AGRI WRAP
TURMERIC
Indian turmeric futures fell on Monday due to subdued demand for exports amid large carry forward stocks while the approaching new season supply also weighed on sentiment. Huge
carryover stocks and favourable weather conditions may pressurize prices. Turmeric cultivation usually begins in the last week of May and continues until August. A lengthy harvesting process
starts from January. Excessive rains in Andhra Pradesh, the top turmeric cultivating state, have raised concerns over the quality of the crop.
TURMERIC (DEC.) TECHNICAL VIEW:
TREND: CONSOLIDATE
SUPPORT 1: 4810,
SUPPORT 2: 4630,
RESISTENCE 1: 5070,
RESISTENCE 2: 5192,
STRATEGY: SELL ON RISE
SOYABEAN
Indian soybean futures rose following gains in the overseas market and on good demand in local spot markets amid limited supplies Soyoil and rapeseed eased on a drop in overseas edible
oil prices and a strong rupee. U.S. soybeans rallied after the U.S. Department of Agriculture reported weekly export sales of U.S. soybeans at 1.77 million tonnes, combining old and new
crop years, which was above trade expectations. The key January soybean contract finished up 0.57 percent at 3,909 rupees per 100 kg, while the January soyoil contract eased 0.07 percent
to 716.25 rupees per 10 kg. The rapeseed contract for January edged down 0.24 percent to 3,802 rupees per 100 kg.
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 fell due to ongoing sowing operations, conducive weather and tepid local demand. 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. The December chana contract fell 0.76 percent to 3,005 rupees per 100 kg on the NCDEX.
CHANA (DEC.) TECHNICAL VIEW:
TREND: CONSOLIDATE
SUPPORT 1: 2940,
SUPPORT 2: 2850,
RESISTENCE 1: 3030,
RESISTENCE 2: 3090.
STRATEGY: BUY ON DIPS.
JEERA
Indian jeera futures fell on sluggish local demand, on-going sowing operations, favourable weather and prospects of a better crop. Sowing of jeera has started in the key cultivating areas.
Jeera, or cumin seed, is a winter crop sown from October and farmers mainly depend on rains to moisten the land for sowing. Sowing is going on at a good pace and the weather is suitable.
Selling pressure is high in jeera because stocks are also good.
JEERA (DEC.) TECHNICAL VIEW:
TREND: CONSOLIDATE
SUPPORT 1: 12280,
SUPPORT 2: 12050,
RESISTENCE 1: 12565,
RESISTENCE 2: 13000.
STRATEGY: SELL ON RISE.
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TURMERIC
Indian turmeric futures fell on Monday due to subdued demand for exports amid large carry forward stocks while the approaching new season supply also weighed on sentiment. Huge
carryover stocks and favourable weather conditions may pressurize prices. Turmeric cultivation usually begins in the last week of May and continues until August. A lengthy harvesting process
starts from January. Excessive rains in Andhra Pradesh, the top turmeric cultivating state, have raised concerns over the quality of the crop.
TURMERIC (DEC.) TECHNICAL VIEW:
TREND: CONSOLIDATE
SUPPORT 1: 4810,
SUPPORT 2: 4630,
RESISTENCE 1: 5070,
RESISTENCE 2: 5192,
STRATEGY: SELL ON RISE
SOYABEAN
Indian soybean futures rose following gains in the overseas market and on good demand in local spot markets amid limited supplies Soyoil and rapeseed eased on a drop in overseas edible
oil prices and a strong rupee. U.S. soybeans rallied after the U.S. Department of Agriculture reported weekly export sales of U.S. soybeans at 1.77 million tonnes, combining old and new
crop years, which was above trade expectations. The key January soybean contract finished up 0.57 percent at 3,909 rupees per 100 kg, while the January soyoil contract eased 0.07 percent
to 716.25 rupees per 10 kg. The rapeseed contract for January edged down 0.24 percent to 3,802 rupees per 100 kg.
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 fell due to ongoing sowing operations, conducive weather and tepid local demand. 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. The December chana contract fell 0.76 percent to 3,005 rupees per 100 kg on the NCDEX.
CHANA (DEC.) TECHNICAL VIEW:
TREND: CONSOLIDATE
SUPPORT 1: 2940,
SUPPORT 2: 2850,
RESISTENCE 1: 3030,
RESISTENCE 2: 3090.
STRATEGY: BUY ON DIPS.
JEERA
Indian jeera futures fell on sluggish local demand, on-going sowing operations, favourable weather and prospects of a better crop. Sowing of jeera has started in the key cultivating areas.
Jeera, or cumin seed, is a winter crop sown from October and farmers mainly depend on rains to moisten the land for sowing. Sowing is going on at a good pace and the weather is suitable.
Selling pressure is high in jeera because stocks are also good.
JEERA (DEC.) TECHNICAL VIEW:
TREND: CONSOLIDATE
SUPPORT 1: 12280,
SUPPORT 2: 12050,
RESISTENCE 1: 12565,
RESISTENCE 2: 13000.
STRATEGY: SELL ON RISE.
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