AGRI
COMMODITY MARKET OUTLOOK
For India, USDA estimates 2016/17
soybean production 1.8 mt higher this month to 11.5 mt based on reports of
better than expected yields. As a consequence, Indian soybean meal exports in
2016/17 could recover to 1.8 mt.
We expect Soybean prices to trade
higher on on low level buying by the market participants coupled with good
crushing demand from the mills may support prices from lower levels. Soybean
prices may trade in a tight range during the peak arrival season in December
and January.
We expect Jeera futures to trade
higher as physical demand from the stockists and traders improve. However, the
reports good sowing progress and lower demand at higher levels may be negative
for the prices.
We expect turmeric to trade
sideways as new season turmeric is hitting the physical market. Moreover, the
traders are expecting good production as recent rains have not affected the
standing crop. Good upcountry demand for the new season crop may support
prices.
We expect cotton futures to trade
sideways to higher as arrivals in the physical market did not reached its peak
with the demand for new season crop increasing. The prices may be range bound
as there is expectation of balanced demand and supply scenario in the country
during the peak arrival season.
NCDEX Market update:-
JEERA
PP- 17355
R1- 17570 S1-16980
R2- 17800 S2-16600
TURMERIC
PP- 6774
R1- 6850 S1-6720
R2- 6930 S2-6660
CORIANDER
PP- 7431
R1- 7520 S1-7310
R2- 7610 S2-7300
SOYBEAN
PP- 3032
R1- 3060 S1-2990
R2- 3100 S2-2960
MUSTERED OIL
PP- 4330
R1- 4370 S1-4255
R2- 4410 S2-4180
GAUR SEED
PP- 3229
R1- 3260 S1-3175
R2- 3290 S2-3120
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