Fundamental Aspect
Soybean August futures traded moderately lower from last couple of week tracking weak cues from the international market and lower edible oil prices. Currently, market participants liquidate their long positions on anticipation of steady demand for soybean in coming weeks due to sufficient supplies of edible oil in the country. As per the latest government data, soybean planting fell 10.4% to 99 lakh hectares compared with the same period last year. Last year, the acreage was marked at 110 lakh hectares. Kharif sowing of soybean fell so far during the period due to a drop in acreage in Madhya Pradesh, the country's largest producer of soybean, as most farmers shifted to more profitable crops such as cotton due to poor returns from oilseeds last year.
Turmeric futures jumps more than 5% last week amid lower arrivals, below normal rains in turmeric producing areas of Telangana, low sowing progress and good demand. After good start to turmeric sowing in Telangana, the acreage of turmeric as on 2nd August is , down 3.5% to 41,715 hectares as compared to last year acreage of 43,226 hectares. Market arrivals dropped about 34% in June as compared with the May. As per the market source, about 18,167 tonnes arrived in July as compared with 27,574 tonnes in previous fortnight. As per the 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.
Jeera futures traded slightly positive due to uptick in demand at the spot market against restricted supplies on reports of lower arrivals due to heavy rains in the producing belts of Gujarat. 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.
Mentha oil futures traded higher on MCX as engaged in building up their positions, tracking a firm trend at spot market on strong demand. Further, tight stock position following a fall in arrivals from major producing belts of Chandausi in Uttar Pradesh too fuelled the uptrend in it.
Technical Aspect
Jeera
Support at 18750 and Resistance at 19500.
Any rise close to 19500 will be a selling opportunity in it. Break and close below 18750 further panic will be seen in it.
Fresh buying can be initiated above 19500.
Trade with levels only.
Castor Seed (Aug)
Our buy call from 4460 to 4515 proven great.
Now what to expect?
Support at 4460 and Resistance at 4550.
Looks positive. Break and close above 4550 with volume will take it to 4620---4680++ mark in near term else could touch its support level of 4460.
Fresh selling can be initiated below 4460 mark.
Trade with levels only.
Turmeric
Hurdle at 7850---8000. If it unable to breach 8000 mark then we will see sharp downside panic in it.
Any sharp rise will be selling opportunity with stop loss of above 8000 on closing basis.
Downside target looks 7200---6850 mark.
Trade with levels only.
Guar seed (Oct)
Our buy call from 3650 to 3754 proven great.
Now what to expect?
Support at 3650 and Resistance at 3770.
We will maintain our bullish view in it .Break and sustain above 3770 with volume will take it to 3840---4000++ mark in near term else, could touch its support level of 3650.
Fresh selling can be initiated below 3650 only.
Trade with levels only.
Dhaniya
Crucial support is at 4700. Close below 4700 will see sharp downside panic till 4200---3900 mark in days to come.
Stop loss will be above 5050 on closing basis.
Trade with levels only.
RM Seed
Support seen at 3640 and resistance IS 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
Support is 1130 and Resistance is 1180
Looks positive and every decline till 1130 can be accumulating more. Break and sustain above 1180 will take it to 1198---1225+++ mark in near term else could touch its support level of 1130.
Fresh selling can be initiated below 1130 mark on closing basis.
Trade with levels only.
More will update soon!!
