OUR NEW WEBSITE IS COMING UP SOON. KEEP VISITING THIS PAGE FOR MORE UPDATES. ----- JOIN OUR WhatsApp BROADCAST LIST, GIVE MISSED CALL ON 08893534646

Thursday, January 18, 2018

Today's levels of Major Agri Commodities




Agri Commodity Update (18th-Jan-2018) 


Fundamental Aspect:


Soybean future prices settled the day higher supported by good physical demand and lower supplies. Moreover, reports on lower inventories compared to last year support higher prices. As per the latest report of SOPA, soybean inventories with farmers, traders and plant owners at the end of December were noted at 6.5 mt, down from 8.2 mt a year ago. The arrivals have been lower during December compared to the last year. The Soybean Processors Association of India (SOPA), India's soymeal exports during December fell 32% on year to 224,000 tonnes from 327,000 tonnes a year ago. Soymeal exports fell for the first time in the current marketing year starting October but exports during Oct-Dec were pegged at 579,000 tonnes, as against 507,000 tonnes a year ago.


Chana futures settled the day lower amid technical selling initiated by the market participants tracking weak spot prices amid higher acreage in the country. As per the latest government sowing data, area under the chana crop across the country was up 7.9% on year at 105.6 lakh ha as on last week. Current futures have been trading at nearly 3 year low on reports on higher stocks and good sowing progress. India imported about 5.84 lakh tonnes of chana during Apr Oct, up by 430% compared the last year imports.


Technical Aspect  



Guarseed (Feb)





Support is at 4250 and Resistance is 4380.


Short term correction expected till 4250 where once we can expect a good rebound in prices. Buy and accumulate more on decline which may likely to touch 4380 soon. Break and sustain above 4380 will see a sharp upside rally till 4430—4500++mark in near term. 

Fresh selling can be seen on close below 4230 mark.


Trade with levels only.



Chana (March)




Support is 3750 and Resistance is 3900

Looks weak on chart and likely to touch 3750. Break and sustain below 3750 will take it towards 3710—3650 mark in near term.

Fresh buying only can be seen on close above 3900 mark.

Trade with levels only.



RM Seed (April)




Support seen at 4050 and resistance is at 4150.

Looks weak on chart . Break and close below 4050 will take it towards 4010—3960 and then 3900 mark.

Fresh buying can be initiated on close above 4150 mark.

Trade with levels only.



Soybean  




Support seen at 3250 and Resistance is 3360.

We expect positive move likely to continue in near term. Buy and accumulate more on decline and its likely to hit 3360 .Break and sustain above 3360 will see sharp upside rally till 3420—3480 and then 3550++ mark in coming days.

Fresh selling can be seen on close below 3250 mark .

Trade with levels only.



Castor Seed (Feb)




Support at 3950 and Resistance at 4150.

Looks weak on chart and likely to hit 3950. Break and close below 3950 will take it towards 3910—3870 and then 3800 mark.

Fresh buying can be initiated above 4150 mark on closing basis.

Trade with levels only.



Cotton 




Support is 20500 and Resistance is 20900.

Looks weak on chart. Break and sustain below 20500 will take it to 20200—19950 mark in near term.
Fresh buying can be seen on close above 20900 mark.

Trade with levels only.



Jeera (March)




Support seen at 16550 and Resistance is at 16950.

Looks weak on chart and likely to hit 16550. Break and sustain below 16550 will see sharp panic till 16350—16100 and then 15800 mark.

Fresh buying only can be initiated above 16950 on closing basis.

Trade with levels only.



Turmeric (Apr)




Support is 7450 while Resistance is 7650.

Looks weak on chart and likely to hit 7450. Decisive move below 7450 will see sharp panic till 7380—7320 mark in near term.

Fresh buying only can be seen on close above 7650 on closing basis.

Trade with levels only.



CPO (Feb)




Support seen at 555 while Resistance is 568.

Buy and accumulate more on decline till 555. We expect near term positive sentiment in it. It’s likely to hit 568 mark soon. Decisive close above 568 will see a new bull run in it.

Fresh selling only can be initiated below 555 mark on closing basis.

Trade with levels only









More will update soon!!!