Showing posts with label agri intraday. Show all posts
Showing posts with label agri intraday. Show all posts

Monday, 6 May 2019

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.

  CAPITALSTARS INVESTMENT ADVISOR
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 MONDAY SOYBEAN FUTURES AGRI MARKET NEWS UPDATE 06 May 2019

The overall trend of soybean futures (May) is negative & hence it may witness sell on rise from 3630 levels to 3550- 3520.

As 2019 southwest monsoon forecast by India Meteorological Department is near normal, the market participants are expecting a bigger soybean crop this year. Moreover, the Centre has 304,090.1 tn certified soybean seeds, 30,121.5 tn higher than requirement for sowing in the upcoming kharif season beginning June. If the southwest monsoon fares well, then soybean crop is seen higher on year. Another major factor which is adding to the bearishness is the downtrend of Chicago soybean futures which is on track for a fourth straight weekly loss on expectations of higher U.S. production and slowing demand from top buyer China dragging prices lower. At present, Commodity funds are net sellers of soybeans, soymeal and soyoil. Soy oil futures (May) is expected to follow the bearish footsteps of soybean & selling pressure may drag the counter to 728 levels, if breaks 733 levels. The supplies are increasing in the spot markets due to imports of refined soybean oil and palmolein from Nepal at zero customs duty under a concession given to the least developed nations in the SAARC region. In addition, the imported soybean oil is being sold at Rs.5,000 per ton cheaper as compared with local soybean oil. The downtrend of CPO futures (May) will prevail as there is possibility that it may test 515-512 levels in days to come. The sentiments have turned pessimistic in the Malaysian markets after the forecast that palm oil output is estimated to rise to 20 million tons in 2019, up from as much as 19.5 million tons predicted earlier.


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Friday, 3 May 2019

CAPITALSTARS FRIDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 03 May 2019

Cotton futures (May) will possibly witness correction towards 22200.

  CAPITALSTARS INVESTMENT ADVISOR
The reason being is that the cotton in the international market, posted 92 to 126 point losses in most contracts on Thursday. The USDA showed just 144,778 RB in old crop upland cotton export sales for the week of 4/25. That was a 6-week low and down 23.75% from the same week a year ago. Back at home, it is being estimated that cotton import may rise 80% this year due to drought in major growing states. The textile mills are importing raw cotton this year from America and African countries. 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, Centrehas 964,845 tons pulses seed for sowing in 2019-20 (Jul-Jun) kharif season, higher than the requirement of 821,242 tons. In news, The Madhya Pradesh government has raised daily procurement limit of chana, masur, and mustard harvested by small and marginal growers in 2018-19 (Jul-Jun) to 4.0 tn each per farmer. Guar seed futures (May) is expected to consolidate in the range of 4355-4410, while guar gum futures (May) may trade sideways in the range of 8700-8870 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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Thursday, 2 May 2019

CAPITALSTARS THURSDAY TURMERIC FUTURES AGRI MARKET NEWS UPDATE 02 May 2019

We may see lower level buying in turmeric futures (May) in the range of 6350-6420 levels.

  CAPITALSTARS INVESTMENT ADVISOR
The positive sentiments prevailing on the spot markets may lift the counter to 6700-6750 levels. In the present scenario, buyers are reported to be active in the spot as new crop supply continued. New turmeric supply in to Andhra Pradesh Duggirala market has started. Local traders are likely to become active in coming days at lower price levels as Maharashtra production estimate reported lower as a result of drought condition. Demand for the new crop arriving in Nanded, Hingoli and Basmath, the key markets in Maharashtra, is seen higher. On the supply side, as per trade information, currently, all India turmeric stocks are reported around 15 - 18 lakh bags in the spot. Cardamom on the national bourse is trading at two year high owing to anticipation of severe supply shortages in the ongoing season. Going ahead, we may see more upside of 2000-2100 levels. At the auctions, the premium variety touched Rs.2,000 per kg. The local prices have been ruling above Rs 1,200 per kg for several months. Last time the prices touched such a level was back in 2011. The prolonged dry weather in the past few months led to drying of the plants. On the demand side, small quantities are getting exported to other Gulf countries like Dubai, Kuwait and Doha. The exporters are willing to buy at higher rates as no other good quality cardamom is available in the market now. Coriander futures (May) may take support near 7030 levels tracking positive & steady sentiments prevailing on the spot markets. The market participants are expecting shortages & anticipating higher demand day’s ahead.


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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.

  CAPITALSTARS INVESTMENT ADVISOR
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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