Agro Commodity Update (15th-Nov-2017)
Fundamental Aspect:
Soybean futures traded marginally higher on technical buying from the lower levels. Prices are still trading at lower levels as soybean arrivals have peaked in the major mandies. As per the trader source, the arrivals during 1-10 Nov rises to 5.34 lt as compared to 4.6 lt noted last year same time. Arrivals since October in 2017 is about 17 lt as compared to 15 lt last year same period. Good demand for soy meal exports underpinned prices last week. Total exports of soy oil meal in the first seven months of the fiscal started April is almost 5 times higher to 5.37 lakh tons compared to 1.07 lakh tons last year.
Guar futures are expected to trade lower due to ongoing harvesting activities in major guar growing region could weigh on prices. However, losses could be limited as prices may track Improving export outlook for guar gum supported by gains in global crude oil prices. Moreover, weaker production outlook for year 2017-18 could restrict major losses. Overall production and yield for year 2017-18 is likely to be lower due to uneven distribution in western Rajasthan. Although Rajasthan government forecasted higher production for year 2017-18 pegged at 16.76 lakh tones in its first advanced estimates higher by 19% compare to last year. As per the latest data compiled by Agricultural and Processed Food Products Export Development Authority, India's guar gum exports for first four months of FY 2017-18 has reached up to 178,119 tonnes from 105214 tonnes recorded a year ago.
Technical Aspect (Dec)
Turmeric
Support seen at 6900 and Resistance is 7180.
Looks weak on chart and likely to touch 6900 .Break and sustain below 6900 will take it towards 6830—6750 and then 6680 mark in near term.
Fresh buying only can be seen above on close above 7180 mark.
Trade with levels only.
Jeera
Our buy call from 19300—19740 proven great.
Now what to expect?
Support seen at 19100 and Resistance is at 19750.
Rally likely to continue. Break and sustain above 19750 will take it towards 19980—20250 and then 20500++mark in near term.
Fresh selling can be on close below 19100 mark.
Trade safely with levels only.
Castor Seed
Support at 4320 and Resistance at 4425.
Looks positive on chart. Break and sustain above 4425 will take it to 4470 —4520 and then 4570++ mark else could touch its support level of 4320 mark.
Fresh selling can be initiated below 4320 mark on closing basis.
Trade with levels only.
Guar seed
Support is at 3650 and Resistance is 3780.
Any sharp rise will be a selling opportunity in it. It’s likely to touch 3650 in near term. Break and sustain below 3650 will take it towards 3610—3570 and then 3530 mark.
Hurdle will remain at 3780.
Fresh Buying can be seen on close above 3780 mark.
Trade with levels only.
Chana
Our buy call from 4850---4939 proven great.
Now what to expect??
Support is 4800 and Resistance is 4950.
Rally likely to continue. Above 4950 will take it towards 5030—5100 and then 5160++ mark in near term.
Major downtrend will be seen only on close below 4650 mark (Major support).
Trade with levels only
RM Seed
Support seen at 3920 and resistance is at 3980--4050.
Likely to touch 3980. Break and sustain above the same will take it towards 4050—4120 and then 4200++ mark in near term.
Fresh selling can be initiated below 3920 mark.
Trade with levels only.
Soybean
Support seen at 2800 and Resistance is 2880—2935
Look positive on chart. Buy and accumulate more on decline. Break and sustain above 2880 will take it towards 2935—2970 and then 3050++ mark in near term.
Fresh selling can be seen on close below 2800 mark.
Trade with levels only.
CPO (Nov)
Support is 557 and Resistance is 568—575.
Trading sideways. Either side break or close will set the further trend in it.
Trade with levels only.
More will update soon!!!
