Agro Commodity Update (22nd-Nov-2017)
Fundamental Aspect:
Soybean futures traded higher in last couple of days on anticipation of rise in demand from crushers. Improving landed cost of soy oil may spark fresh buying at physical market which may help soybean futures to remain stronger in near term. However, adequate supply of Soybean may restrict the major gains as prices has slumped below to minimum support prices at major trading centres due to surging arrivals pressure. SOPA released its first advance estimates for soybean production for year 2017- 18 and pegged at 91.46 lakh tonnes as compared with 109.92 lakh tonnes noted last year. India exported around 537145 MT soy meal during the April, 17 – Oct, 17 compare to 107110 Mt noted last year for corresponding period as per the data compiled by Solvent extractor’s Association of India. (SEA).
Turmeric futures traded marginally higher due to short covering activity by the market participants in expectation of up country demand. There are reports good supplies from the government auctions but due to end of season the stocks are diminishing with the physical traders. The export of turmeric is down by 17.4% to 49,186 tonnes for the first 5 month of FY 2017-18 as compared to the last years’ exports. The arrivals increase for first 15 days in November to 4,577 tonnes compared to 3,457 tonnes in 2nd half of October.
Mentha Oil futures prices are expected to trade within a range with upside biasness in near trading session. As per the trader source, traders have raised their holdings on the back of pick-up in spot demand from consuming industries. Tight stock positions due to restricted arrivals from the major producing belts of Chandausi is also giving support to the mentha prices. With the onset of winter the seasonal and export demand of mentha is improving which is also one of the reasons for rise in prices.
Technical Aspect (Dec)
Turmeric
Support seen at 7080 and Resistance is 7250.
Look positive on chart and likely to touch 7250 .Break and sustain above 7250 will take it towards 7350—7470 and then 7600++ mark in near term.
Fresh selling only can be seen only close below 7080 mark on closing basis.
Trade with levels only.
Jeera
Our buy call from 19300—20445 proven great.
Now what to expect?
Support seen at 19950 and Resistance is at 20450.
Rally likely to continue. Break and sustain above 20450 will take it towards 20680—20900 and then 21250++mark in near term.
Fresh selling can be seen on close below 19950 mark on closing basis.
Trade safely with levels only.
Castor Seed
Support at 4350 and Resistance at 4520.
Looks positive and likely to touch 4520. Break and sustain above 4520 will take it to towards 4580—4630 and then 4700++ mark else could touch its support level of 4350 mark.
Fresh selling can be initiated below 4350 mark on closing basis.
Trade with levels only.
Guar seed
Support is at 3650 and Resistance is 3780.
If prices unable to breach and close below 3650 then we can expect “U” turn in it. Break and sustain below 3780 will see good upside in it towards 3850—3920 and then 4000++ mark in near term.
Support will remain at 3650 mark.
Trade with levels only.
Chana
Support is 4850 and Resistance is 5050
Trading in a range. Weekly close on either side will set the further trend in it.
Major downtrend will be seen only on close below 4850 mark.
Trade with levels only
RM Seed
Support seen at 3880 and resistance is at 3980.
Buy and accumulate on decline till 3880 and it’s likely to touch 3980 in near term. Break and sustain above the same will take it towards 4060—4120 and then 4200++ mark in near term.
Fresh selling can be initiated below 3880 mark on closing basis.
Trade with levels only.
Soybean
Support seen at 2850 and Resistance is 2950.
Rally likely to continue. Buy and accumulate more on decline. We expect good upside over the medium term. We have published a special report on soybean too. Grab it.
Trade with levels only.
Soy Refined
Our buy call from 715--735 proven great.
Now what to expect??
Support is 725 and Resistance is 750.
Rally likely to continue till 750. Break and sustain above 750 will take it towards 765—772 and the 780++ mark in near term.
Fresh selling only can be seen below 725 mark on closing basis.
Trade with levels only.
CPO
Support seen at 580 while Resistance is 594.
Rally likely to continue. Break and close above 594 will take it towards 608—622 and then 635+ mark in near term.
Fresh selling only can be seen below 580 mark on closing basis.
Trade with levels only.
More will update soon!!!
