TODAY AGRI COMMODITY MARKET NEW UPDATE REPORT 01 FEB 2017.

AGRI COMMODITY MARKET OUTLOOK

Soybean

Soybean futures recover from the lower levels yesterday but the gain was capped by good supplies in the physical market. The supplies in the physical market is continue to be adequate as production during kharif is higher by more than 57% this season compared to last year. The bulk buyers and oil millers are quite active at lower levels keeping pressure on prices.

Refine Soy Oil

Refined soy oil futures closed higher on Tuesday due to technical rebound from the lower levels. Moreover, the tariff value of crude soy oil was hike by $10 per tonnes to $879 for the first fortnight of February. However, there is good supplies and lower demand from the bulk buyers and retail consumers.

Jeera

Futures closed higher on Tuesday on anticipation of higher demand for the new season jeera crop. There is a forecast of fall in jeera production by 12 % to 387,000 tonnes during 2016-17 due to lower acreage. New jeera crop started arriving in the key spot market of Unjha in Gujarat this week.

Turmeric

Futures recover on Tuesday due to pick –up in good spot demand from the stockists and up-country buyers. Spot turmeric arrivals decreased at Erode market as the prices have been down last week. On the export front, country exported about 65,848 tonnes of turmeric during April-Oct period, up by 27% to 51,910 tonnes compared last year, as per government data.

AGRI COMMODITY MARKET LEVELS

JEERA

P. POINT-17900

S1 - 17760                                                         R1 -18130

S2 – 17430                                                        R2 -18370

SOYBEAN

P. POINT-3036

S1 - 3010                                                             R1-3050

S2 - 2985                                                             R2-3070

CORIANDER

P. POINT-7491

S1- 7450                                                               R1-7540

S2- 7410                                                               R2-7600

R.M SEED

P. POINT-3834

S1 - 3810                                                              R1-3855

S2 - 3780                                                              R2-3875

TURMERIC

P. POINT-6758

S1- 6680                                                                R1-6810

S2- 6590                                                                R2-6860