Agro Commodity Update (13th-Nov-2017)
Fundamental Aspect:
Jeera prices traded negative last week tracking weak cues from physical demand and good supplies. The arrivals have been higher during October this year at 3,760 tonnes compared to 2,130 tonnes last year same period .However, in the second half of Oct the arrivals have been reduced significantly to 963 tons Vs 2,795 tons in the first half. As per the latest government data, Jeera exports during first five month of FY 2017-18 (Apr-Sep) is noted at 63,085 tonnes, down 2.6% as compared to the last year exports volume for the same period. India's jeera exports in Aug increase 46% on year to 13,879 tn. On the import front, country imported about 1,044 tonnes of jeera during the month of August about 209 percent higher than last year imports
Guar complex traded with negative bias from last couple of days as 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 of monsoon 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 data compiled by Agricultural and Processed Food Products Export Development Authority, India's guar gum exports for first four months of FY 2017-18 marked up to 178,119 tonnes as compared with 105214 tonnes recorded a year ago, due to higher demand from the US. Total Guar gum export from India has surged by 69% y/y till July in year 2017-18.
Technical Aspect (Dec)
Turmeric
Support seen at 6900 and Resistance is 7150.
Panic likely to continue till 6900. Break and sustain below 6900 will take it towards 6780—6700 and then 6630 mark in near term.
Fresh buying only can be seen above 7150 mark on closing basis.
Trade with levels only.
Jeera
Support seen at 18700 and Resistance is at 19050.
Trading in a range .Either side decisively break will decide further trend in it.
Trade safely with levels only.
Castor Seed
Support at 4320 and Resistance at 4450.
Break and sustain below 4320 will take it to 4470 —4425 and then 4350 mark else could touch its resistance level of 4450 mark.
Fresh buying can be initiated above 4450 mark on closing basis.
Trade with levels only.
Guar seed
Support is at 3550 and Resistance is 3750.
Any sharp rise will be a selling opportunity in it. It’s likely to touch 3550 in near term. Hurdle will remain at 3750.
Fresh Buying can be seen above 3750 mark.
Trade with levels only.
Chana
Support is 4550 and Resistance is 4950.
Traders can accumulate on decline till 4550. We expect medium term upside in it.
Major downtrend will be seen only on close below 4550 mark.
Trade with levels only
RM Seed
Support seen at 3920 and resistance is at 3980--4050.
Looks positive on chart and likely to touch 3980. Break and sustain above 3980 will take it towards 4050 and then 4120++ 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
Trading in a range .Either side break and close will set the further trend in it.
Trade with levels only.
CPO (Nov)
Our buy call from 560—575 proven great.
Now what to expect??
Support is 560 and Resistance is 575.
Rally likely to continue .Break and sustain above 575 will take it towards 582—587 and then 594++ mark in near term else could touch its support level of 560 mark.
Fresh selling can be seen below 560 on closing basis.
Trade with levels only.
More will update soon!!
