Fundamental Aspect
Soybean futures traded moderately higher on reports of lower sowing compared to last year keeping the prices in a range since last week. Moreover, good stocks and steady demand is pressurizing the prices. As per the latest government data, area under soybean crop across the country for the 2017-18 kharif was 84.6 lakh hectares till last week, down about 17.8% on year. Last year, the acreage was 102.8 lakh hectares. The area under the crop fell as some farmers are shifting to more profitable crops such as cotton, as oilseeds fetched poor returns last season. In Madhya Pradesh, the acreage of the crop was at 40.1 lakh ha, down from 49.7 lakh ha in the previous year. In Rajasthan, another major grower of the oilseed, soybean was sown across 786,800 ha, as against 10.2 lakh ha in the year-ago period.
Jeera future traded higher during the session as market participants initiated fresh buying amid improving physical demand on reports lower arrivals in Gujarat due to heavy rains. As per trader source, jeera arrival during first 25 days of July recorded only 2,993 tones compared to 7,166 tones in June for the same time period. As per the latest data release by government, jeera exports in April 2017 was 14,599 tonnes, were down 9% from March. In 2016-17, country exports increase by 26% to 1.24 lt.
Turmeric futures edged lower from last couple of days due to fall in demand at the spot market. Further, good sowing progress and monsoon rains in Telangana and Karnataka too fuelled the downtrend. In Telangana, turmeric acreage as on 19-Jul-17, up 90% to 33,000 hectares as compared to last year acreage of 28,000 hectares. The normal acreage is close to 47,000 hectares. Market arrivals dropped about 60% in June compared to May. As per trader source, about 12,623 tonnes arrived in first 20 days in July compared to 20,623 tonnes in previous fortnight. As per the latest data release by the government, turmeric exports during first four months in 2017 is 42,855 tonnes, up 40.7% compared to last year same period.
Technical Aspect
Jeera (Aug)
Support at 19050 and Resistance at 19450.
Sustainable move above 19450 will take it to 19850---20200 mark in days to come else could touch its support level of 19050.
Fresh selling can be initiated below 19050.
Trade with levels only.
Castor Seed (Aug)
Our buy call from 4480 to 4540 proven great and made a high of 4549 today.
Now what to expect???
Support at 4440 and Resistance at 4550
Break and sustain above 4550 with volume will take it to 4600---4640 mark in near term else, could touch its support level of 4440.
Fresh selling can be initiated below 4440 mark.
Trade with levels only.
Guar seed (Oct)
Our buy call from 3450 to 3530 proven great and made a high of 3559 today.
Now what to expect???
Support at 3450 and Resistance at 3580.
We will maintain our bullish view in it. Close above 3580 with volume will take it to 3630---3700++ mark in near term else could touch its support level of 3450.
Fresh selling can be initiated below 3450 only.
Trade with levels only.
Soya bean (Aug)
Support seen at 2960 and Resistance is at 3070---3130.
Looks positive and will add more lot on decline around 3000 for the upside level of 3130---3200++ mark
Fresh selling could be initiated below 2900.
Trade with levels only.
Soyaref (Aug)
Support at 640 and resistance is 645.
Sustainable move above 645 with volume will take it to 652---656++ mark in near term else could touch its support level of 640.
Fresh selling can be seen below 640.
Trade with levels only.
Dhaniya (Aug)
Support at 4800 and resistance is 5200.
Now what to expect?
Can accumulate more buy on decline near 4900 which will take it to 5120---5200 mark
Fresh selling can be initiated below 4800.
RM Seed (Aug)
Support seen at 3650 and resistance seen at 3720.
Break and Close above 3720 with volume will take it to 3760---3800 and then 3880+++ mark in days to come else, could touch its support level of 3650.
Fresh selling can be initiated below 3650.
Mentha oil (July)
Our buy call in Mentha Oil from 970---1046.1 proven great.
Now what to expect?
Support is 1010 and Resistance is 1048.
Looks positive and could touch 1048. Break and close above 1048 will see a good upside in it till 1058---1070++mark in near term else, could touch its support level of 1010.
Fresh selling can be initiated below 1010 mark.
Trade with levels only.
More will update soon!!
