on vast areas and are
the single largest source of consumers’ caloric intakes. With wheat, whatin normal
times would be a price support, worked as an insurance (and perhaps even as a

NCDEX
stimulus) to the agriculture sector during this pandemic. Procurement is likely to
alsohave ameliorated concerns of cash flow, critical to the functioning of agricultural
markets.
The unforeseen pandemic has already brought numerous challenges to almost all
countries, and has put the entire global economy and markets in a standstill. There is
not a single sector that is left unaffected because of the COVID-19 pandemic. On a
concluding note, the results of the present study states that the Coronavirus outbreak
has deeply the spot and future prices of Wheat on NCDEX and has further increased
the volatility in the commodity market. Taking this conclusion into account, we can
infer that the same form of negative effect has appeared on the financial system, as a
whole. Accordingly, this paper aims to provide a very uncomplicated but original
statistical analysis of the COVID-19 pandemic by taking the case of Wheat which is a
small aspect of one of the major commodities markets in India, NCDEX. However,
with things going back to normal in a slow pace, and the introduction of AGRIDEX
by the NCDEX, the positions are climbing back to the expectedstate.

BIBLOGRAPHY
BIBLOGRAPHY
The Current Study has been on Secondary Data and the researcher has used the the following mechanisms:
ARTICLES
• Ahuja N. L. (2006). Commodity Derivatives Market in India: Development, Regulation, and Future
Prospects.
• Ghost N. (2008). Price Discovery in Commodity Markets: Floated Realities. Commodity Vision, 3(1)
33-38.
• Nathan G. C. and Lingareddy T. (2008). Impact of Futures Trading on Commodity Prices. Economicand
Political Weekly, 43 (10)78-79
• Pavaskar M. and Ghost N. (2008). More on Futures Trading and Commodity Prices. Economic and
Political Weekly, 43 (10) 78-79.
• Aggarwal, N, Jain, S & Thomas, S. Do Futures Markets help in Price Discovery and Risk
Management for Commodities in India? Working Paper - 2014 -20
• Indira Gandhi Institute of Development Research Mumbai, June 2014 Annual Report, various years,
Ministry of Food and Consumer Affairs, Government ofIndia.
• Nail, G.&Kumar, S. J. (2002. Indian Agricultural Commodity Futures Markets : A Performance

survey. Economic and Political Weekly, Vol. 37, No.30 (Jul. 27 - August 2, 2002)pp.3161-3173
• Nardella, M. (2007). Price Discovery and Speculative Trading in Cocoa Futures Market',
Conference Paper, AEGON Search Research in Agricultural and Applied Economics, 81st
AnnualConference April 2-4, Reading University,UK.
• S M Lokare (2007) "Commodity Derivatives and Price Risk Management: An Empirical Anecdote
from India" , Reserve Bank of India Occasional Papers, volume 28, issue2
• Narayana Rao, S (2002) "Market reaction to stock splits - An Empirical Study", The ICFAI Journalof
Applied Finance, volume 8, issue 2, p. 26 -40.
Websites
• www.ncdex.com
• www.motilaloswal.com
www.mcxindia.com

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A STUDY ON IMPACT OF COVID-19 ON SELECTED INDIAN

AGRICULTURAL COMMODITIES WITH SPECIAL REFERENCE

Project Submittedto Bangalore North University

in partial fulfillment for the award of the degreeof

Under the Supervision and Guidance of

Prof. Madhu Druvakumar

KRISTU JAYANTI COLLEGE (AUTONOMOUS)

(Affiliated to Bangalore North University)

This is to certify that the Project entitled “A STUDY ON IMPACT OF

For Guide of Ms.MadhuDruvakumar

I, Pavithra Poovarasan (19CM101032) hereby declare that the Project

Place:Bengaluru Pavithra Poovarasan

I am extremely grateful to the Management of Kristu Jayanti College

I express my sincere thanks to Dr. Aloysius Edward, Dean,Faculty of

With deep sense of gratitude, I express my sincere and hearty thanks to my

I express my sincere thanks to all faculty members of Department of

I extend my thanks to all my family members, my well-wishers and my

CHAPTER NO. CHAPTER NAME PAGE NO

II Review of Literature and Research Design 27-36

Industry Profile & Company Profile /

IV Data Analysis and Interpretation 54-81

V Findings, Suggestions and Conclusions 82-86

Table No Table Page No

4.3 Coriander Spot Paired Test 60

4.4 Coriander Future Paired Test 62

4.6 Wheat Future Anova Pre Covid 66

4.8 Trend Analysis Future Prices Of 68

4.9 Trend Analysis Spot Prices Of 69

4.10 Trend Analysis Future Prices Of 70

4.11 Trend Analysis Future Prices Of 71

4.12 Trend Analysis Future Prices Of 72

4.14 Trend Analysis Future Prices Of 74

FIGURE TITLE OF THE FIGURE PAGE NO

4.1 Increasing or decreasing trend of Wheat Future Price in 57

4.2 Increasing or decreasing trend of Wheat Spot Price in 2020 59

4.3 Increasing or decreasing trend of Coriander Future Price in 61

4.5 Increasing or decreasing trend Of Wheat Future Price in 65

4.6 Increasing Or decreasing Trend of Wheat Spot Price in 2019

4.7 Increasing Or decreasing Trend of Coriander Future Price in

4.8 Increasing Or decreasing Trend of Coriander Future Price in

Kristu Jayanti College [Autonomous] Page 1

Modern agronomy, plant breeding, agrochemicals such as pesticides and fertilizers,

Kristu Jayanti College [Autonomous] Page 2

Kristu Jayanti College [Autonomous] Page 3

Kristu Jayanti College [Autonomous] Page 4

AGRICULTURE AND COLONIALISM

Kristu Jayanti College [Autonomous] Page 5

INDIAN AGRICULTURE AFTER INDEPENDENCE

Kristu Jayanti College [Autonomous] Page 6

Kristu Jayanti College [Autonomous] Page 7

importance of agriculture or a consequence of agricultural policy. This is largely

Practically every person depends on agriculture somehow or another. We all want

India Rank in Agricultural Production

Kristu Jayanti College [Autonomous] Page 8

Main Uses of Agricultural Commodities

However, some agricultural commodities have purely industrial applications. The

Why Are Agricultural Commodities Important?