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NCDEX Weekly Agri Commodity Press Report by epicresearch 27 st January 2014
CORIANDER FUTURE
Coriander output may fall due to excess rain in Madhya Pradesh and Rajasthan, as farmers were not able to sow the seeds due to high water levels. As well, cold wave condition along with rain continues to hamper the crop with ‘blight’ disease; the aftermath of which is likely to exist for around three years. Accordingly, the acreage under coriander in major producing states is likely to decline in coming years because farmers may execute crop rotation which is considered as a major measure to control the disease.
SOYABEAN FUTURE
Soybean Feb futures traded on a positive note on Thursday tracking positive overseas markets as well as fresh soy meal export demand. However, prices corrected marginally from higher levels on profit taking and settled 0.26% higher. Arrivals of the new crop across India are reported at 183,000 bags on Thursday as against190,000 bags on Wednesday. SOPA has estimated production to be lower and has revised its output expectations to 122.34 lk tn from 129.83 lk tn earlier.
GUARSEED FUTURE
After the recent rise in rates for Guarseed, profit booking at the higher levels brought some dips to the rising rates. Traders are reportedly waiting for some more corrections in prices but the export demand is likely to pick up once, some more corrections are there. Traders feel present rates are on the lower side. A strong Dollar vs Rupee could aide in the exports favorably.
JERRA FUTURE
Jeera sowing in Gujarat is reported to be complete and is said to be in good condition. Jeera futures are expected to trade on a positive note supported by fresh overseas demand. However, higher sowing and higher output expectations this season may cap sharp gains and pressurize prices.
SUGGESTION OF TODAY TRADING STRATEGY:
BUY CHANA FEB ABOVE 3050 TGTS 3110,3210 SL 2950
SELL CHANA FEB BELOW 2970 TGTS 2910,2810 SL 3070
SUGGESTION OF TODAY TRADING STRATEGY:
BUY CASTORSEED FEB ABOVE 4230 TGTS 4330,4430 SL 4100
SELL CASTORSEED FEB BELOW 4000 TGTS 3900,3800 SL 4150
SUGGESTION OF TODAY TRADING STRATEGY:
BUY DHANIYA FEB ABOVE 8600 TGTS 8700,8800 SL 8450
SELL DHANIYA FEB BELOW 8340 TGTS 8240,8140 SL 8490
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