Agri Commodity Update (28th-Dec-2017)
Fundamental Aspect:
Soybean futures prices settled the day with small gain on short covering activity noticed along with firm demand from the physical market as supplies have been diminishing day by day. The arrivals have been lower during first 25 days of December as compared to last year. As per the trader source, 6.22 lakh tonnes of soybean arrived in physical market in December (1-25) against close to 7.6 lt last year for the same time period.
SOPA increased its meal exports estimates for 2017-18 due to increased export incentives by 2% to 7% by government for all meals. Soymeal exports from the country in 2017-18 (Oct-Sep) are seen rising to around 20 lakh tn from previous estimate of 15 lakh tn due to a recent rise in export incentives.
Turmeric future contract settled the day with positive bias due to fresh buying initiated by market participants due to firm physical demand and expectation of improved up-country demand from the new season. The supplies have improved during last one month due to government auctions and lower exports data. The export of turmeric is noted down by 15.2% to 56,900 tonnes for the first 6 month of FY 2017-18 as compared to the last years’ exports. The arrivals have been higher during first 15 days in December this year to 15,021 tonnes compared to 7,877 tonnes last year same month.
Technical Aspect (Jan)
Turmeric (Apr)
Support seen at 7750 and Resistance is 7950.
Looks positive and likely to touch 7950. Break and close above 7950 will take it towards 8080—8150 and then 8320++ mark in near term.
Fresh selling only can be seen only close below 7750 on closing basis.
Trade with levels only.
Jeera
Support seen at 20800 and Resistance is at 21300.
Sell on every rise till 21300 and it’s likely to touch 20800. Break and sustain below 20800 will take it towards 20550—20200 and then 19800 mark.
Fresh buying can be seen on close above 21300 mark.
Trade with levels only.
Castor Seed
Support at 4350 and Resistance at 4450.
Looks weak on chart. Sell on every rise till 4450 and it’s likely to touch 4350. Break and sustain below 4350 will take it towards 4280—4220 and then 4150 mark in near term.
Fresh buying can be initiated above 4450 mark on closing basis.
Trade with levels only.
Guar seed
Support is at 4000 and Resistance is 4150.
Looks positive on chart and likely to touch 4150. Buy and cumulate more on decline. Break and close above 4150 will take it towards —4230 and then 4350 and then 4450++ mark.
Fresh selling can be seen on close below 4000 on closing basis.
Trade with levels only.
Chana
Support is 3850 and Resistance is 4050.
Trading in a ranges. Either side break or close will set the further trend in it.
Support will remain at 3950 on closing basis.
Trade with levels only
RM Seed
Support seen at 3850 and resistance is at 4050.
Buy and accumulate more on decline till 3850 as it’s likely to touch 4050 mark soon. Break and close above 4050 will take it towards 4150—4230 and then 4300++ mark in near term.
Fresh selling can be initiated below 3850 mark on closing basis.
Trade with levels only.
Soybean
Support seen at 2980 and Resistance is 3150.
Buy and accumulate more on decline till 2980 and likely to hit 3150 soon. Break and close above 3150 will take it towards 3220—3280 and then 3350++ mark in coming days.
Fresh selling can be seen on close below 2980 mark on closing basis.
Trade with levels only.
Soy Refined
Support is 712 and Resistance is 728.
Looks positive on chart and likely to hit 726. Buy and accumulate more on decline. Break and close above 728 will take it towards 733—737 and then 745++ mark in near term.
Support and stop loss will remain at 712 mark.
Trade with levels only.
CPO
Looks positive and likely to touch 565. Break and close above 565 will take it towards 568—575 and then 588++ mark in near term.
Fresh selling can be initiated below 552 mark.
Trade with levels only
More will update soon!!!
