Fundamental Aspect
Soybean August futures closed higher last week on reports of lower sowing compared to the last year. However, the prices are still trading in a range due to good stocks and steady demand. As per the latest government report, soybean planting fell 10.3% to 95.7 lakh hectares as compared with the same period last year. Last year, the acreage was 106.7 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 closed lower last week on profit booking due to weak physical demand at higher prices. However, market participants initiated fresh buying in the previous trading session amid improving physical demand on reports of lower arrivals in Gujarat marked due to heavy rains. As per the trader source, jeera arrival during the month of July dropped to 3,668 tonnes as compared with the June arrival report. In June, arrival recorded at 8,072 tonnes. In line, jeera exports in April 2017 was reported at 14,599 tonnes, were down 9% from March. In 2016-17, country exports increase by 26% to 1.24 lt.
Turmeric futures closed higher last week on reports of deficient rains during 20-26th July in Telangana. As per the IMD’s latest report, Telangana received only 9.2 mm rains which is 85% below normal. Moreover, dry condition and slow sowing progress is supporting prices. In Telangana, turmeric acreage as on 29-Jul-17, up 2.5% to 39,000 hectares as compared to last year acreage of 40,000 hectares. The normal acreage is close to 47,000 hectares. Market arrivals dropped about 34% in June compared to May. As per the trader source, about 18,167 tonnes arrived in July compared to 27,574 tonnes in previous fortnight. Turmeric exports during first four months in 2017 is 42,855 tonnes, up 40.7% compared to last year same period (GOI).
MCX Cotton traded moderately higher as market participants initiated fresh buying on concern about excess rains in cotton growing areas in Gujarat. However, good progress in cotton sowing in the country capped further gain. As per latest data from Agricultural Ministry, cotton is planted in 104.1 lakh hectares (l ha) till last week, higher 20% compared to last year acreage of 86.6 lakh ha for same period.
Technical Aspect
Jeera (Aug)
Support at 19000 and Resistance at 19700.
Looks positive and likely to touch 19700. Break and sustain above 19700 will fuel more power in it till 19950---20250++ mark in days to come else could touch its resistance level of 19000.
Fresh selling can be initiated below 19000.
Trade with levels only.
Castor Seed (Aug)
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.
Turmeric (Aug)
Last week we clearly indicated that if prices unable to hold below 6750 then there is a chance of bottom out in it.
Look what happen to it... Skyrocketed and made a fresh high of 7532 today.
Now Support seen at 7350 and Resistance is 7550.
We will maintain our bullish in it. Break and sustain above 7550 will take it to 7660---7740++mark in near term else, could touch its support level of 7350.
Fresh selling can be seen below 7350.
Guar seed (Oct)
Our buy call from 3450 to 3600 proven great and made a high of 3629 today.
Now what to expect??
Support at 3550 and Resistance at 3640.
We will maintain our bullish view in it. Break and sustain above 3640 with volume will take it to 3690---3730++mark in near term else, could touch its support level of 3550.
Fresh selling can be initiated below 3550 only.
Trade with levels only.
Soya bean (Aug)
Support seen at 2900 and Resistance is at 3080.
Looks positive and will add more lot on decline around 3000 for the upside level of 3080---3130 and then 3200++ mark.
Fresh selling could be initiated below 2900.
Trade with levels only.
Soyaref (Aug)
Support at 640 and resistance is 652.
Will accumulate the fresh position on every decline till 640 which will take it to 652---657++mark in near term.
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---4880 which will take it to 5120---5200 mark else could touch its support level of 4800.
Fresh selling can be initiated below 4800.
Trade with levels only.
RM Seed (Aug)
Support seen at 3640 and resistance seen at 3725.
Break and sustain above 3725 will take it to 3780---3820 and then 3870++ mark in days to come else, could touch its support level of 3640.
Fresh selling can be initiated below 3640.
Trade with levels only.
Mentha oil (Aug)
Support is 1065 and Resistance is 1100.
Break and sustain above 1100 will take it to 1114---1135++mark in near term else could touch its support level of 1065.
Fresh selling can be initiated below 1065 mark.
Trade with levels only.
More will update soon!!
