Fundamental Aspect
Soybean August futures traded a bit higher tracking lower acreage and dry conditions in soybean growing areas of MP. As per the latest government report, soybean planting fell 10.4% to 99 lakh hectares compared with the same period last year. Last year, the acreage was 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 traded marginally higher on reports of below normal rains in turmeric producing areas of Telangana, low sowing progress and good physical demand at the spot market. 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 with the last year acreage of 43,226 hectares. Market arrivals dropped about 30% in July compared to June. As per the trader source, about 19,218 tonnes arrived in July compared to 27,373 tonnes in previous month. As per the data release by the government, the exports during first five months in 2017 is 54,058 tonnes, up 22% compared to last year exports volume for the same period.
Jeera prices have been witnessing a quite volatile from last couple of days on reports of lower arrivals in Gujarat on expectation of damage to stored jeera due to heavy rains but profit booking is keeping the prices down. As per the trader source, jeera arrival during in July dropped to 3,668 tonnes as compared to June arrival data. In June, arrival record at 8,072 tonnes. As per the latest data release by government, Jeera exports during first five months in 2017 is 5039 tonnes, up 9.7% compared to last year exports volume for the same period.
Mentha oil futures traded higher 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 (Sep)
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 3750
Break and close above 3750 with volume will take it to 3850---3920 and then to 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--4650. Close below 4650 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 3650 and resistance IS at 3730.
Looks positive. Break and sustain above 3730 will take it to 3780---3820 and then 3870++ mark in days to come else could touch its support level of 3650.
Fresh selling can be initiated below 3650.
Trade with levels only.
Mentha oil (Aug)
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!!
