Tuesday, 25 June 2019

CAPITALSTARS WEDNESDAY SOYBEAN FUTURES AGRI MARKET NEWS UPDATE 26 JUNE 2019

NCDEX Jul Soybean edged higher on Tuesday due to technical bounce

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CBOT Soybean closed lower on Tuesday on forecast of dry weather in coming weeks which will enhance sowing activities. Money managers in soybean futures and options trimmed their net short position by 35,848 contracts as of 6/18 to -55,307 contracts according to COT data. Chinese imports of soybeans were down 24% in May from the same month last year at 7.36 MMT, with 977,024 MT from US.

The prices have been under pressure due to expectation of higher planting and sufficient stocks in the physical market. Moreover, slow down in soymeal exports is also a worry. As per SEA, country export only export 40,000 tonnes of soy meal in May down 41.4% y/y. Moreover, for Apr-May period, India shipped out about 58,470 tonnes of soybean meal down 59% compared to last year. Soybean futures expected to trade sideways due to advancement of monsoon rains in Central India. Moreover increasing edible oil imports and declining meal exports may put extra pressure on Oilseeds as the sowing season progressing.

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CAPITALSTARS TUESDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 25 JUNE 2019

MCX Jun cotton edged lower on Monday on reports of good start to cotton planning in Gujarat.

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Gujarat area under cotton is higher by 15% as in 17th June 2019 at 1.61 lakh hac. However, as per farm ministry report, acreage under cotton in the country was 18.18 lakh ha so far, lower than 20.68 lakh ha from a year ago. Recently, CAI has projected cotton exports at 46 lakh bales (Vs 69) due to higher prices and smaller crop size.

ICE cotton closed edged higher on Monday, supported by a weak U.S. dollar and anticipation of positive trade outcome in G20 meeting. The presidents of the United States and China are set to meet next week in Japan and markets are hopeful the world's two biggest economies could see an end to their long-standing titfor-tat tariff dispute. NASS indicated that cotton planting is wrapping up, with 96% completed vs. the 98% average pace. Outlook

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Monday, 24 June 2019

CAPITALSTARS TUESDAY TURMERIC FUTURES AGRI MARKET NEWS UPDATE 25 JUNE 2019

In NCDEX Turmeric we see prices moved higher due to some short covering on Monday

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Prices have been under pressure due to higher deliveries at Exchange. For June, about 3400 tonnes of delivery allocation is done till 21st June against 10 tonnes delivery last year. Moreover, start to new season planting and steady export demand is keeping prices under pressure. As per Commerce Ministry, turmeric exports during the month of March, up 25.5% y/y to 13,140 tonnes (Vs 10,473 t). While, turmeric exports in 2018/19 is up by 19.2% compared to last year. Country exported about 1.33 lakh tonnes of turmeric in FY 18-19 compared to 1.11 lt last year. In 2018/19, production is forecast at 10.77 lt in the 3rd advance estimates by the government.

Turmeric futures expected to trade under pressure on higher stocks with traders and farmers. However, improving export demand and forecast of below normal rains in the turmeric growing areas of the country may support prices as season progresses

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CAPITALSTARS TUESDAY SOYBEAN FUTURES AGRI MARKET NEWS UPDATE 25 JUNE 2019

NCDEX Jul Soybean closed lower on Monday on profit booking 

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 The prices have been under pressure due to expectation of higher planting and sufficient stocks in the physical market. Moreover, slow down in soymeal exports is also a worry. As per SEA, country export only export 40,000 tonnes of soy meal in May down 41.4% y/y. Moreover, for Apr-May period, India shipped out about 58,470 tonnes of soybean meal down 59% compared to last year.

However, monsoon rains will be very crucial in next two weeks as sowing is slow. As per farm ministry, acreage under soybean was 53,000 ha so far, down about 57% from last year acreage of 1.24 lakh ha. Soybean arrivals for the Oct-May period pegged at 84.75 lt, up by 19.4% on year as per SPOA report. Until April, country crushed about 67.8 lt of soybean compared to 60.5 lt last year. In the 3rd advance estimates, government increased production forecast of soybean to 137.43 lt (Vs 109.33 last year). USDA in its monthly report forecast output at 109 lt in 2019/20, down 5% compared to last year.

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CAPITALSTARS MONDAY TURMERIC FUTURES AGRI MARKET NEWS UPDATE 24 JUNE 2019

NCDEX Turmeric plunge 4.8% last week due to higher deliveries at the Exchange.

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For June, about 3400 tonnes of delivery allocation is done till 21st June against 10 tonnes delivery last year. Moreover, start to new season planting and steady export demand is keeping prices under pressure. As per Commerce Ministry, turmeric exports during the month of March, up 25.5% y/y to 13,140 tonnes (Vs 10,473 t). While, turmeric exports in 2018/19 is up by 19.2% compared to last year. Country exported about 1.33 lakh tonnes of turmeric in FY 18-19 compared to 1.11 lt last year. In 2018/19, production is forecast at 10.77 lt in the 3rd advance estimates by the government.

Turmeric futures expected to trade under pressure on higher stocks with traders and farmers. However, improving export demand and forecast of below normal rains in the turmeric growing areas of the country may support prices as season progresses

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Sunday, 23 June 2019

CAPITALSTARS MONDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 24 JUNE 2019

MCX Jun cotton gain 2.6% last week to slow start to sowing progress

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ICE cotton futures extended its losses on Friday as speculators trimmed long positions at July contract led July futures to drop by more than 2.5% on Friday wherein Benchmark Dec contract settled the day at 65.6 cent/lb down by 0.61% from the previous close. Moreover, reports of negative export sales during the week ending 13th June also impacted market sentiments negatively.

At domestic front, MCX cotton futures for June delivery traded mixed to higher on Friday as prices moved up further on account of short covering. However, July delivery futures slumped sharply on forecast of advancement of monsoon rainfall in major cotton growing region. Calander Spread between July and June futures reached up to -480 on Friday. Most active June delivery cotton futures traded at MCX settled the day at Rs 22100 per bales almost unchanged from the previous close wherein July futures closed at Rs.21620 per bales down by 0.32%.

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