TURMERIC (MAY) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 6660
RESISTANCE 1: 6590
SUPPORT 1: 6450
SUPPORT 2: 6380
STRATEGY: SELL ON RISE
The NCDEX Soyabean May futures slipped by -0.57% in the last trading to close at 3857 level till Tuesday closing. With no major bearish news available in commodity markets especially oil complex, soybean ended the day on strong note. The recent report of drop in export sales from India during February month versus January month has checked the upside of soybean lately. But last Fridays’ report of further drop in crop prospects of South America shall prevent the downside now. As per sources the production losses in Argentina are shifting more of the world’s soybean demand to Brazil. Brazil will be producing much higher soybeans than Argentina therefore will turn out to be the leading South American exporter of soybean to the world. Brazil’s 2017/18 soybean harvest is now pegged at 113 million tons. The USDA in its March month’s report had trimmed US exports again by 35 million bushels, but increased crush by 10 million bushels. As a result the U.S. supplies increased to 555 million bushels. The World Supply scenario in the same report however stood positive like previous month.
SOYABEAN (MAY) TECHNICAL VIEW:
TREND: SIDEWAYS
RESISTANCE 2: 3900
RESISTANCE 1: 3880
SUPPORT 1 : 3830
SUPPORT 2: 3800
STRATEGY: SELL ON RISE
The NCDEX Guarseed May futures is surged up by 0.16% in the last trading to close at 4078 level till Tuesday closing. Trend remained slight weak for Guar but prices did seem to find immediate support at these lower levels. Normal monsoon predictions by Skymet good for Guar sowing prospects from June onwards. Also with IMD’s recent bulletin on possibilities of good Monsoon this year, any recovery looks limited for now. Recovery in crude oil prices could brighten the export prospects keeping long term trend bullish. Lack of strong demand, higher stocks have kept trend down in short term however. Medium term outlook looks firm however as Guar seed production is expected to lower versus last year while guar gum demand remains better than previous years and likely to remain better in coming months.
GUARSEED (MAY) TECHNICAL VIEW:
TREND: BEARISH
RESISTANCE 2: 4140
RESISTANCE : 4110
SUPPORT 1 : 4040
SUPPORT 2 : 4000
STRATEGY: SELL ON RISE
The NCDEX Jeera May futures is surged up by 0.78% in the last trading to close at 15415 level on Tuesday. Jeera rates found strong support at the lower levels as demand started rising in the mandis amidst falling arrivals. There could be moderate recovery in prices by end of the week. Slowing down of new crop arrivals from Gujarat / Rajasthan are likely to support market sentiments. Traders too anticipate further fall to be limited as prices have fallen a lot over last few months. The demand for the new crop is expected to rise at these lower levels in coming days. Due to high prevailing rates last year, more sowing was done for this crop. Good rains in Gujarat and Rajasthan further boosted productivity aspects and traders estimate the crop to be between 65-75 lakh bags. Jeera acreage in Gujarat is up by 38% to 3.83 lakh hectares as on 15-Jan-18. Acreage was 2.88 lakh ha at that same time. Demand on the domestic front is set to increase from April onwards. Export demand too is expected to rise at these lower levels – aided by a firm Dollar vs Rupee.
JEERA (MAY) TECHNICAL VIEW:
TREND: SIDEWAYS
RESISTANCE 2: 15950
RESISTANCE 1: 15650
SUPPORT 1: 15200
SUPPORT 2: 15000
STRATEGY: SELL ON RISE
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