TODAY AGRI COMMODITY MARKET OVERVIEW REPORT 03 APRIL 2017.

AGRI COMMODITY MARKET OUTLOOK

Soybean

Soybean April futures closed lower of the week on weak spot demand despite less arrivals. The supplies have been decreased drastically this week compared to previous week. As per Agmarknet, arrivals of soybean during 27-31 Mar were about 24,979 tonnes Vs 80,092 tonnes during previous week. The mills have procured large volumes of soybean earlier in the season lower levels which helps in more competitive prices of meals for record exports. The market may get support at lower levels from news of Govt to allow export of edible oils including soya oil.

Refine Soy Oil

Refined soy oil futures closed lower last week tracking weak demand from the physical market and reports of high stocks with the stockists. Prices are week mainly due to weakness in US and bearish trend in Malaysian palm oil. The government lowered the base import price of crude soy oil by $21 to $784 per tonnes for first half of April which may pressurize edible oil. There is expectations of bumper oilseeds output and higher availability of edible oil in the country.  

Jeera

Jeera April futures closed lower last week basically on profit booking as demand from physical market slowed down. Exchange will impose a 5% additional margin on all running as well as yetto-be-launched futures contracts of jeera, on both buy and sell positions. The arrivals have been good during the second half of current month compared to last month same period. As per Agmarknet data, during second half of March about 23,379 tonnes of jeera arrived compared to 20,042 during first half.

Turmeric

NCDEX Turmeric closed lower last week amid good arrivals and lower physical demand. The turmeric arrivals in the country is on higher side during second half of March to 79,534 tonnes compared to 63,965 tonnes during last month same period, 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-17900

S1 - 17700                                                          R1 -18200

S2 –17500                                                          R2 -18400

SOYABEAN

P. POINT-2855

S1 - 2850                                                             R1-2865

S2 - 2840                                                             R2-2875

CORIANDER

P. POINT-7537

S1- 7520                                                               R1-7560

S2- 7500                                                               R2-7580

R.M SEED

P. POINT-3908

S1 - 3880                                                              R1-3950

S2 - 3850                                                              R2-3985

TURMERIC

P. POINT-6278

S1- 6240                                                                R1-6340

S2- 6210                                                                R2-6400