TODAY AGRI COMMODITY MARKET TREND REPORT 08 MAY 20107.

AGRI COMMODITY MARKET OUTLOOK

Soybean

Soybean May futures continue its recovery in the last two session of the seek on Friday mostly due to lower level buying tracking firm trend in US soybeans. For the week, the prices were down on ample available stocks in the country. As per Agmarknet, arrivals of soybean during first week of May, lower by 33% compared to first week arrivals in April. Moreover, the stocks of soybean in NCDEX warehouse as on 1st May 2017 is about 1.21 lakh tonnes against the 55, 133 tonnes last year. This indicates that there are ample supplies available in the physical market.

Refine Soy Oil

Refined soy oil futures continue its uptrend in the current week on expectation of improving physical demand in coming months. However, there is still good domestic supplies due to cheap imports and good domestic crushing. Last week, government increases the tariff value for crude soyoil for the first half of May. Base import price of crude soyoil was increased by $10 to $780 per tonnes.  

Jeera

Jeera May futures closed down by more than 4.3% for the week due to weak trend in physical market is pressurizing prices in futures. 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. The arrivals have been lower during first 7 days of May compared to April. As per Agmarknet data, about 2,450 tonnes of jeera arrived in May (1-7) compared to 7,997 in April (1-7). On the export front, country the exports increase by 29.6% to 1,08,513 tonnes in first 11 month of marketing year

Turmeric

NCDEX Turmeric prices plunge about 11.7% this week tracking weak physical market prices amid lower demand from industrial buyers and reports of higher stocks available in the country. Turmeric arrivals in the country are lower in first 7 days of May at 11,528 tonnes compared to 20,703 tonnes during April (1-7), 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

AGRI COMMODITY MARKET LEVELS

JEERA

P. POINT-18275

S1 - 18000                                                          R1 -18500

S2 –17700                                                          R2 -18700

SOYABEAN

P. POINT-2896

S1 - 2825                                                             R1-2920

S2 - 2860                                                             R2-2940

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-5374

S1- 5280                                                                R1-5460

S2- 5200                                                                R2-5560