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DAILY AGRI COMMODITY REPORT 01 December 2016

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Market Views MONT H

OPEN

HIGH

CLOS E

LOW

% CHG

VOL

MONT H

OPEN

HIGH

8125

8150

7837

SUPPORT

SUPP.1

SUPP. 2

7765

7644

7885

PIVOT

INTRADAY LEVELS

7957 RESISTA NCE

RES. 1

RES. 2

8078

8270

-3.40

2790

Coriander short term trend is bearish and May continue in coming days.

-

-

-

-

SUPPORT

SUPP. 1

SUPP. 2

-

-

7294

7294

7214

SUPPORT

SUPP.1

SUPP. 2

7222

7178

RES. 1

RES. 2

7302

7338

-

-

-

RES. 1

RES. 2

-

-

GUARGUM

7266

7258 RESISTA NCE

VOL

-

LEVELS

RESISTA NCE

PIVOT

INTRADA Y LEVELS

% CHG

PIVOT

INTRADAY

TURMERIC

DEC

CLOS E

CASTORSEED

CORIANDER

DEC

LOW

0.28

840

Turmeric short term trend is bearish and May continue in coming days.

DEC

6424

6425

6268

SUPPORT

SUPP. 1

SUPP. 2

6274

6193

6356

PIVOT

INTRADAY LEVELS

6350

RESISTA NCE

RES. 1

RES. 2

6431

6507

0.43

9145

Guargum short term trend is bearish and May continue in coming days.

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Most Active Contract NCDEX INDICES TOP GAINERS

Symbol

Expiry Date

Current Price

Change

Change %

Index

Value

Pre. Close

% Change

SUGAR M GRADE

20-12-2016

3473.00

72.00

2.12%

Castorseed

-

-

-

REF SOYA OIL

20-12-2016

723.20

8.20

1.15%

Chana

-

-

-

RAPESEED-MUSTARD SEED

20-12-2016

4829.00

39.00

0.81%

Coriander

7885

8132

-3.04

Guargum5MT

6300

6254

0.74

Jeera

18340

18590

-1.34

TOP LOSERS Symbol

Expiry Date

Current Price

Change

Change %

CORIANDER

20-12-2016

7885.00

-233.00

-2.87%

JEERA

20-12-2016

18340.00

-235.00

-1.27%

Mustard seed

4829

4785

0.92

COTTON SEED OIL CAKE AKOLA

20-12-2016

1960.00

-15.00

-0.76%

Soybean

3112

3122

-0.32

WHEAT

20-12-2016

2026.00

-14.00

-0.69%

Turmeric

7266

7246

0.28

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Commodities In News  At higher levels buyers reported inactive in the spot market. Current year sowing area reported up in Gujarat also reported ontime sowing due to favourable weather. As per Agriwatch technical analysis, Jeera December contract may come down to Support 1 Rs.18000 and Support 2 Rs.17500/qtl. At higher levels near Rs.18900/qtl profit booking may continue. However, lower stocks may support Jeera prices from lower levels. Jeera futures edged lower on NCDEX on account of fall in demand at the spot market due to tight fund positions against adequate stocks position from the producing regions.  Turmeric futures traded lower on NCDEX on reports of good production from new season crops as the harvesting begins in the next month. Though, some losses were capped on rising demand at the spot market. The contract for December delivery was trading at Rs 7230, down by 0.22% or Rs 16 from its previous closing of Rs 7246. The open interest of the contract stood at 7305 lots. The contract for April delivery was trading at Rs 6920, down by 0.52% or Rs 36 from its previous closing of Rs 6956. The open interest of the contract stood at 6775 lots on NCDEX.  In Andhra Pradesh, Coriander sown area is 289 hectares as on 2311-2016, as against normal in season area of 18326 hectares. Last year area coverage for the same period was 5346 hectares. Kurnool district reported 289 hectares compared to last year 2645 hectares. 2016-17 Coriander sowing started in Gujarat state. As on 21-11-2016, Coriander sowing completed 24100 hectares as compared to last year 4700 hectares, normal area reported 90400 hectares. Soybean futures edged lower on NCDEX as traders trimmed their positions amid improving arrivals in the physical market and expectations that the peak arrivals will be observed during the month of December. However, strong demand for oil and meal due to positive crushing margin, capped some losses.

ECONOMIC NEWS 

About 326 lakh farmers have been covered under the new crop insurance scheme for a sum insured of Rs 1.37 lakh crore during the 2016 kharif sowing season, government said today. "As per tentative data available, during kharif 2016 about 326 lakh farmers have been insured covering an area of 380 lakh hectare for sum insured of Rs 1,37,535 crore as compared to 309 lakh farmers during kharif 2015 season covering an area of 339 lakh hectare for sum insured of Rs 69,307 crore," Agriculture Minister Radha Mohan Singh said in Lok Sabha. He said there is an increase of about 5.5 per cent in farmers covered, 12 per cent in the area covered and about 100 per cent in the sum insured during first season of implementation of Pradhan Mantri Fasal Bima Yojana (PMFBY) and Restructured Weather Based Crop Insurance Scheme (WBCIS) itself as compared to the kharif 2015 season. Singh further said, the government aims to enhance the area under PMFBY and WBCIS up to 50 per cnet of the gross cropped area within next 2-3 years. 

A walk through Bengaluru's Kadalekai Parishe (groundnut fair) would make you wonder drought and demonetisation what? About 600 farmers and traders from nearby villages as well as Tamil Nadu have dotted the Bull Temple Road and its surroundings with over 2,500 stalls. Estimates suggest that traders are collectively making hay with a turnover of around Rs 2.5 crore a day , with an average of Rs 10,000 per trader. But “that's conservative“, said Basavanagudi MLA LA Ravi Subramanya, because it excludes sales of artefacts, toys and clothes. “Without exaggeration, I can say the Parishe has a turnover of more than Rs 10 crore over four five days,“ he said. Customers' sentiments too reflect the vibrancy . K Gopinath, 65, a retired PWD engineer, said he hasn't missed the fair for the past 40 years. On Tuesday , he had enough change on him to buy whatever his five-year-old granddaughter asked for. “There'll be a problem if I use Rs 500 or Rs 1,000 notes. It's all about adjusting.“ Small traders like him have had to cough up more for a 60-kg sack of groundnuts, which now sells for anywhere between Rs 5,000-Rs 7,000 compared with the earlier Rs 3,000Rs 4,000.

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Technical Outlook

BUY CORIANDER DEC ABOVE 8020 TARGET 8070 8130 8200 SL BELOW 7990

BUY GUARGUM5 DEC ABOVE 6390 TARGET 6440 6500 6550 SL BELOW 6340

BUY TURMERIC DEC ABOVE 7300 TARGET 7355 7395 7445 SL BELOW 7252

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Daily agri commodity report by epic research of 1 december 2016