DAILY AGRI COMMODITY REPORT 19 October 2016
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Market Views MONT H
7038 RESISTA NCE
Coriander short term trend is bearish and May continue in coming days.
7132 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 Symbol
COTTON SEED OIL CAKE AKOLA
GUAR SEED 10 MT
Symbol MAIZE FEED/INDUSTRIAL GRADE
Commodities In News Turmeric futures edged lower on NCDEX on expectation of higher production due to forecast of better weather in south India. However, some losses were capped on account of fresh upcountry demand ahead of festival season. The contract for November delivery was trading at Rs 7054.00, down by 1.40% or Rs 100.00 from its previous closing of Rs 7154.00. The open interest of the contract stood at 10015 lots. The contract for December delivery was trading at Rs 6930.00, down by 1.11% or Rs 78.00 from its previous close of Rs 7008.00. The open interest of the contract stood at 6610 lots on NCDEX. Jeera futures traded lower on NCDEX due to fall in domestic as well as export demand at the spot market. Moreover, reports of good sowing prospects for jeera in the producing belts of Gujarat and Rajasthan too fuelled the downtrend. Though, some losses were capped on expectation of pickup in demand after Diwali. The contract for October delivery was trading at Rs 15975.00, down by 0.75% or Rs 120.00 from its previous closing of Rs 16095.00. The open interest of the contract stood at 249 lots. The contract for November delivery was trading at Rs 16150.00, down by 0.8% or Rs 130.00 from its previous close of Rs 16280.00 The open interest of the contract stood at 12339 lots on NCDEX. Soyabean futures traded marginally higher on NCDEX, tracked by higher prices in international markets due to strong demand and firm edible oil markets. However, arrival of new season soybean crop from Madhya Pradesh, Rajasthan and Maharashtra coupled with weak demand from crushers due to low sales of soymeal, capped some gains. The contract for October delivery was trading at Rs 3030.00, up by 0.3% or Rs 9.00 from its previous closing of Rs 3021.00. The open interest of the contract stood at 5040 lots. The contract for November delivery was trading at Rs 3093.00, up by 0.13% or Rs 4.00 from its previous close of Rs 3089.00. The open interest of the contract stood at 115810 lots on NCDEX.
The kharif groundnut crop of 2016-17 is estimated at 54.80 lakh tonnes against 32.30 lakh tonnes in 2015-16 up by 70%, according to the estimate of industry body Solvent Extractors Association (SEA). Groundnut is one of the major crops in kharif season and Gujarat is the prominent state growing groundnut. Since last 9 years, SEA Groundnut Promotion Council conducting the Groundnut crop survey to assess the size and quality of the groundnut crop. This year under leadership of Shri G.G. Patel, Convener, SEA Oilseed Crop Estimate Committee and Past President, a 20 members team visited the leading groundnut producing districts in Gujarat during 12th to 16th October 2016. "Gujarat Government has reported that 16.44 lakh hectares under Groundnut crop sown during kharif season compared to 12.95 lakh ha in 2015-16, " stated the SEA release. Average yield per hectare has increased to 1790 Kg. per hectare against 1155 Kg. per hectare last year.Gujarat is expected to harvest 29.40 lakh tonnes during kharif season.We have also worked out All India Kharif Groundnut Crop data based on SEA primary survey of Gujarat, GGN Research data and secondary survey. It is hard to spot the soybean crop in Banshidar Shelke’s farm. Except for some tiny patches of stunted plants with thin, brown pods, most of his 10-acre land at Morwad village in Beed district in central Maharashtra is covered with grass, some as tall as six feet, thanks to the unusually heavy rainfall in late September and October. Shelke did not expect such showers when he sowed the seeds in June, nor did the other farmers in the region. They could hardly be faulted, for Marathwada, in which Beed is one of eight districts, is a semi-arid and droughtprone region. According to a study by researchers from the Indian Institute of Tropical Meteorology (IITM) and the Indian Institute of Science (IISc), between 1871 and 2015, MarathwadaBSE 4.04 % saw 22 droughts, including five episodes of two back-to-back years of drought, the latest being in 2014-15 and 2015-16.
SELL CORIANDER NOV BELOW 6962 TARGET 6917 6817 SL ABOVE 7027
SELL GUARGUM5 NOV BELOW 6500 TARGET 6450 6380 SL ABOVE 6570
BUY TURMERIC NOV ABOVE 7160 TARGET 7204 7264 SL BELOW 7100
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