Agri Commodity Report for the Week

8/9/2019 Agri Commodity Report for the Week

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Fresh Demand Keeps Spices Firm!

WEEKLYAGRI REPORT

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23rd Aug 2010 to 28th Aug 2010
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Weekly Agri Report 1st March to 6th Mar 2010R E S E A R C HR E S E A R C H

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Weekly Chart

Jeera is in an upward trading channel and one should use the strategy of buying on lower levels. If in the coming week Jeerasustains above the level of 14910 then we can expect a level of 15350, and if it sustains below 14040 we can see the level of13770.

Strategy

Last week Jeera was in a consolidation phase but some fresh buying came at the end of the week. For the next week resistancein Jeera is found at 15350 and support at 14040.

JEERA REMAIN FIRM ON THIN ARRIVALS

Demand from the local stockists is expected in the coming days. Thiswill help prices to remain firm. Also, fresh orders from overseas buyersare expected tracking lower quotes of Jeera in international market ofIndian origin. Indian Jeera is being offered at $3,000/tonne whereasSyrian jeera is being offered at higher levels of $3,300/tonne. Anysignificant demand from overseas will help prices to find support andstrengthen. Further, there are lower stocks till the fresh arrivalsexpected in the month of March which will also add to the gains. In the

medium term to long term (September onwards), Jeera prices willdepend on the demand from the overseas and domestic buyers andstocks of Jeera with the major producers. Jeera prices in the intradaywill trade sideways to up due to improved buying from local stockists.In the short term (till August), trend will depend on Jeera price parity ofvarious origins in international market. In the medium to long term(September onwards) prices are likely to take cues from stocks withmajor producing nation such as India, Syria and Turkey.

Weekly Pivots

R4 17725

15690R2

P

S2

14680

13660

S4 11625

SCRIPT JEERA

16710R3

15300R1

S1 14290

S3 12645

Improved BuyingOverseas Demand

REASONS FOR MOVEMENTJEERA

Weekly Report Agri23rd Aug to 28th Aug 2010


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Weekly Commodity Report 1st March to 6th Mar 2010R E S E A R C HR E S E A R C H


Weekly Chart

Soybean is in a consolidation phase on charts and one should look for selling opportunities at higher levels, if Soybean,sustains below the level of 2030 we can see the level of 1990, and on the up side if it sustains above the level of 2115 we cansee Soybean at 2150 level.

Strategy

Last week Soybean remained bearish and it did break the support of 2050 but was not able to sustain below it. For the nextweek Soybean has resistance at 2115 and support at 2030.

SHORT COVERING MAY TAKE PLACE IN SOYBEAN

September Soybean futures traded lower in the morning hours on 4th

consecutive days on account of weakness in overseas market and lower

demand from solvent extractors. However, it recovered sharply an hour before

closing the market due to short covering after continuous fall during the last 3

days and finally it manage to close in green. CBOT September Soybean futures

ended lower at $ 10.12/bushels, down 18.40 cents/bushels as compared to

previous close. In the short term, Soybean prices are expected to trade lower

due to weak overseas market and lower demand from solvent extractors ahead

of fresh crop amid favorable weather. However, for the long term, poor exportdemand of domestic oil meal and existing better carry over stock this year as

compared to last year may provide support to the bears.

Weekly Pivots

R4 2422

2199R2

P

S2

2087

1975

S4 1750

SCRIPT SOYABEAN

2310R3

2135R1

S1 2023

S3 1863

REASONS FOR MOVEMENT

Weak Overseas MarketLower Demand

SOYABEAN



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Weekly Chart

Overall trend of Chana is of consolidation and one should go for selling at higher levels strategy in it. For the coming week ifChana sustains below 2185 level we can see it at 2090 and above 2325 we can expect the level of 2380.

Strategy

Last week Chana remained in a consolidated phase and we saw some good buying coming at the end of the week. For the

coming week Chana has resistance at 2325 and support at 2185.

CHANA BEARISH ON FOLLOW THROUGH SELLINGThe Chana futures extended their bearishness for the second day in a rowon follow through selling. Lack of buying interest from dal millers in thespot market had a negative impact on the futures market. Traders andinvestors sold futures on hopes of bumper kharif pulses harvest this year.Higher stock of Chana was also one of the major factors. The Chanafutures are projected to trade lower on extended selling pressure and onlack of buying interest. Lackluster buying interest from dal millers in thespot market is likely to weigh on the futures market. The kharif pulses

production is expected to be higher this year. Kharif pulses production isexpected to top 16.5 million tons this year. Higher acreage andfavourable weather conditions are improving the yield level. Marketparticipants are waiting for further dip in the prices. According to UnionMinistry of Agriculture, Kharif pulses acreage as on 15th August is higherby 20% at 103.20 lakh hectares against 85.88 lakh hectares in the sameperiod last year. The spot price of Chana at Delhi Lawrence Road Mandi is

2260 per quintal. NCDEX warehouse stock of Chana as on 18th August2010 is 47,061 tons.

Weekly Pivots

R4 2528

2348R2

P

S2

2258

2168

S4 1988

SCRIPT CHANA

2438R3

2317R1

S1 2227

S3 2078

Selling PressureLack Of Buying Interest

REASONS FOR MOVEMENTCHANA



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Weekly Pivots

Script R3 R2 R1 PP S1 S2 S3

JEERA 16438.00 15693.67 15307.33 14676.67 14290.33 13659.67 13273.33

TURMERIC 16502.00 15909.33 14842.67 14183.33 13116.67 12457.33 11390.67

PEPPER 23605.00 22976.67 22128.33 20651.67 19803.33 18326.67 17478.33

SOYABEAN 2283.50 2198.50 2135.00 2086.50 2023.00 1974.50 1911.00

GUARGUM 5298.00 5140.67 4975.33 4852.67 4687.33 4564.67 4399.33

GUARSEED 2291.00 2257.00 2204.00 2157.00 2104.00 2057.00 2004.00

CHANA 2376.00 2348.00 2317.00 2258.00 2227.00 2168.00 2137.00

Script R3 R2 R1 PP S1 S2 S3

MUSTARD SEED 591.05 584.78 570.87 560.68 546.77 536.58 522.67

WHEAT 1295.20 1267.73 1258.67 1252.13 1243.07 1236.53 1227.47

GUR 1073.00 1050.53 1031.67 1020.33 1001.47 990.13 971.27

CARDAMOM 1520.10 1441.77 1352.73 1285.37 1196.33 1128.97 1039.93

CRUDE PALM OIL 435.30 430.47 423.53 417.77 410.83 405.07 398.13

REFINED SOYA OIL 549.15 532.15 512.00 499.85 479.70 467.55 447.40

MENTHA OIL 827.00 798.80 782.20 767.40 750.80 736.00 719.40



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Agri Commodity Report for the Week

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