AGRI COMMODITY MARKET OUTLOOK
Soybean
Soybean futures continue to trade lower this week on expectation of
sufficient supplies in the domestic market. The production will be higher this
year and the oil millers are purchasing soybean 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 continue to fall this week in line with the fall
in spot market on sufficient stocks and steady demand. The higher production
estimates of soy oil in the country may keep the stock sufficient for the
stockists. The production of edible oil in 2016/17 will be 72.8 lt, up 25.5%
compared to last year. Last year, edible oil production was at 58 lt.
Jeera
Jeera futures for Mar delivery closed higher on Tuesday on technical
buying. The spot prices continue to trade lower as new season jeera arrived in
market. New jeera crop started arriving in the key spot market of Unjha in
Gujarat.
Turmeric
Futures closed higher on Tuesday due to bargain buying despite weak
spot market. The supplies are improving and there is good demand for the new
season crop too. The harvesting is going on in key producing states –
Maharashtra, Tamilnadu and Karnataka. 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-16925
S1 - 16780 R1 -17050
S2 –16650 R2 -17260
SOYABEAN
P. POINT-3019
S1 - 3000 R1-3050
S2 - 2970 R2-3080
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-6844
S1- 6790 R1-6890
S2- 6760 R2-6960
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