TODAY AGRI COMMODITY MARKET OVERVIEW UPDATE 11 APRIL 2017.

AGRI COMMODITY MARKET OUTLOOK

Soybean

Soybean May futures closed lower on Monday and continues its decline as supplies have improved last week but demand remains steady at lower levels. The supplies have increased during the last week compared to previous week. As per Agmarknet, arrivals of soybean during Apr 3-8 is 43,753 while during Mar 27- Apr 1 were about 32,514 tonnes Vs 90,767 tonnes during previous week. As per latest SEA data, Soymeal exports from the country jumped by 137% to 916,306 tonnes in 2016/17 Vs 387,298 tonnes during last financial year 2015/16, however, m/m the exports have declined to 107,059 tonnes in Mar compared to 207,977 tonnes in Feb 2017.

Refine Soy Oil

Refined soy oil futures fells on Monday and continue its range bound to lower trend tracking reports of high stocks with the stockists and good cheap imports. Prices are week at the moment mainly due to weakness in US and bearish trend in Malaysian palm oil. Meanwhile, government lowered the base import price of crude soyoil 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 higher on Monday due to expectation of good demand for exports coupled with lower than expected supplies. The arrivals have been lower during the second half of current month compared to last month same period while the demand have increased. As per Agmarknet data, during second half of March about 21,722 tonnes of jeera arrived compared to 22,108 during first half. On the export front, Country the exports increase by 32.7% to 1,01,188 tonnes in first 10 month of marketing year 2016/17 as per the data release by Dept of commerce, GOI. As per second advance estimates for 2016/17, production of Jeera in Gujarat will be 2.21 lt, down almost 11% compared to last year production of 2.38 lt.

Turmeric

NCDEX Turmeric continue its down trend on Monday tracking lower prices in spot market due to higher supplies and steady demand. However, turmeric arrivals in the country is on higher side during second half of March at 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 89,704 tonnes during April-Jan period, up by 28.3% compared to last year exports of 69,870 tonnes, as per government data. There are expectations of improved demand in coming weeks as prices are lower.

AGRI COMMODITY MARKET LEVELS

JEERA

P. POINT-19,190

S1 - 19000                                                          R1 -19400

S2 –18750                                                          R2 -19600

SOYABEAN

P. POINT-2913

S1 - 2900                                                             R1-2935

S2 - 2880                                                             R2-2960

CORIANDER

P. POINT-7307

S1- 7250                                                               R1-7450

S2- 7180                                                               R2-7570

R.M SEED

P. POINT-3869

S1 - 3850                                                              R1-3890

S2 - 3830                                                              R2-3940

TURMERIC

P. POINT-6264

S1- 6200                                                                R1-6350

S2- 6130                                                                R2-6420