TODAY AGRI COMMODITY MARKET TREND AND LEVELS UPDATE 02 MAY 2017.

AGRI COMMODITY MARKET OUTLOOK

Soybean

Soybean May futures see a steep fall of 2% on Tuesday due to long liquidation on anticipation of lower demand by the market participants at higher levels. The open interest too decline by 7500 tonnes. As per Agmarknet, arrivals of soybean during Apr 1- 25 is 2,32,853 tonnes while during in Mar it was about 2,83,644 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 recovers on Friday after steeply fall in the previous day as government increase the tariff value for crude soyoil for the first half of May. Government base import price of crude soyoil was increased by $10 to $780 per tonnes. There is still weak trend in the International markets. Moreover, good domestic supplies and steady demand is pressurizing prices. 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.   

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-19,490

S1 - 19200                                                          R1 -19600

S2 –19000                                                          R2 -19850

SOYABEAN

P. POINT-2934

S1 - 2900                                                             R1-2965

S2 - 2860                                                             R2-2990

CORIANDER

P. POINT-6567

S1- 6500                                                               R1-6620

S2- 6450                                                               R2-6720

R.M SEED

P. POINT-3759

S1 - 3710                                                              R1-3770

S2 - 3685                                                              R2-3810

TURMERIC

P. POINT-6058

S1- 6000                                                                R1-6160

S2- 5920                                                                R2-6245