AGRI COMMODITY MARKET OUTLOOK
Soybean
Soybean futures closed down on Tuesday but the trend is still range
bound on expectation of steady demand at current levels as supplies in the
domestic market will remain sufficient. The bulk buyers and oil millers are
quite active at lower levels keeping pressure on prices.
Refine Soy Oil
Refined soy oil futures closed lower on Tuesday due to anticipation of
lower demand at higher prices. There are reports that the production of edible
in 2016/17 will be a higher by 25.5% compared to last year to 72.8 lt. Last
year, edible oil production was at 58 lt.
Jeera
Jeera futures continue to close lower on Tuesday as spot prices started
to go down as new season jeera arrived in market. New jeera crop started
arriving in the key spot market of Unjha in Gujarat. There is a forecast of
fall in jeera production by 12 % to 387,000 tonnes during 2016-17 due to lower
acreage.
Turmeric
Futures rebound on Tuesday on anticipation of good demand for the new
season crop as arrivals have been slow due to lower prices. The harvesting is
going on in key producing states – Maharashtra, Tamilnadu and Karnataka. On the
export front, country exported about 65,848 tonnes of turmeric during Apricot
period, up by 27% to 51,910 tonnes compared last year, as per government data.
AGRI COMMODITY MARKET LEVELS
JEERA
P. POINT-17290
S1 - 17150 R1 -17450
S2 –17000 R2 -17550
SOYABEAN
P. POINT-3020
S1 - 3010 R1-3040
S2 - 2995 R2-3060
CORIANDER
P. POINT-7222
S1- 7185 R1-7270
S2- 7155 R2-7325
R.M SEED
P. POINT-3815
S1 - 3810 R1-3835
S2 - 3795 R2-3850
TURMERIC
P. POINT-6904
S1- 6820 R1-6980
S2- 6740 R2-7060
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