TODAY AGRI COMMODITY MARKET TREND AND LEVELS UPDATE 15 MAY 2017.

AGRI COMMODITY MARKET OUTLOOK

Soybean

Soybean Jun futures fell more than 2.2% during last week tracking international market and sufficient supplies in the domestic market. As per USDA latest report, soybean production in the country is kept at the same level at 115 mt as last year while the crushing volume will be improved while meal exports and soy oil imports will be higher in 2017/18 compared to last year. However, IMD forecast for higher monsoon than previous forecast in April may keep the prices sideways.

Refine Soy Oil

MCX CPO closed higher last week tracking firm Malaysia market. There is expectation of good demand in the physical market. The government cut the base import prices of Crude palm oil by $22 per tonne and RBD palmolein by $17 per tonne for first half of May. Moreover, last week rupee hit its strongest level in 25 month results into cheap palm oil imports.

Jeera

Jeera Jun futures closed little higher for the week and continue its range bound trade mostly due to lack of increase in export interest. The arrivals have now slowed down in the physical market. As per Agmarknet data, about 4,316 tonnes of jeera arrived in May (1-14) compared to 17,494 in April (1-14). On the export front, country the exports increase by 29.6% to 1,08,513 tonnes in first 11 month of marketing year 2016/17 as per the data release by Dept of commerce, GOI. Recently, Gujarat Agriculture Department in its 3rd advance estimates for 2016/17 has revised down the production estimates to 2.12 lt, down 4% from its 2nd estimates and almost 11% compared to last year production of 2.38 lt.

Turmeric

NCDEX Turmeric closed higher last week on fresh buying on expectation of good demand during the off season. There was lower demand all season from industrial buyers. Turmeric arrivals in the country are lower in first 14 days of May at 28,212 tonnes compared to 69,452 tonnes during April (1-14), as per the Agmarknet data. The lower arrivals are due to poor realization by the farmers. On the export front, country exported about 97,596 tonnes during April-Feb period, up by 26.6% compared to last year exports of 77,087 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-18545

S1 - 18400                                                          R1 -18700

S2 –18250                                                          R2 -18850

SOYABEAN

P. POINT-2900

S1 - 2885                                                             R1-2925

S2 - 2870                                                             R2-2945

CORIANDER

P. POINT-5679

S1- 5600                                                               R1-5770

S2- 5520                                                               R2-5860

R.M SEED

P. POINT-3761

S1 - 3730                                                              R1-3785

S2 - 3700                                                              R2-3800

TURMERIC

P. POINT-5698

S1- 5645                                                                R1-5750

S2- 5550                                                                R2-5785