Agro Commodity Update (9th Feb-2018)
Fundamental Aspect:
Soybean jumps sharply higher after trade body cuts soybean production by nearly 10 lakh tonnes to 83.5 lakh tonnes (lt) for 2017-18 crop. As per the latest report of SOPA, soy bean carryover stock is 13 lt, which is added to the crop size of 83.5 lt, thereby making the overall availability of the oilseed at 96.5 lt. Soybean stock with farmers, traders and mills is estimated at 45.32 lt as of January. According to data released by Solvent Extractors' Association of India (SEA), India exported 76,089 tn of oil meal in January, down 51% on year. But the export volume is higher by 69% for the period Apr-Jan at 10.14 lt.
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 menthe 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.
Technical Aspect
Guar seed (Feb)
Our sell call from 4500—4380 has proven great
Now what to expect?
Support is at 4350 and Resistance is 4500.
Panic likely to continue. Break and sustain below 4350 will take it towards 4280—4200 mark in near term.
Fresh buying only can be seen on close above 4500 marks.
Trade with levels only.
Chana (March)
Support is 3750 and Resistance is 3920
Looks weak on chart and likely to hit 3750 mark. Break and close below 3750 will take it to 3680—362 and then 3550 mark.
Fresh buying only can be seen on close above 3920 mark.
Trade with levels only.
RM Seed (April)
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—3728 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 4050 and Resistance at 4200
Trading in a range. Either side break and close will set further trend in it.
Trade with levels only.
Cotton (Feb)
Our buy call from 20050—20250 has proven great.
Now what to expect?
Support is 19800 and Resistance is 20250.
Above 20250 rally likely to continue towards 20550--20700 mark in near term else could touch its support level of 19800 mark.
Fresh selling can be seen on close below 19800 mark.
Trade with levels only.
Jeera (March)
Support seen at 16300 and Resistance is at 16750
Looks weak on chart. Break and sustain below 16300 will see sharp downside panic till 16050--15800 and then 15550 mark.
Fresh buying only can be seen above 16750 on closing basis.
Trade with levels only.
Turmeric (Apr)
Our buy call from 7250—7370 has proven great
Now what to expect?
Support is 7150 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 7150.
Trade with levels only.
CPO
Support seen at 562 while Resistance is 574.
Buy and accumulate as its likely to be a safe bet in near term. Break and sustain below 574 will take it towards 582—590 mark in near term.
Fresh selling only can be initiated below 562 mark on closing basis.
Trade with levels only
More Will Update Soon!!!!
