CAPITALSTARS FREE AGRI COMMODITY MARKET NEWS & LEVELS - 09 MAR 2018

The NCDEX Turmeric Apr futures is slipped by -0.97% in the last trading to close at 6720 level till Thursday closing at India's National Commodity & Derivatives Exchange (NCDEX). Lack of demand in mandis kept sentiments negative but selling interest has dropped significantly now therefore the spot market may recover from current levels very soon. Technically the daily charts are now strongly oversold hence a sharp up correction will be seen once May contract closes above 6750. Traders expect export and domestic demand to rise in coming weeks, but new crop arrivals have kept uptrend limited in recent months. 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.
TURMERIC (APR) TECHNICAL VIEW:
TREND: SIDEWAYS 
RESISTANCE 2: 6880
RESISTANCE 1: 6800 
SUPPORT 1: 6650
SUPPORT 2: 6580 
STRATEGY: BUY ON DIPS

The NCDEX Soyabean Mar futures slipped by -0.81% in the last trading to close at 3798 level till Thursday closing. Domestic fundamentals are strong therefore expect soybean to maintain the bullish trend this month. Therefore moving forward, any dip will be a good buying opportunity in NCDEX futures. Lowering supplies in mandis, stable demand for soymeal, reports of lower crop size of India and further drop in Argentine soybean production outlook shall continue supporting the market in near term. Strength in soymeal shall continue offering helping prices to maintain the uptrend. Although US production has been estimated higher but as per experts the U.S. soybean’s production surplus seems insufficient to offset the global demand patterns (A bullish inference overall). For the current month March soybean is unlikely to break the 3710- 20 support region comfortably, and except marginal dips prices are most likely to trade with an upward bias.
SOYABEAN (MARCH) TECHNICAL VIEW:
TREND: SIDEWAYS 
RESISTANCE 2: 3850
RESISTANCE 1: 3820 
SUPPORT 1 : 3770
SUPPORT 2: 3740 
STRATEGY: SELL ON RISE

The NCDEX Guarseed mar futures is slipped by -0.88% in the last trading to close at 4222 level till Thursday closing. No strong movement was noted on Thursday. Guar/Guar gum prices have fallen significantly in recent weeks amid concerns of carry forward stock which is still on higher side, although not to that extent versus last year. Profit taking of longs in futures market has also put pressure lately. Fundamentals are still positive 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. The government of India will announce higher MSP of Kharif pulses than the previous year. This will lead to higher sowing area of Kharif pulses and as a result, the cultivation area of Guar Seed is expected to reduce further— another bullish factor. As per global organizations, USA will lead in oil production in the year 2018 hence usage of guar gum might remain higher this year.
GUARSEED (MARCH) TECHNICAL VIEW:
TREND: BEARISH 
RESISTANCE 2: 4280
RESISTANCE : 4250 
SUPPORT 1: 4200
SUPPORT 2 : 4190 
STRATEGY: SELL ON RISE

The NCDEX Jeera March futures is surged up by 1.30% in the last trading to close at 14415 level on Thursday. Bearish trend persisted for Jeera as new crop arrivals kept pressure on prices. The new season arrivals are expected to pick up in a fortnight roughly. The crop this year may be higher amid possibility of rise in acreage in the state of Gujarat. 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. Jeera futures prices continued trading with downward momentum as market participants expect higher production and start of new season arrivals. It may be noted that Jeera futures are trading at more than 14 months lows. Due to better crop expectations, traders expect lower levels and firm Dollar could enhance export demand and support prices in coming sessions. Improved production prospect limits the upside but now prices are quite low therefore some gains can be expected this week.
JEERA (MARCH) TECHNICAL VIEW:
TREND: SIDEWAYS 
RESISTANCE 2: 14600
RESISTANCE 1: 14500 
SUPPORT 1: 14280
SUPPORT 2: 14150 
STRATEGY: BUY ON DIPS

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