HERE IS AN OVERVIEW ON AGRI COMMODITY MARKET NEWS UPDATE 20 FEB 2017.

AGRI COMMODITY MARKET OUTLOOK

Soybean

Soybean futures traded on negative note last week on weak spot market as sufficient supplies putting pressure on prices. The production is expected to be higher this year and the oil millers active at lower prices so that they can have parity to export soy meal at competitive rates. The Soybean Processors Association of India has raised the estimate for soy meal exports in 2016-17 (Oct-Sep) to 1.8 mt from 1.0 mt projected earlier.

Refine Soy Oil

Refined soy oil futures closed the week on negative note on weak physical demand, lowering base import price and higher production estimates of soy oil in the country. The production of edible oil in 2016/17 will be 72.8 it, up 25.5% compared to last year. Last year, edible oil production was at 58 lt.

Jeera

Jeera futures gain more than 1% on Friday tracking some good demand in physical market for new season crop. The arrivals of jeera in Gujarat are improving. As per Agmarknet data, 3,044 tonnes of jeera arrived during Feb 13-17 compared to 1,957 tonnes in the previous week.

Turmeric

Turmeric prices corrected for the second consecutive day on Friday due to profit booking and improving supplies. The turmeric arrivals in the country increase 22% last week (13-17 Feb) compared to previous week, as per the Agmarknet data. The demand for exports has also improved as new season good quality crop have hit the physical market. On the export front, country exported about 74,524 tonnes; up by 32% during April Nov period compared last year exports of 56,471 tonnes, as per government data.

AGRI COMMODITY MARKET LEVELS

JEERA

P. POINT-17130

S1 - 16850                                                        R1 -17280

S2 –16600                                                        R2 -17400

SOYABEAN

P. POINT-2956

S1 - 2930                                                             R1-2980

S2 - 2900                                                             R2-3010

CORIANDER

P. POINT-6620

S1- 6560                                                               R1-6670

S2- 6500                                                               R2-6730

R.M SEED

P. POINT-3779

S1 - 3750                                                              R1-3790

S2 - 3730                                                              R2-3810

TURMERIC

P. POINT-6834

S1- 6795                                                                R1-6900

S2- 6720                                                                R2-6980