TODAY VIEWS ON AGRI COMMODITY MARKET NEWS UPDATE 02 MARCH 2017.

AGRI COMMODITY MARKET OUTLOOK

Soybean

Soybean futures closed lower on Wednesday due to profit booking at higher prices as supplies have been adequate throughout the season. The production is expected to be higher this year and the oil millers are active at lower prices. 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 lower despite higher international prices mainly due to cut in import tariff. CBOT soy oil jumps 2.39% on Wednesday thus increase more than 6% in two days after the head of the Renewable Fuels Association said that U.S. President Donald Trump's administration would lift the responsibility for blending bio fuels off refiners. 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.

Jeera

Jeera March future closed unchanged on Wednesday due to uncertainty over export demand at higher prices. 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, 5,924 tonnes of jeera arrived during Feb 20-25 compared to 3,044 tonnes in the previous week.

Turmeric

NCDEX Turmeric closed lower on Wednesday 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 28,337 tonnes last week (20-25 Feb) compared to 7,300 tonnes during previous week, as per the Agmarknet data. On the export front, country exported about 74,524 tonnes; up by 32% during April-Nov period compared to last year exports of 56,471 tonnes, as per government data.

AGRI COMMODITY MARKET LEVELS

JEERA

P. POINT-16895

S1 - 16750                                                        R1 -17050

S2 –16630                                                        R2 -17200

SOYABEAN

P. POINT-2923

S1 - 2900                                                             R1-2960

S2 - 2870                                                             R2-3000

CORIANDER

P. POINT-6634

S1- 6510                                                               R1-6735

S2- 6390                                                               R2-6845

R.M SEED

P. POINT-3883

S1 - 3850                                                              R1-3910

S2 - 3820                                                              R2-3940

TURMERIC

P. POINT-6758

S1- 6680                                                                R1-6840

S2- 6610                                                                R2-6920