DAILY AGRI REPORT 29 November 2013

AGRI WRAP 

TURMERIC 
 
Indian turmeric futures rose on Thursday due to a pick-up in demand from northern part of the  country and on some concerns over the quality of the crop due to excessive rains. Demand  from north India usually picks up during winters. If prices stabilize then demand may improve 
further. Excessive rains in Andhra Pradesh, the top turmeric cultivating state, have raised  concerns over the quality of the crop. Local supplies will increase with the arrival of the new 
crop from February

TURMERIC (DEC.) TECHNICAL VIEW: 
 
TREND: CONSOLIDATE 
SUPPORT 1: 5044, 
SUPPORT 2: 4946, 
RESISTENCE 1: 5502, 
RESISTENCE 2: 5630, 
STRATEGY: BUY ON DIPS

SOYABEAN 
 
Indian oilseeds and soyoil futures eased on Thursday, following overseas markets and on  sluggish demand in local spot markets. The key December soybean contract on the National  Commodity and Derivatives Exchange ended down 0.32 percent at 3,872.50 rupees per 100 kg,  while the December soyoil contract fell 0.33 percent to 721.65 rupees per 10 kg. 
SOYABEAN DAILY CHART

SOYABEAN (DEC.) TECHNICAL VIEW: 
 
TREND: CONSOLIDATE 
SUPPORT 1:3800, 
SUPPORT 2: 3740, 
RESISTENCE 1: 3950, 
RESISTENCE 2: 3990, 
STRATEGY: BUY ON DIPS

CHANA 
 
Indian chana, or chickpea, futures slipped due to weak cues from the spot market, ongoing  sowing operations and conducive weather. Farmers have begun sowing chana in the major  cultivating regions. There are some concerns over a shift in acreage in Madhya Pradesh, the key  producing state.

CHANA (DEC.) TECHNICAL VIEW: 
 
TREND: BEARISH 
SUPPORT 1: 3009, 
SUPPORT 2: 2980, 
RESISTENCE 1: 3055, 
RESISTENCE 2: 3090. 
STRATEGY: SELL ON RISE


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