Agro Commodity Update (3rd- Oct-2017)
Fundamental Aspect:
NCDEX Soybean Oct futures closed down lower last week on expectation of increase arrivals of new season crop and reports that government has permitted states to extend the limits on stocks of oilseeds and edible oils with traders and mills till September 30, 2018. As per prices of soybean move below the MSP in key physical markets, central government has given approval for procurement of 100,000 tn soybean from farmers in Maharashtra and 150,000 tn of the oilseed from Rajasthan at minimum support price.
Refined Soy Oil Oct futures fall last week taking clues from the International Soyoil has been under pressure since the U.S. Environmental Protection Agency said it was seeking comment on a proposal to reduce 2018 biodiesel blending requirements. However, soy oil the prices in physical market was supported by weak rupees and increase in import tax coupled with higher tariff value for the crude soy oil in September when government increase import tariff by $33. For the second half of September, the government raised the base import price of crude soyoil by $16/tonnes to $851/tonnes.
NCDEX Jeera for Oct delivery closed fall for the second consecutive week on weak physical demand as exports are usually lower during the months of September, October and November. Moreover, there are assumptions that the area under jeera may increase by more than 30% in coming rabi season due to higher prices. The arrivals have been lower during the first 25 days of September at 5,713 tonnes compared to 5,851 tonnes in August for same period. India's jeera exports in Jun surged 29.6% on year to 13,503 tn. However, as per government data, Jeera exports during first quarter in FY 2017/18 (Apr-Jun) is 41,707 tonnes, down 10.8% compared to last year exports volume for the same period.
Technical Aspect (Oct)
Jeera
Support at 19050 and Resistance at 19500
Break and sustain above 19500 will take it to 20000—20350 and then 20500++ mark else could touch its support level of 19050.
Fresh selling can be initiated below 19050.
Trade safely with levels only.
Castor Seed
Support at 4500 and Resistance at 4700
Trading in range either side breakout with volumes will decide further.
Trade with levels only.
Turmeric
Support is at 7200 and Resistance is at 7430
Break and sustain above 7430 will take it to 7600—7680 and then to 7750+++ mark else could touch its support level of 7200 again.
Fresh selling can be initiated below 7200
Trade with levels only.
Guarseed (Oct)
Support is at 3650 and Resistance is 3780.
Break and sustain below 3650 will take it to 3550—3500 and then to 3430 mark else could touch its resistance level of 3780.
Fresh buying can be initiate above 3780 only.
Trade with levels only.
Guargum (Oct)
Support is 7900 and Resistance is at 8080.
Break and sustain below 7900 will take it to 7700—7650 and then to 7550 mark in near term else it could touch its resistance level of 8080.
Fresh buying can be seen above 8080 only.
Trade with levels only.
Chana
Support at 5500 and Resistance is at 5600
Break and sustain below 5500 will take it to 5380—5350 and then to 5280 mark else could touch its resistance level of 5600 mark.
Fresh buying can be initiated above 5600
RM Seed
Support seen at 3680 and resistance is at 3780.
Trading in range either side breakout with volumes will decide further.
Trade with levels only.
Soybean
Support at 2900 ……Below 2900 panic remain continue till and then to 2835--2790 mark, else could touch its resistance level of 2980.
Fresh buying can be initiated above 2980 mark.
Trade with levels only.
Mentha oil
Support is 1170 and Resistance is 1200
Break and sustain above 1200 will take it to 1250---1280 and then to 1300+++ mark else could touch its support level of 1170 mark.
Fresh selling can be initiated below 1170
Trade with levels only.
CPO
Above 535 rally likely to remain continue till 542--545++mark else it could test it's support level of 528 again.
Fresh selling can be initiated below 528.00.
More will update soon!!
