Agro Commodity Update (8th Feb-2018)
Fundamental Aspect:
Mentha Oil futures prices traded sharply lower due to increase arrival in the major spot markets of Uttar Pradesh. As per the trader source, there is currently not much demand for mentha oil from the domestic consuming industries as well as stockists. From export front, there is no expectation of any positive development in the recent times. Due to the increased production and usage of synthetic mentha in the recent years, demand for natural mentha has decreased. As on 05th February 2018 stock positions of mentha in MCX accredited warehouses were around 3629 drums which is 72 drums less in comparison to previous day.
Soybean future prices settled the day sharply higher due to downward revision in soybean production form the top two producing states is mainly due to uneven rains during the monsoon season. A sudden spurt in soybean prices has made Indian meal exports uncompetitive over the past one month, prompting exporters to forecast a 50% decline in shipments this oil year (Nov 2017–Ot2018). CBOT soybean prices witnessed significant gains on growing crop concerns in Argentina. SOPA released its first advance estimates for soybean production for year 2017-18 and pegged at 91.46 lakh tonnes compare to 109.92 lakh tonnes of last year As per Ministry of Agriculture, soybean production in India for 2017-18 seasons is estimated to be around 12.22 million MT down by 11% Y/Y.
Technical Aspect
Guar seed
Support is at 4450 and Resistance is 4600.
Looks weak on chart and any rise close to its hurdle will be a selling opportunity in it. Break and sustain below 4450 will take it towards 4380—4250 mark in near term.
Fresh buying only can be seen on close above 4600 marks.
Trade with levels only.
Chana (March)
Support is 3800 and Resistance is 3950
Looks weak on chart and likely to hit 3800 mark. Break and close below 3800 will take it to 3720—3650 and then 3500 mark.
Fresh buying only can be seen on close above 3950 mark.
Trade with levels only.
RM Seed
Support seen at 4050 and resistance is at 4200.
Panic likely to continue till 4050. Break and close below 4050 will take it towards 3960--3900 and then 3840 mark.
Fresh buying can be initiated on close above 4150 mark.
Trade with levels only.
Soybean (March)
Our buy call from 3550—3708 has proven great
Now what to expect?
Support seen at 3600 and Resistance is 3750.
Rally likely to continue till 3750. Break and sustain above 3750 will take it towards 3820---3960 and then 4050 mark.
Fresh selling can be seen on close below 3600 mark.
Trade with levels only.
Castor Seed (Feb)
Support at 4150 and Resistance at 4300
Trading in a range. Either side break and close will set further trend in it.
Trade with levels only.
Cotton
Support is 19800 and Resistance is 20250.
If prices unable to breach its key resistance of 20450 then we can expect a vertical crash in it. Break and sustain below 19800 will take it to 19550—19300 mark in near term.
Fresh buying can be seen on close above 20250 mark.
Trade with levels only.
Jeera (March)
Support seen at 16600 and Resistance is at 17100
Buy and accumulate as its likely to hit 17100. Break and sustain above 17100 will see sharp upside rally towards 17350--17500 and then 17850++ mark.
Fresh selling only can be seen below 16600 on closing basis.
Trade with levels only.
Turmeric (Apr)
Our buy call from 7250—7388 has proven great
Now what to expect?
Support is 7100 while Resistance is 7400
Rally likely to continue. Break and sustain above 7400 will take it towards 7580—7700 and then 7850 mark in near term.
Fresh selling only can be seen on close below 7100.
Trade with levels only.
CPO
Support seen at 568 while Resistance is 580.
Looks weak on chart. Break and sustain below 568 will take it towards 562—554 mark in near term.
Fresh buying only can be initiated above 580 mark on closing basis.
Trade with levels only
More Will Update Soon!!
