DAILY AGRI COMMODITY REPORT 01 December 2016
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Market Views MONT H
7957 RESISTA NCE
Coriander short term trend is bearish and May continue in coming days.
7258 RESISTA NCE
INTRADA Y LEVELS
Turmeric short term trend is bearish and May continue in coming days.
Guargum short term trend is bearish and May continue in coming days.
Most Active Contract NCDEX INDICES TOP GAINERS
SUGAR M GRADE
REF SOYA OIL
TOP LOSERS Symbol
COTTON SEED OIL CAKE AKOLA
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.
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.
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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