AGRI COMMODITY MARKET TIPS & REPORT - 10 MAY 2016

Ref Soya oil on NCDEX settled up by 1.22% at 663.5 on short covering tracking firmness in spot demand on supply worries from Argentina. Prices also seen supported on improved demand in export market following improved US weekly sales data. As per USDA weekly export sales report, net sales for 2015-16 were around 10,000 tons up by 4% from previous week and noticeably up from prior 4 weeks. According to Informa Economics, Argentina's soybean production is estimated to be around 55 million tons down from previous estimate of 59.5 million tons.  

Mustard Seed on NCDEX settled up by 1.1% at 4513 on supply worries in domestic market. The supplies are likely to gradually decline in the domestic markets as farmers are reluctant to sell their output at the prevailing prices. Moreover, according to latest Mar'16 USDA report, world production is projected at 67.89 million tons in 2015-16, which is lower by 6.20% compared to last year production. ICE canola, new-crop rallied to all-time highs amid concerns that dry weather could hinder crop development. 

Maize on NCDEX settled up by 1.4% at 1306 on short covering after prices dropped as dry weather forecasts for key U.S. producing regions is set to accelerate plantings. China has estimated the country's corn planting area will fall by more than a million hectares this year, the first drop in 13 years, as global grain markets brace for the fallout from Beijing's biggest agricultural reforms in nearly a decade. Hefty supplies, large expected crops and poor U.S. exports will weigh on grain prices later this year, with corn set to drop to 10-year lows as harvest nears, consultancy AgResource said. 

Jeera on NCDEX settled down by -0.64% at 16960 on account of higher supply from the producing regions. Though, some losses were capped on reports that the Bangladesh government has removed import duties from jeera which has raised the exporter's inquiries & on expectation of higher export orders from China. As per third advance estimate of Gujarat State for 2015-16, production pegged at 2.13 lakh tonnes (lt) higher by about 7 per cent forecasted in revised fourth advance estimate for 2014-15 at 1.97 lt. In Rajasthan, jeera output expected to be lower this year, compared to last year due to hot weather and lower acreage. 

                   

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