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 futures traded little higher after traded at lowest level since March’12 due to bargain buying marked at lower level. 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. IGC also raised its soybean crop forecast for 2016-17 by 5 MT to a record of 350 MT due to better yields in South America. China's soybean importers cancel cargoes mainly ordered from suppliers in Brazil as they incur losses in crushing.
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 10,688 tonnes of jeera arrived in May 2017 compared to 14,302 May last year. 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 dropping to 1044 tonnes on May 30, fall from 1443 tonnes a week ago. However, on 1st May the stock was about 964 tonnes. Last year, stocks were higher at 3,897 tonnes.
Crude palm oil futures traded up as traders created fresh positions, supported by pickup in demand at the spot market. Moreover, tight stocks position on fall in supplies from producing belts too fuelled the uptrend.
Technical Aspect: (June Contract)
Soybean
Our buy call from 2705 proven great and touched a high of 2739 today.
What to expect???
Support is 2660 and resistance is at 2780
Looks positive and could test 2780 mark. Weekly close above 2780 will see rally to remain continue till 2850---2880 else could touch its support level of 2660 again.
Fresh selling can be seen below 2660.
Trade with levels only.
Soyaref
Our buy call from 619 proven great and touched a fresh high of 623.55 today.
Now what to expect???
Support is 615 and resistance is 626.
Looks positive and close above 626 will fuel more power towards 630---637 else could test its support level of 615.
Fresh selling can be initiated below 615.
Trade with levels only.
Guarseed
Support at 3300 and Resistance at 3430
We expect a “U” turn from here onwards. We will accumulate buy position until its traded above 3300.Close above 3430 will take it to 3500---3560 mark in days to come else could touch its support level of 3300 mark again
Fresh selling can be seen below 3300 mark.
Dhaniya
Our sell call from 4900 proven great and touched a fresh low of 4635 today.
What to expect???
Support at 4550 and Resistance is 4900
Close below 4550 will take it to 4400—4300 else could touch its resistance level of 4900 again
Trade with levels only.
Jeera
Support is 17500 and resistance is at 18050.
Looks positive and close above 18050 will take it to 18450---18900 and then to 19200 mark in days to come else could touch its support level of 17500 again.
Fresh selling can be seen below 17500.
Trade with levels only.
RM Seed
Support at 3450 and Resistance 3525
Looks positive and close above 3525 will take to 3580---3650 mark else could touch its support level of 3450 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
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)
Support at 915 and resistance at 945
Looks positive and close above 945 will take it to 960---980 mark else could touch its support level of 915.
Trade with levels only
CPO (June)
Our buy call from 496 proven great and touched a high of 499.8 today.
Now what to expect???
Support at 492 and Resistance at 502
Looks positive. We can accumulate buy position in panic for the upside level of 502---507 mark in near term.
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!!
