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AGRI COMMODITY MARKET OUTLOOK

Soybean

Soybean May futures closed higher last week as supplies are diminishing but the demand for crushing is intact due to encouraging soy meal exports. As per Agmarknet, arrivals of soybean during Apr 1-20 is 1,75,634 tonnes while during in Mar it was about 2,09,993 tonnes during same time frame. As per latest SEA data, Soymeal exports from the country jumped by 137% to 916,306 tonnes in 2016/17 Vs 387,298 tonnes during last financial year 2015/16, however, m/m the exports have declined to 107,059 tonnes in Mar compared to 207,977 tonnes in Feb 2017.

Refine Soy Oil

Refined soy oil futures were under pressure last week due to good supplies and steady demand. The prices have been trading in a range since one month on good supplies. As per SEA data, soy oil imports for March down more that 28.5% Y/Y to 2.3 lt and down 8.7 lt m/m. Meanwhile, government lowered base import price for the fifth consecutive fortnight for crude soyoil by $14 to $770 per tonnes for second half of April.

  

Jeera

Jeera May futures corrected for the second successive day on Friday on profit booking but closed higher for the week on lower production estimates by Gujarat Agriculture Department in its 3rd advance estimates for 2016/17. As per third advance estimates for 2016/17, production of Jeera in Gujarat revised down to 2.12 lt, down 4% from its 2nd estimates and almost 11% compared to last year production of 2.38 lt. The arrivals have been lower during the first half of current month compared to second half of last month. As per Agmarknet data, during first half of April about 16,441 tonnes of jeera arrived compared to 22,108 during second half of last month. On the export front, country the exports increase by 32.7% to 1,01,188 tonnes in first 10 month of marketing year 2016/17 as per the data release by Dept of commerce, GOI.

Turmeric

NCDEX Turmeric prices recover for the third successive session on Friday on lower arrivals and steady increase in demand at lower levels. Turmeric arrivals in the country is declining in first 20 days in April to 66,025 tonnes (Apr 1-20) compared to 1,15,768 tonnes during the same period in March, as per the Agmarknet data. On the export front, country exported about 89,704 tonnes during April-Jan period, up by 28.3% compared to last year exports of 69,870 tonnes, as per government data. There are expectations of improved demand in coming weeks as prices are lower.

AGRI COMMODITY MARKET LEVELS

JEERA

P. POINT-18915

S1 - 18800                                                          R1 -19150

S2 –18750                                                          R2 -19300

SOYABEAN

P. POINT-3047

S1 - 3020                                                             R1-3070

S2 - 2980                                                             R2-3090

CORIANDER

P. POINT-6814

S1- 6750                                                               R1-6900

S2- 6650                                                               R2-7000

R.M SEED

P. POINT-3791

S1 - 3760                                                              R1-3830

S2 - 3730                                                              R2-3855

TURMERIC

P. POINT-6214

S1- 6120                                                                R1-6345

S2- 6020                                                                R2-6470