TODAY AGRI COMMODITY MARKET NEWS AND LEVELS UPDATE REPORT 06 MARCH 2016.

AGRI COMMODITY MARKET OUTLOOK

Soybean

Soybean futures closed little higher for the week on bargain buying but reports adequate supplies in coming months keeping prices in a range. The oil millers are active at lower prices. Soybean in spot market gets some boost from increase in meal exports. 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 higher last week on tracking international price jump and technical trading despite cut in import tariff. However, domestic 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. The government has cut the base import price of soyoil by $33 per tonnes for first half of March which is the steepest cut among other edible oils. The base import price of crude soyoil is now at $814.

Jeera

Jeera March future closes the week on negative note on higher arrivals and pressure on the spot prices. There are expectations of increase in export demand. Market participants continue to short sell and rolling over their positions to April contracts. The arrivals of jeera in Gujarat are improving so as the demand. As per Agmarknet data, during Feb 27- Mar 4 about 9,901 tonnes of jeera arrived compared to 6,273 tonnes in the previous week.

Turmeric

NCDEX Turmeric closed higher last week and continues to trade range bound. The arrivals of the new season turmeric in recent weeks have improved so as demand for new season crop. The turmeric arrivals in the country increase to 54,641 tonnes during Feb 27- Mar 4 compared to 28,454 tonnes during previous week, as per the Agmarknet data. On the export front, country exported about 82,115 tonnes during April-Dec period, up by 28% compared to last year exports of 64,105 tonnes, as per government data.

AGRI COMMODITY MARKET LEVELS

JEERA

P. POINT-16830

S1 - 16700                                                          R1 -17200

S2 –16400                                                          R2 -17400

SOYABEAN

P. POINT-2899

S1 - 2860                                                             R1-2930

S2 - 2840                                                             R2-2960

CORIANDER

P. POINT-6854

S1- 6780                                                               R1-6920

S2- 6670                                                               R2-7050

R.M SEED

P. POINT-3904

S1 - 3880                                                              R1-3940

S2 - 3850                                                              R2-3970

TURMERIC

P. POINT-6838

S1- 6745                                                                R1-6910

S2- 6680                                                                R2-6970