TODAY AGRI COMMODITY MARKET TREND & LEVELS UPDATE 11 MAY 2017.

AGRI COMMODITY MARKET OUTLOOK

Soybean

Soybean Jun futures closed lower on Wednesday due to weak trend in the International market but spot prices improve on good meal exports data. According the latest forecast by IMD, India may receive higher monsoon than previous forecast in April. 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. This indicates that there will be ample supplies available in the next season too.

Refine Soy Oil

Refined soy oil futures closed little lower despite firm trend in the physical market mainly due to profit booking. There is expectation of improving physical demand in coming months due to festival season. However, there is still good domestic supplies due to cheap imports and good domestic crushing. Government increases the tariff value for crude soyoil for the first half of May by $10 to $780 per tonnes. World Soybean oil production is forecast to rise to 56.2 mt in 2017/18 from 54.3 mt last year as per USDA latest report.   

Jeera

Jeera Jun futures continue its range bound trade this week to closed lower on Wednesday. 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 2016/17 as per the data release by Dept of commerce, GOI. Recently, Gujarat Agriculture Department in its 3 rd 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 corrected on Wednesday after surging over 3.5% in the previous session on profit booking. During the current season, there was lower demand from industrial buyers and 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 LEVELS

JEERA

P. POINT-18410

S1 - 18300                                                          R1 -18550

S2 –18200                                                          R2 -18650

SOYABEAN

P. POINT-2926

S1 - 2920                                                             R1-2945

S2 - 2910                                                             R2-2960

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-5602

S1- 5550                                                                R1-5750

S2- 5450                                                                R2-5850