AGRI COMMODITY MARKET OUTLOOK
Soybean
Soybean futures recover from the lower levels on Wednesday but the gain
was limited due to sufficient 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 Wednesday as there was no
announcement of lowering duty for import of vegetable oils and oilseeds in the
Union Budget 2017/18. Moreover, the tariff value of crude soy oil was hike by
$10 per tonnes to $879 for the first fortnight of February.
Jeera
Jeera futures closed higher on Wednesday on anticipation of good demand
prospects for the new season jeera crop. New jeera crop started arriving in the
key spot market of Unjha in Gujarat this week. There is a forecast of fall in
jeera production by 12 % to 387,000 tonnes during 2016-17 due to lower acreage.
Turmeric
Futures continue to trade higher for the second consecutive day on
Wednesday due to pick –up in 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-17955
S1 - 17800 R1 -18130
S2 – 17630 R2 -18310
SOYABEAN
P. POINT-3044
S1 - 3020 R1-3070
S2 - 2990 R2-3090
CORIANDER
P. POINT-7467
S1- 7440 R1-7510
S2- 7420 R2-7550
R.M SEED
P. POINT-3863
S1 - 3825 R1-3890
S2 - 3785 R2-3920
TURMERIC
P. POINT-6834
S1- 6740 R1-6900
S2- 6650 R2-6970
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