CAPITALSTARS MONDAY TURMERIC FUTURES AGRI MARKET NEWS UPDATE 06 May 2019

Turmeric futures (May) is likely to hover sideways in the range of 6350-6500 levels.

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Currently, buyers are active in the spot amid supply of new crop. The new turmeric supply in Andhra Pradesh Duggirala market has already started, however, the quantity is on the lower side because the farmers are not getting remunerative prices. Jeera futures (May) is expected to witness sell on rise & see 16700-16500, facing resistance near 17250 levels. Profit booking coupled with appreciation in rupee against dollar denting the export demand may weigh on the counter. Cardamom futures have made a new life time high of 2120.60 on the national bourse & this bullish trend may continue till 2200 levels. This is because of a smaller crop this year and expectations of further fall in production in 2019-20 (Jul-Jun). Dry temperatures in key growing areas over the past month have led to fears that output in 2019-20 may fall to 10,000-12,000 tn from 15,000 tn in the current season, which is also down 25% from over 20,000 tn in 2017-18. Already, the cardamom price reached an all-time record of ₹3,000 a kg at the Spices Board of India’s auction centre at Puttady. The new produce is expected to arrive in the market by June/July. The total quantity is not expected to increase sharply as drought-hit plants have to be replanted. A newly planted area will provide first yield only after three years. The uptrend of coriander futures (May) has taken a pause since past four weeks, facing resistance near 7200 levels, while on the contrary taking support near 7000 levels. Going ahead, we may see another week of sideways movement within this range amid muted domesticand export demand. 

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CAPITALSTARS FRIDAY SOYBEAN FUTURES AGRI MARKET NEWS UPDATE 03 May 2019

Soybean futures (May) is expected to trade with a downside bias & move towards 3600-3560 levels.

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The buying pace of stockiest and the millers are sluggish in the current scenario due to surplus imported veg oil stocks at domestic front along with bearish global market keeping the overall sentiments on lower end. A surge in the import of vegetable oils in India has prompted the domestic oilseed crushing and refining industry to cut operating capacity to a historic low in order to sustain in the business for future. On CBOT, The most active soybean futures slipped more than 2.5 percent for the week, set for the biggest weekly loss since August 2018. The dollar looked set to end the week with a firmer tone on Friday as markets scaled back bets on a U.S. rate cut, though much depends on what jobs data due later in the session says about the health of the economy and wages. Mustard futures (May) will probably remain stable taking support near 3710 levels. There is pick-up in demand from mustard meal exporters based on the talks that China will start importing Indian mustard meal in July, about eight months after it lifted a ban on mustard meal of Indian origin. Soy oil futures (May) may descend towards 732 levels, while CPO futures (May) may decline towards 514- 512. On the Bursa Malaysia Derivatives, Malaysian palm oil futures fell nearly 4 percent on Thursday evening to their lowest in almost five months, weighed down by weakness in U.S. soyoil prices on the Chicago Board of Trade and weak demand sentiment. Going ahead, palm oil is expected to fall more into a range of 1,967-1,989 ringgit per tonne.

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CAPITALSTARS THURSDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 02 May 2019

Cotton futures (May) will possibly remain trapped in a sideways range of 22000- 22350.

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The reason being is that the cotton in the international market is in a consolidation zone 75.50-76.85 cents per pound. ICE Cotton futures were 7 to 19 points lower in most nearby contracts on Wednesday. As expected, the Federal Reserve left interest rates UNCH following their two-day meeting on Wednesday. US and Chinese trade reps had “productive talks” in Beijing this week according to Treasury Sec Mnuchin. China is expected to head to DC next week. USDA 5 will be out with their Export Sales report on Thursday morning. Back at home, it isbeing estimated that cotton import may rise 80% this year due to drought in major growing states. Chana futures (May) is expected to crash further towards 4270 levels on estimates of higher pulses output in the upcoming Kharif season. For pulses in 2019-20, the government has set Kharif output target of 10.1 MT, higher than 9.01 MT production pegged in 2018-19. According to official reports, Centre has 964,845 tons pulses seed for sowing in 2019-20 (Jul-Jun) kharif season, higher than the requirement of 821,242 tons. Guar seed futures (May) is expected to consolidate in the range of 4260-4360, while guar gum futures (May) may trade sideways in the range of 8550-8750 levels. The market participants are currently taking cues from the movement of monsoon. The latest reports suggest that the onset of the South-West Monsoon is likely to be delayed by a week this year. The long period average date of monsoon onset over Kerala is June 1.

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CAPITALSTARS TUESDAY SOYBEAN FUTURES AGRI MARKET NEWS UPDATE 30 APRIL 2019

Soybean futures (May) is expected to trade sideways in the range of 3680-3720 levels.

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The buying pace of stockie stand the millers are sluggish in the current scenario due to surplus imported veg oil stocks at domestic front along with bearish global market keeping the overall sentiments on lower end. A surge in the import of vegetable oils in India has prompted the domestic oilseed crushing and refining industry to cut operating capacity to a historic low in order to sustain in the business for future. On CBOT, U.S soybean is under pressure as the Chinese soybean imports are slowing down, feeling the effect of the African Swine Fever on livestock and as a result the soybean-based feed meal. Further, the US-China trade talks have not provided much confidence to the soybeans global outlook. Mustard futures (May) will probably remain stable in the range of 3750- 3775 & the trade with an upside bias. There is pick-up in demand from mustard meal exporters based on the talks that China will start importing Indian mustard meal in July, about eight months after it lifted a ban on mustard meal of Indian origin. Soy oil futures (May) may trade in the range broader range of 735-742 levels, while CPO futures (May) may decline towards 530, if breaks the support near 535 levels. The sentiments attached to edible oil counter are mixed due to the tug-of-war amid a weaker rupee and one sided correction in U.S soy oil futures on CBOT. The dollar hovering near a two-year high against its peers is also making the market nervous & this is the reason the participants are opting to sell on rise.

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CAPITALSTARS TUESDAY SOYBEAN FUTURES AGRI MARKET NEWS UPDATE 16 APRIL 2019

Soybean futures (May) may consolidate in the range of 3730-3795 levels.

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 Soybean Processors' Association (SOPA) has estimated total availability of soybean in the country as on March 31 in the year 2018-19 (October-September) at 117.83 lakh ton, including 1.50 lakh ton of carry-over stock, 114.83 lakh ton of production and 1.50 lakh ton of imports. Out of total availability, soybean crushed volumes were at 92 lakh ton. While the total availability of soymeal during the same period was at 74.71 lakh ton, including 74.52 lakh ton of production and 0.19 lakh ton of carry-over stocks. Out of total supply, 20 lakh ton were exported. Mustard futures (May) may trade sideways in the range of 3770-3805 levels. It is reported that Nafed is planning to buy 20 lakh tonnes of mustard and 15-20 lakh tonnes of pulses in the ongoing Rabi harvesting season at the minimum support price (MSP). Moreover, mustard arrivals pace is usually at its peak in March and slowly starts diminishing from April month onwards. Decline in arrivals pace shall resist any significant fall in coming weeks. Soy oil futures (May) is expected to consolidate & remain stable in the range of 720-725 levels. CPO futures (Apr) will probably hove range bound within 537-542 levels. Import of vegetable oils during March 2019 sharply increased by 26% to 1,446,557 tons compared to 1,146,051 tons in March 2018, consisting 1,393,255 tons of edible oils and 53,302 tons of non-edible oils. The overall import of vegetable oils during November 2018 to March 2019 is reported at 6,309,406 tons compared to 5,931,829 tons i.e. up by 6%. Secondly, Malaysian palm oil futures fell to their lowest levels in two weeks, dropping for a third session in four as stockpiles remained high and exports came in weaker than forecast.

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