TODAY OVERVIEW IN AGRI COMMODITY MARKET NEWS AND LEVELS UPDATE 03 MARCH 2017.

AGRI COMMODITY MARKET OUTLOOK

Soybean

Soybean futures closed lower on Thursday due to reports that the supplies will adequate in coming months. The production is expected to be higher this year and 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 due to technical rebound on Thursday 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 closed higher on Thursday on expectation 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, 6,411 tonnes of jeera arrived during Feb 27- Mar 2 compared to 4,611 tonnes in the previous week.

Turmeric

NCDEX Turmeric closed higher on Thursday and continues to trade range bound. The arrivals of the new season turmeric in recent weeks have improved. The turmeric arrivals in the country increase to 42,993 tonnes during Feb 27- Mar 2 compared to 28,342 tonnes during previous week, as per the Agmarknet data. On the export front, country exported about 82,115 tonnes, up by 28% during April-Dec period compared to last year exports of 64,105 tonnes, as per government data.

AGRI COMMODITY MARKET LEVELS

JEERA

P. POINT-17018

S1 - 16847                                                        R1 -17247

S2 –16618                                                        R2 -17418

SOYBEAN

P. POINT-2918

S1 - 2904                                                             R1-2930

S2 - 2892                                                             R2-2944

CORIANDER

P. POINT-6816

S1- 6733                                                               R1-6982

S2- 6567                                                               R2-7065

R.M SEED

P. POINT-3905

S1 - 3881                                                              R1-3944

S2 - 3842                                                              R2-3968

TURMERIC

P. POINT-6794

S1- 6680                                                                R1-6840

S2- 6610                                                                R2-6920