Thursday, 23 May 2019

CAPITALSTARS THURSDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 23 May 2019

The fear of escalating trade war will continue to keep the upside capped of cotton futures on the domestic bourse.



Sluggish business activities are being observed in the spot markets as both buyers and sellers are cautious trading. Hence, the May contract is expected to witness a correction towards 20940 levels. On the international market, ICE Cotton futures were down 45 to 72 points in most contracts on Wednesday. USDA will release their weekly update to the Export Sales report on Thursday, with most eyes on Chinese actions in the reporting week that ended on May 16. The Cotlook A index for May 21 was up 220 points from the previous day to 78.8 cents/lb. The weekly Average World Price (AWP) is now 59.59 cents/lb, down 5.06 cents from last week. Guar seed futures (June) is likely to witness selling pressure & test 4380, while guar gum futures (June) is expected to witness correction towards 8745-8700, if breaks 8780 levels. The sentiments have turned bearish after the estimates by the Rajasthan State Agriculture department show that guar production to increase by 45.5% in the coming 2019-20 (Jul-Jun) season from an output of 1.03 mln tn estimated in the current year due to sharp rise in yields. Yield in the coming season is seen at 500 kg per ha, compared to 334 kg this year. Maize futures on the national bourse is making a new life time high every week & going ahead this bullish trend is expected to stay intact. The June contract would probably take support near 1930-1920 & remain stable supported by robust purchases by feed makers while adding that uncertainty over imports of the grain.
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CAPITALSTARS THURSDAY TURMERIC FUTURES AGRI MAKET NEWS UPDATE 23 May 2019

Turmeric futures (June) is expected to trade sideways in the range of 7140-7270 levels

Spot turmeric prices increased at the markets in Erode due to arrivals of quality produce. The price and sale of the spice have bounced back with the farmers bringing more quality turmeric. The traders have received fresh export demand. On an average, 85 per cent stocks were sold. Good quality finger turmeric showed an increase of ₹300-500 a quintal in all the markets; while root variety gained ₹100. Jeera futures (June) is seen taking support near 17350 levels. It is reported that good quantities of jeera are being exported to China and Dubai, and more enquiries are coming for the spice. The lower output in Syria and Turkey has led to a shift in demand to India & hence jeera is witnessing a buying spree from exporters as well as bulk buyers. The bullish trend is expected to take hold of cardamom futures (June) and may lend support neat 2195 levels. This season prolonged dry spell over the past month has damaged 40% of plantations in key growing areas of Kerala. Also, incessant rains, strong winds, landslides, and water stagnation have had a devastating effect on the sensitive crop and the damaged plantations are beyond recovery. Dhaniya futures (June) is expected to take support near 7500 levels & any sharp downside may remain capped. The sentiments are positive because of lower supply in the key spot markets of Rajasthan and rise in demand from domestic buyers. Ideally, spot markets in Rajasthan should receive around 30,000-35,000 bags (1 bag = 40 kg) in this period. But due to lower crop this year, only 7,000-8,000 bags are seen.
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CAPITALSTARS THURSDAY SOYBEAN FUTURES AGRI MARKET NEWS UPDATE 23 May 2019

Soybean futures (June) is expected to trade sideways in the range of 3675-3725 levels

 It is being estimated that India is set to grow soybeans on more land in the 2019 crop year as higher prices for the oilseed push some farmers to switch from cultivating competing commodities such as cotton and pulses. On the international markets, the most active soybean futures were down 0.2% at $8.26-1/2 a bushel, having closed up 0.8% on Wednesday. The Trump administration is considering direct payments to U.S. farmers of $2 per bushel for soybeans as part of an aid package to offset the trade war with China, Bloomberg reported on Tuesday, an offer that could encourage more soy planting despite record supplies. Taking cues from the positive sentiments of the international market & a weaker rupee against dollar hovering near 70, soy oil futures (June) is expected to see the level of 743- 744, taking support near 740. On the contrary CPO futures (June) may crash towards 515-512 levels. Palm oil on Bursa Malaysia Derivatives Exchange may test a support at 2,034 ringgit per tonne, a break below which could cause a loss to 1,967 ringgit. Palm oil on the European vegetable oils market revealed mixed price movements on Wednesday with smaller ups and downs during an overall quiet market. CBOT soyoil futures were around $0.23 cents per lb up, boosted by bargain hunting, as stated by market watchers, and delayed U.S. seeding. Mustard futures (June) is expected to consolidate & trade with an upside bias in the range of 3910-3940 levels. The sentiments are upbeat due to buying by oil millers and on hope of a pick-up in procurement at minimum support price
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Wednesday, 22 May 2019

CAPITALSTARS WEDENESDAY SOYBEAN FUTURES AGRI MARKET NEWS UPDATE 22 May 2019

Soybean futures (June) is expected to trade sideways in the range of 3675-3740 levels

   It is being estimated that India is set to grow soybeans on more land in the 2019 crop year as higher prices for the oilseed push some farmers to switch from cultivating competing commodities such as cotton and pulses. On the international markets, the most active soybean futures were up 0.4% at $8.25 a bushel, having closed down 1.2% on Tuesday. The U.S. Department of Agriculture said that soybeans were 19% planted, also short of market expectations. Taking cues from the positive sentiments of the international market & a weaker rupee against dollar hovering near 70, soy oil futures (June) is expected to see the level of 743-744, taking support near 740. On the contrary CPO futures (June) may crash towards 520-518 levels. Malaysian palm oil futures eased at the midday break on Tuesday, after hitting a three-week high in early trade, as higher production concerns for the month of May weighed down on prices. Benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was last down 0.6 per cent at 2,086 ringgit ($498.57) per tonne at the midday break. Despite data showing export gains, the market is down due to production which may start picking up a bit. Flat or rising stocks from April to May, however, may add on to already high inventory levels, which kept pressure on palm prices since the final quarter of last year. Mustard futures (June) & is expected to consolidate in the range of 3880-3920 levels. The sentiments are upbeat due to buying by oil millers and on hope of a pick-up in procurement at minimum support price.
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CAPITALSTARS WEDNESDAY TURMERIC FUTURES AGRI MAKET NEWS UPDATE 22 May 2019

The bullishness is likely to prevail in turmeric futures (June) and is expected to rally towards 7400-7450 levels.

The prices of turmeric are increasing on the spot markets due to strong demand amid limited supply of good-quality stock in the market. Moreover, trading activity at Sangli, Maharashtra, is increasing due to better quality of turmeric in comparison with the Erode market. There is more room for jeera futures (June) to move forward & test 18100-18200, taking support near 17590 levels. It is reported that good quantities of jeera are being exported to China and Dubai, and more enquiries are coming for the spice. The lower output in Syria and Turkey has led to a shift in demand to India & hence jeera is witnessing a buying spree from exporters as well as bulk buyers. The bullish trend is expected to take hold of cardamom futures (June) and drive it towards 2400-2450 levels. This season prolonged dry spell over the past month has damaged 40% of plantations in key growing areas of Kerala. Also, incessant rains, strong winds, landslides, and water stagnation have had a devastating effect on the sensitive crop and the damaged plantations are beyond recovery. Dhaniya futures (June) is expected to take support near 7445 levels & any sharp downside may remain capped. The sentiments are positive because of lower supply in the key spot markets of Rajasthan and rise in demand from domestic buyers. Ideally, spot markets in Rajasthan should receive around 30,000-35,000 bags (1 bag = 40 kg) in this period. But due to lower crop this year, only 7,000-8,000 bags are seen

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CAPITALSTARS WEDNESDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 22 May 2019

The fear of escalating trade war will continue to keep the upside capped of cotton futures on the domestic bourse



Sluggish business activities are being observed in the spot markets as both buyers and sellers are cautious trading. Hence, the May contract is expected to witness a correction towards 21130 levels. On the international market, ICE Cotton futures closed down at 67.32 cents per pound. The crop progress report was released yesterday afternoon showing that 44% of the cotton crop had been planted which is right at the 5 year average as there are no concerns at this time. Guar seed futures (June) is likely to witness selling pressure & remain below 4440, while guar gum futures (June) is expected to witness correction towards 8745- 8700, if breaks 8780 levels. The sentiments have turned bearish after the estimates by the Rajasthan State Agriculture department show that guar production to increase by 45.5% in the coming 2019-20 (Jul-Jun) season from an output of 1.03 mln tn estimated in the current year due to sharp rise in yields. Yield in the coming season is seen at 500 kg per ha, compared to 334 kg this year. Wheat futures (June) will probably maintain its uptrend taking support near 1985 levels. Demand for spot wheat is seen firm in coming days as prices of the grain sold under the government's open market sale scheme has been higher than the spot. Maize futures on the national bourse is making a new life time high every week & going ahead this bullish trend is expected to stay intact. The June contract would probably take support near 1930-1920 & remain stable supported by robust purchases by feed makers while adding that uncertainty over imports of the grain.
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