FREE AGRI COMMODITY MARKET NEWS & LEVELS - 06 JULY 2017

Turmeric July futures slipped on Wednesday (5:00pm) at India's National Commodity & Derivatives Exchange (NCDEX). Turmeric is decreased by -0.53% to 6347 level at NCDEX. Firm trend persisted for Turmeric as fundamentals remained strong. Low rains in growing regions of AP and Tamil Nadu amidst rising demand kept overall trend firm however. Prospects of lower sowing due to falling prices too supported market sentiments. Reports of stocking interest specially at Erode market, and decreasing stocks will support prices. Favorable monsoon reports amidst high stocks and lack of strong local demand may limit the uptrend however. Exports are however expected to recover at these lower levels as arrivals slow down.
TURMERIC (JULY) TECHNICAL VIEW: 
TREND: SIDEWAYS 
RESISTANCE 2: 6465 
RESISTANCE 1: 6420 
SUPPORT 1: 6320 
SUPPORT 2: 6280 
STRATEGY: BUY ON DIPS

The NCDEX Soyabean July futures slipped by -0.68% in the last trading to close at 2938 level till Wednesday closing. Strong global cues supported the domestic market yesterday. Soybean futures were up more than 2% at close. Disappointing acreage numbers sparked decent gains in CBOT soybean futures last Friday, and its impact was observed in the domestic market yesterday. Talks of sufficient amount of inventory lying with stockists and reports of timely onset of monsoons, beneficial for sowing of soybean shall continue limiting the upside in near future. (currently sowing is running lower versus previous year and this too supported the market yesterday). The World Agricultural Supply and Demand Estimates (WASDE) report released last month, had made few changes like raising forecasts for soybean inventories.
SOYABEAN (JULY) TECHNICAL VIEW: 
TREND: BULLISH 
RESISTANCE 2: 3010 
RESISTANCE 1: 2970 
SUPPORT 1: 2910 
SUPPORT 2: 2890 
STRATEGY: BUY ON DIPS

The NCDEX Guarseed July futures surged up by 1.70% in the last trading to close at 3239 level till Wednesday closing. Rains in Rajasthan and Gujarat and prospects of more rains in coming days kept trend weak for Guar as sowing reports turn out to be good. Higher than normal rains in West Rajasthan had kept trend down so far as that favorably affected the sowing. As per latest Rajasthan Agri dept report, as on June 27, the sowing area has increased to ~6 lakh ha—up 445% vs last year 1.1 lakh ha. However rising exports are supporting the price. As per IMD, Rajasthan received 40.40mm of rainfall during the week 22 -28 June, 142% above the normal weighted average of 16.7 mm.
GAURSEED (JULY) TECHNICAL VIEW: 
TREND: SIDEWAYS 
RESISTANCE 2: 3290 
RESISTANCE 1:3265 
SUPPORT 1: 3200 
SUPPORT 2: 3150 
STRATEGY: SELL ON RISE

The NCDEX Dhaniya July futures surged up by 0.44% in the last trading to close at 4780 level on Wednesday. After a 1-sided increase in the beginning of apl, there is a huge decline in the coriander's market. on the commodity exchange NCDEX the price of coriander has dropped has by around 1,500 RPs in a month. In the beginning of April, coriander price for near future trading on NCDEX 7900 per quintal, but now the price has come down to RS 6450. in march , the price of coriander touched a low of RS 6410. Which was lowest price in about 13 months. There has been pressure of coriander due year ending stock and week export demand. however this year's production is being reported less last year. Price have not able to keep pace with heavy stock.
DHANIYA (JULY) TECHNICAL VIEW: 
TREND: BEARISH 
RESISTANCE 2: 4900 
RESISTANCE 1: 4840 
SUPPORT 1: 4710 
SUPPORT 2: 4650 
STRATEGY: SELL ON RISE

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