TODAY OVERVIEW IN AGRI COMMODITY MARKET REPORT 08 MARCH 2017.

AGRI COMMODITY MARKET OUTLOOK

Soybean

Soybean futures fall further on Tuesday tracking weak physical demand amid adequate supplies. The oil millers are active at lower prices. Soybean in spot market gets some boost from increase in meal exports. As per SEA monthly release, India exported 207,977 tonnes soymeal in February, up from 29,950 tonnes in the year-ago period. The exports were higher this year as prices of Indian soymeal are more competitive.

Refine Soy Oil

Refined soy oil futures closed lower on Tuesday tracking international prices. Moreover, cut in import tariff also pressurize the futures price. Domestic edible oil in 2016/17 is forecast to produce 72.8 lt, up 25.5% compared to last year’s production of 58 lt. The government has cut the base import price of soyoil by $33 per tonnes for first half of March, steepest cut among other edible oils. The base import price of crude soyoil is now at $814.

Jeera

Jeera March future closed higher on Tuesday and continues its sideways movement since last week due to higher arrivals and good demand. There are expectations of increase in export demand at slightly lower levels. 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 on a negative note on Tuesday despite surge in spot prices. The arrivals of the new season turmeric in recent weeks have improved but the demand is not matching. 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-17035

S1 - 16830                                                          R1 -17200

S2 –16530                                                          R2 -17450

SOYABEAN

P. POINT-2814

S1 - 2790                                                             R1-2840

S2 - 2750                                                             R2-2890

CORIANDER

P. POINT-6710

S1- 6780                                                               R1-6590

S2- 6670                                                               R2-6480

R.M SEED

P. POINT-3830

S1 - 3813                                                              R1-3856

S2 - 3787                                                              R2-3873

TURMERIC

P. POINT-6644

S1- 6590                                                                R1-6725

S2- 6510                                                                R2-6800