FREE AGRI COMMODITY MARKET NEWS & LEVELS - 19 APR 2018

The NCDEX Turmeric May futures is surged up by 0.71% in the last trading to close at 6794 level till Wednesday closing at India's National Commodity & Derivatives Exchange (NCDEX). Moderately firm trend persisted for Turmeric as it found immediate strong support at these lower levels after the recent fall. With harvesting over, the demand for the new crop is picking up on the export and domestic front. More uptrend likely. As new crop arrivals gradually come down with harvesting season getting over, demand started poring in and supporting the falling market sentiments. Technically the daily charts are now strongly oversold.  April turmeric had posted high above 8000 last year amid expectations of rising export prospects and talks of lower sowing prospects versus last year but could not sustain above 8000 and trend had been on the lower side since then. Markets talks suggest that a significant drop in sowing in regions across Erode due to a drought like situation last year. As per trader estimates, production is expected to fall to 1-3 lakh bags from the normal 15-20 lakh bags seen on an average.
TURMERIC (MAY) TECHNICAL VIEW:
TREND: SIDEWAYS 
RESISTANCE 2: 6900
RESISTANCE 1: 6850 
SUPPORT 1: 6750
SUPPORT 2: 6700 
STRATEGY: SELL ON RISE

The NCDEX Soyabean May futures slipped by -0.42% in the last trading to close at 3760 level till Wednesday closing. Soybean futures traded range bound initially before finishing slightly lower. The most active May contract closed at a support of 3850 indicating a dicey solution. But considering stronger fundamentals, buying to be considered if May soybean fails to stay below another strong support of 3825. Bullish cues from the latest USDA report, released on Tuesday are likely to keep soybean supported at lower levels. The US soybean ending stocks were lowered from 555 million bushels last month to 550. Analysts were expecting an increase up to 574 on this report due to the March 29 Grain Stocks. The USDA preferred to keep that usage forecast unchanged versus previous report due to their sharp revision for Argentina’s crop.
SOYABEAN (MAY) TECHNICAL VIEW:
TREND: SIDEWAYS 
RESISTANCE 2: 3800
RESISTANCE 1: 3780 
SUPPORT 1 : 3740
SUPPORT 2: 3720 
STRATEGY: SELL ON RISE

The NCDEX Guarseed May futures is slipped by -0.39% in the last trading to close at 4110 level till Wednesday closing. Guar failed to hold on to the higher levels as profit booking set in after the recent uptrend. Firming up of Crude oil prices supported market sentiments. However, high stocks, lack of strong export demand amidst reports of good Monsoon could keep uptrend limited. 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. 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: 4170
RESISTANCE : 4140 
SUPPORT 1 : 4090
SUPPORT 2 : 4070 
STRATEGY: SELL ON RISE

The NCDEX Jeera May futures is surged up by 0.85% in the last trading to close at 16045 level on Wednesday. Trend remained volatile for Jeera with many mandis closed. Prices however found strong support at these lower levels. High arrivals amidst some fall in demand kept sentiments down but traders anticipate the exports to pick up in coming weeks that could support prices in medium term. 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.
JEERA (MAY) TECHNICAL VIEW:
TREND: BULLISH 
RESISTANCE 2: 16250
RESISTANCE 1: 16000 
SUPPORT 1: 15950
SUPPORT 2: 15800 
STRATEGY: BUY ON DIPS

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