Tuesday, 22 January 2019

CAPITALSTARS WEDNESDAY TURMERIC FUTURES AGRI MARKET NEWS UPDATE 23 JAN 2019

Turmeric futures (Apr) may trade in the range of 6450-6700. 


Turmeric prices ruled stable at the key markets in the country on Tuesday amid limited demand and supply. Demand from North India was reported sluggish due to prevailing cold wave conditions. As far export demand is concerned it has also remained subdued. Lower level buying can be seen in Jeera futures (Mar) & the prices may trade in the range of 16800-17250. Spot jeera prices ruled steady to strong at key markets in the country on Tuesday amid concerns of crop damage &. on expectation of higher export demand. Prices moved higher by Rs 10-15 per 20 kg at the key Unjha market. Trade sources revealed that India is likely to have exported around 120,000 tonnes jeera in Apr-Dec, up over 13 percent on year, trade sources said. Exports of the spice have risen due to a strong demand from China, Europe, the US, and West Asia. Secondly, the carryover stocks of jeera are seen at 200,000- 300,000 bags (1 bag = 55 kg), way less than the desirable 500,000 bags. The new crop will only start arriving in February. The coriander futures (Apr) is expected to trade above strong support near 6550 levels. Spot coriander prices edged higher at major markets in Gujarat, Rajasthan and Madhya Pradesh on on Tuesday as rainfall has disrupted supplies. However the rise in prices was narrow with easing of concerns over crop damage due to reports of limited rainfall.

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CAPITALSTARS WEDNESDAY SOYBEAN FUTURES AGRI MARKET NEWS UPDATE 23 JAN 2019.

Soybean futures (Feb) is likely to trade in the range of 3800-3950 with bullish bias. 



Indian soyabean is gaining due to very low arrivals in MP mandi after end of Bhavantar Bhugtan Yojana scheme. India’s soy meal exports to Iran could see a considerable rise in the coming months to 500,000 tons during the next fiscal year. India’s soy meal sales to Iran are set to spike as the oil producer uses the rupees it receives for its crude exports to cover its animal feed demand. Iran has agreed to sell crude oil to India, the world’s third-largest oil consumer, in exchange for rupees after the United States reimposed sanctions on its financial sector. Looking ahead to the above fundamentals, the oil mills have started procuring the oilseed to fulfill the export orders for Iran. Lower level buying can be seen in mustard futures (Feb) & the prices may test to 3990 levels on firmness in competitive soybean market. Traders and market players are eagerly waiting for fresh crop which will touch the ground in next couple of weeks. CPO futures (Jan) may trade in the range of 553- 562. Malaysian palm oil futures gained smartly on Tuesday, mainly backed by bullish price predictions at an industry conference. Weakness in Ringgit also supported CPO prices. Ref. soy oil futures (Feb) is expected to trade in the range of 761-770 on account of lower soy oil import & tracking firmness in soybean. Soy oil imports fell almost by 58% on monthly basis to 85 thousand tons in Dec’18 from 2.03 lakh tons imported during Nov’18.

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CAPITALSTARS WEDNESDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 23 JAN 2019

Cotton futures (Jan) may witness lower level buying after consolidation in the range of 20700-20950 levels. 


Cotton prices moved higher in Maharashtra, while remained steady in Gujarat and Karnataka on Tuesday. In Telangana and Madhya Pradesh, prices ruled mixed depending on the quality. It is reported that the arrivals are on the lower side as the farmers are holding back their produce on expectation of spike in prices in the coming days and output is seen lower than various estimates. The Cotton Association of India (CAI) has lowered country's production estimate to 33.5 million bales in the 2018/19 season that started on Oct. 1, down 1.5 percent from an earlier estimate. Guar seed futures (Feb) is expected to trade in the range of 4350-4500; while guar gum futures (Feb) will possibly trade above 8580 level. At the spot markets, these commodities are witnessing a spurt in demand from millers and exporters anticipating a supply deficit. The exporters for major oil and gas drilling companies are on a buying spree, and are even paying a premium. This indicates that the availability of the crop is less. As per industry estimates, 30,000 tonnes of guar gum are exported every month. Chana futures (Mar) may trade in the range of 4250-4350 with bearish bias . Sentiments are still weak as arrivals of new crop are likely to imporve and also on continued selling of stock at lower rates by government agency.The government agencies are holding major portion of procured old crop around 22.5 lakh tonnes and is liquidating in the market due to average quality and also before arrivals of new crop.  

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Monday, 21 January 2019

CAPITALSTARS TUESDAY TURMERIC FUTURES AGRI MARKET NEWS UPDATE 22 JAN 2019

Turmeric futures (Apr) may trade with downside bias to test 6350 due to profit booking. 


Turmeric prices moved lower at the major Nizamabad market on Thursday owing to higher arrivals. As per market source, at present, buyers are not active in the market. Prices may remain under pressure due to rise in new crop arrivals. New crop arrivals in key spot markets are gaining momentum after January 15. Lower level buying can be seen in Jeera futures (Mar) & the prices may trade in the range of 16800-17250. Spot jeera prices quoted strong by Rs 15-25 per 20kg at the key Unjha market in Gujarat on Wednesday owing to lower arrivals. Going ahead, the condition of the crop will also be major factor to watch for because the cumin crop faces severe weed competition at all stages of crop growth because of slow growth and short stature. Secondly, the carryover stocks of jeera are seen at 200,000-300,000 bags (1 bag = 55 kg), way less than the desirable 500,000 bags. The new crop will only start arriving in February. The coriander futures (Apr) is expected to trade lower & it may break strong support near 6500 levels. Coriander prices ruled subdued in Gujarat, Rajasthan and Madhya Pradesh on Thursday, tracking weakness in futures trade amid sluggish demand. The commodity quoted lower by Rs 20-25 per 20kg in Gujarat. It also moved lower by Rs 50-100 per 100kg in Rajasthan and by Rs 100 per 100kg in Madhya Pradesh. As per trade source, the standing crop is almost ready for harvesting in major producing belts. The prices may pressurize because of weak demand from south India and higher arrivals in Rajasthan.

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CAPITALSTARS TUESDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 22 JAN 2019

Cotton futures (Jan) may witness a consolidation in the range of 20600-21100 levels. 


Cotton prices edged higher in Punjab, Haryana and upper Rajasthan on Tuesday due to shortage in this season & positive global cues. Globally, the most active cotton March contract on ICE Futures US gained amid weaker dollar and on renewed optimism for a US-China trade deal. On the export front also, China is not buying much yarn due to which the supplies are not replenishing and the payment cycle is getting affected. Guar seed futures (Feb) is expected to trade in the range of 4300-4450; while guar gum futures (Feb) will possibly trade above 8600 level. Guar gum prices staged a strong comeback with prices recovering after investors built up fresh positions at prevailing levels, driven by pick up in export demand. According to the market men, building up of fresh positions by participants due to pick up in export demand for oil drilling industries lift market sentiments. Chana futures (Mar) may trade in the range of 4240-4340 with bearish bias as the sentiments are still weak due to continued selling of stock at lower rates by Nafed. But lower level buying cannot be denied. Nafed has sold around 4.69 lakh tonnes of Chana as on January 10, 2019 in various states from the total procured quantity of 27.22 lakh tonnes. 


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CAPITALSTARS TUESDAY SOYBEAN FUTURES AGRI MARKET NEWS UPDATE 22 JAN 2019.

Soybean futures (Feb) is likely to trade in the range of 3680-3800 with bullish bias. 



Strong global market and recent weakness in Rupee against dollar and high meal demand from Iran is supporting the prices. Exports of soybean meal and other value-added products from soybean recorded a decline of 2.3 per cent at 6.74 lakh tonnes for the first quarter (October to September) of the current oil year 2018-19 as against 6.90 lakh tonnes in the same period last year. The outlook for mustard futures (Feb) is bleak & the downside may get extended towards 3800 levels. Weather condition till now was observed favorable in major rapeseed growing area and the same shall support good yield prospects this year. With increase in acreage by around 2%, one might observe rapeseed production to hover near 66 lakh tons this year vs 63.8 lakh tons observed a year earlier. CPO futures (Jan) may trade in the range of 544-552. Malaysian palm oil futures gained sharply in the second session of trade on Thursday, tracking firmness in US soyoil. The April benchmark crude palm oil contract on the Bursa Malaysia Derivatives Exchange (BMD), was up Ringgit 22 or 1.01 percent at Ringgit 2,197 (USD 534) per tonne . Ref. soy oil futures (Feb) is expected to gain & test 760 levels on account of lower soy oil import & tracking firmness in US soyoil. Soy oil imports fell almost by 58% on monthly basis to 85 thousand tons in Dec’18 from 2.03 lakh tons imported during Nov’18.

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CAPITALSTARS MONDAY TURMERIC FUTURES AGRI MARKET NEWS UPDATE 21 JAN 2019

Turmeric futures (Apr) may trade with downside bias to test 6350 due to profit booking. 


Turmeric prices moved lower at the major Nizamabad market on Thursday owing to higher arrivals. As per market source, at present, buyers are not active in the market. Prices may remain under pressure due to rise in new crop arrivals. New crop arrivals in key spot markets are gaining momentum after January 15. Lower level buying can be seen in Jeera futures (Mar) & the prices may trade in the range of 16800-17250. Spot jeera prices quoted strong by Rs 15-25 per 20kg at the key Unjha market in Gujarat on Wednesday owing to lower arrivals. Going ahead, the condition of the crop will also be major factor to watch for because the cumin crop faces severe weed competition at all stages of crop growth because of slow growth and short stature. Secondly, the carryover stocks of jeera are seen at 200,000-300,000 bags (1 bag = 55 kg), way less than the desirable 500,000 bags. The new crop will only start arriving in February. The coriander futures (Apr) is expected to trade lower & it may break strong support near 6500 levels. Coriander prices ruled subdued in Gujarat, Rajasthan and Madhya Pradesh on Thursday, tracking weakness in futures trade amid sluggish demand. The commodity quoted lower by Rs 20-25 per 20kg in Gujarat. It also moved lower by Rs 50-100 per 100kg in Rajasthan and by Rs 100 per 100kg in Madhya Pradesh. As per trade source, the standing crop is almost ready for harvesting in major producing belts. The prices may pressurize because of weak demand from south India and higher arrivals in Rajasthan.

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