Fundamental Aspect
India's Kharif sowing acreage up by 10.44%...
Ministry of Agriculture reported, India’s kharif sowing acreage reached 6.916 million hectares as on May 26, which increased 10.44% from 6.262 million hectares during the same period last year. Rice acreage in the country was expected to increase by about 0.11% to 0.175 million hectares, when compared to 0.176 million hectares during last year, while pulses acreage increased to about 0.112 million hectares from 71000 hectares during 2016-17 period. Acreage under Cereals were estimated at 54000 hectares, which is 147% higher than last year's 22000 hectares. Oilseed acreage increased to about 0.127 million hectares, an increase of about three times when compared to 48000 hectares. Cotton acreage in the country increased by 27.21% to 1.124 million hectares when compared to 0.884 million hectares during a year ago period. Sugarcane acreage in the country increased to 4.653 million hectares against 4.387 million hectares, an increase of 6%.
Soybean Jun futures continued with its downtrend for the third consecutive session and fell to its lowest level since March’12 on the back of higher supplies and good progress of new season crop noticed in the market. Reports showing that arrivals of soybean during the second half of May increased to 1.28 lt as compared to the first half. India’s soybean sowing for the current kharif reported to 23,000 ha so far against the 20,000 ha marked a year ago. As per the trader source, arrivals of soybean during the second half of May increase to 1.28 lt as compared with the first half of reading. India's oilseeds industry body has cut its soymeal export forecast by 25% from its previous outlook on appreciating rupee and a correction in global prices make Indian supplies uncompetitive.
India may export 1.5 MT of soymeal during the MY 2016-17 (Oct-Sep) lower from 2 MT expected in the beginning of the season. China’s crushing margins for soybeans fell to the weakest since Sep 2014 last week as soymeal stocks rose to their highest since mid-2012 amid sluggish end user demand, pulling down prices for the livestock feed. As per the IGC report, soybean crop forecast for 2016-17 rises by 5 MT to a record of 350 MT due to better yields in South America.
Jeera futures traded higher supported by increased buying by retailers and stockists at the spot market. Moreover, firming trend in futures market and lower stocks following restricted supplies in the domestic market also added the gain in price. As per the trader source, about 8661 tonnes of jeera arrived in May (1-25) compared to 29,322 in April (1-25). On the export front, country the exports increase by 29.6% to 1,08,513 tonnes in first 11 month of MY 2016-17 .The stock levels in the NCDEX warehouse is reducing to 1,395 tonnes on May 24, fall from 2,092 tonnes a week ago. However, on 1st May the stock was close to 964 tonnes. Last year, stocks were higher at 4,101 tonnes.
Mentha oil futures showed mixed trend on sluggish demand from the major consuming industries in the domestic spot market, while June contract gained on tight stocks position following restricted arrivals from major producing belts of Chandausi in Uttar Pradesh.
Technical Aspect: (June Contract)
Soyabean
Support is 2660 and resistance is at 2705
Below 2660… Panic likely to remain continue till 2620---2580 else could touch its resistance of 2730---2780 again.
Fresh buying can be seen above 2705 for the upside level of 2750 and then 2780+++
Trade with levels only.
Soyaref
Not able to breach 641 and crashed vertically. Told to sell below 635 mark and made a low of 614.05 yesterday.
Now what to expect???
Support is 613 and resistance is 619.
We expect a sharp rebound in price here and close above 619 will fuel more power towards 626---630 else could test its support level of 613.
Fresh selling can be initiated below 613.
Trade with levels only.
Guarseed
Our sell call from 3470 to 3350 proven great and touched a fresh low of 3348 today.
Now what to expect???
Support at 3300 and Resistance at 3430
We will maintain our bearish view. Close below 3300 will take it to 3230---3180 mark in days to come else could touch its resistance level of 3430 mark again
Further upside rally will see above 3430 mark.
Trade with levels only.
Dhaniya
Panic continue in Dhaniya from 7800 and likely to stay ahead…
What to expect???
Support at 4700 and Resistance is 5000
Close below 4700 will take it to 4550—4400 else could touch its resistance level of 5000 again
Trade with levels only.
Jeera
Support is 17300 and resistance is at 17800.
Looks week and close below 17300 will take it to 16800---16450 and then to 16000 mark in days to come else could touch its resistance level of 17800 again.
Trade with levels only.
RM Seed
Broken decisively its support of 3500 yesterday and touched a low of 3466 today.
Now support at 3450 and Resistance 3525
Looks weak and daily close below 3450 will take to 3400---3360 mark else could touch its resistance level of 3525 again
Trade with levels only.
Turmeric
Support is 5230 and resistance is at 5480.
Trend looks weak and close below 5230 will take it to 5050---4900 mark in days to come else could test its resistance level of 5480 again.
Trade with levels only.
Cocudakl
Panic continue from 1965 and likely to stay ahead.
Support 1750 and resistance at 1825.
Looks weak and close below 1750 will take it to 1700---1660 mark else could touch its resistance level of 1825 again.
Fresh buying can be initiated only above 1825 mark.
Trade with levels only.
Mentha oil (June)
Our buy call from 916 to 945 proven great…
Now what to expect???
Support at 890 and resistance at 945---960
Trade in a range with levels only and wait for confirmation
CPO (June)
Our sell call from 522 to 511.60 proven great (May series).
Now what to expect???
Support at 492 and Resistance at 496
Looks positive and close above 496 will take it to 502---507 mark in near term else could touch its resistance level of 492 again.
Fresh selling can be initiated below 492.
Castor Seed
Support at 4180 and Resistance at 4320
Trade in a range with levels only and wait for confirmation. Anything seems will update
More will update soon!!
