Agro Commodity Update (27th-Sep-2017)
Fundamental Aspect:
Soybean futures traded marginally lower tracking weak cues from International market and pressure by the arrival of new season soybean. As per traders source, soybean arrivals during the first 25 days is pegged at 2.28 lakh tonnes compared to 1.99 lakh tonnes in August for the same period. As per the latest agri ministry data, India's soybean acreage was marked at 10.6 million ha as on last week, down 7.7% from a year ago. The fall in overall acreage has been led by a decline in area under the crop in Madhya Pradesh (the largest producer), because of poor rains in the state so far this monsoon season. Planting is delayed in Brazil due to dry weather, but moisture is beginning to work toward equator from the south. The USDA indicated that US soybeans were 10% harvested as of Sunday, vs. the average of 12%. Soybean condition ratings were up 1% for good to excellent.
Turmeric futures for October delivery showed a good rebound from yesterday’s low .As per the latest data release by the government, the exports during the first quarter of FY 2017-18 is down 10% to 33,323 tonnes, compared to last year exports volume for the same period. The production estimate of turmeric for 2016-17 is pegged at 11.32 lakh tonnes by government in 3rd advance estimate higher from 9.43 lakh tonnes in 2015-16. For 2017-18, turmeric sowing in Telangana, as on 13th Sep, down 1.5% to 44,956 hectares as compared to last year acreage of 45,633 hectares.
Sugar Futures traded flat on news that the production in the country will jump 24% in 2017-18 to around 25 MT. The country's sugar output in the ongoing 2016-17 marketing year (October-September) is estimated to be lower at 20.2 MT because of poor rains. India is the world's second biggest sugar producer. Raw sugar futures on ICE fell to their lowest in nearly six weeks, pressured by a forecast for much-needed rain in top producer Brazil and the expectation for a lack of nearby demand as the October contract nears expiry.
Technical Aspect (Oct)
Jeera
Our sell call from 19300 –18900 proven great.
Now what to expect??
Break and sustain below 18900 will take it to 18550—18300 and then 18000 mark else could touch its resistance level of 19550.
Fresh buying can be initiated above 19550 on closing basis.
Trade safely with levels only.
Dhaniya
Support seen at 4550 and Resistance is 4850.
Looks positive on chart and likely to touch 4850.Break and close above the same will see sharp recovery in it till 4980—5120 and then 5300++ mark else it could touch its support level of 4550.
Fresh selling can be seen on close below 4550.
Trade with levels only.
Turmeric
Support seen at 7050 and Resistance is 7300.
Break and close above 7300 will take it towards 7460—7550 and then 7700++ mark in near term else it could touch support level of 7050.
Fresh selling can be seen only below 7050.
Trade with levels only.
Castor Seed
Support at 4540 and Resistance at 4610.
Break and sustain above 4610 will take it to 4650—4680 and then 4750++mark else could touch its support level of 4540.
Fresh selling can be initiated below 4540 mark.
Trade with levels only.
Guar seed (Oct)
Support is at 3740 and Resistance is 3850.
Break and sustain above 3850 will take it to 3935---4050 and then 4120++ mark in near term else it could touch its support level of 3740.
Fresh selling can be seen below 3740 on closing basis.
Trade with levels only.
Chana
Support seen at 5650 and Resistance is at 5950
Every sharp rise will a selling opportunity in it till 5950.Break and close below 5650 will take it to 5530 –5450 and then 5300.
Fresh buying can be seen above 5950.
Trade with levels only.
RM Seed
Support seen at 3700 and resistance is at 3750.
Break and close above 3750 will take it to 3820---3860 and then 3950++ mark in days to come else could touch its support level of 3700.
Fresh selling can be initiated below 3700.
Trade with levels only.
Soybean
Support seen at 3000 and Resistance is 3125.
Break and close below 3000 will take it to 2960---2920 and then 2850 mark in near term else we can see “U” turn can be seen here.
Fresh buying can be initiated above 3125 only.
Trade with levels only.
CPO
Support at 537 and Resistance at 552
Trading in a range. Either side decisively break or close will decide further trend in it.
Overall trend looks positive but trade with levels only.
More will update soon !!
