AGRI COMMODITY MARKET OUTLOOK
Soybean
Soybean futures closed lower after surging to Rs. 3077 levels on
Thursday to closed 0.03% down at Rs. 3043 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 little lower on Thursday due to profit
booking. The trend is still looking upwards as there was no announcement of
lowering duty for import of vegetable oils and oil seeds 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
Refined soy oil futures closed little lower on Thursday due to profit
booking. The trend is still looking upwards as there was no announcement of
lowering duty for import of vegetable oils and oil seeds 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.
AGRI COMMODITY MARKET LEVELS
JEERA
P. POINT-17895
S1 - 17760 R1 -18130
S2 – 17530 R2 -18370
SOYBEAN
P. POINT-3043
S1 - 3020 R1-3060
S2 - 2985 R2-3085
CORIANDER
P. POINT-7381
S1- 7330 R1-7450
S2- 7250 R2-7530
R.M SEED
P. POINT-3858
S1 - 3830 R1-3880
S2 - 3800 R2-3910
TURMERIC
P. POINT-6794
S1- 6720 R1-6870
S2- 6640 R2-6960
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