13/3/2018

Agro Commodity Update 13th March-2018

Share:




Fundamental Aspect:


Soybean future prices traded moderately lower from last couple of days due to some profit booking activity noticed from highest level since July ’17. As per the latest report of SEA, Soymeal exports in February marked lower to 73,816 tonnes as compared with 207,977 tonnes noted in the corresponding period last year. However, for Apr-Feb oil meal exports rose 38% on year at 11.2 lakh tonnes due to firm demand from Vietnam and South Korea. Meanwhile, trade body, SOPA cuts soybean production by nearly 10 lt to 83.5 lt for 2017-18 crop.


Mentha oil futures prices likely to extend its weakening path ahead due to increase arrival noticed in the major spot markets of Uttar Pradesh. As per the trader source, there is currently not much demand for menthe oil from the domestic consuming industries as well as stockists. From export front, there is no expectation of any positive development in the recent times. Due to the increased production and usage of synthetic mentha in the recent years, demand for natural mentha has decreased. Sell on rise strategy should remain in favour for the day ahead. 




Technical Aspect (Apr)



Guar seed


Image result for guar seed images

Support is at 4150 and Resistance is 4300.


Below 4150 sharp panic downside panic expected till 4000—3930 and then 3850 mark in coming days else could touch its resistance level of 4300.


Fresh buying only can be seen on decisive close above 4300 marks.


Trade with levels only.



Chana 


Image result for chana image

As expected, prices have broken successfully its immediate support of 3650 and settled the session below the level.


Now what to expect?


Sustainable move below 3650 we can expect downside momentum till 3520—3450 and then 3300 mark in near term.


Hurdle and stop loss will remain at 3800 mark.


Trade with levels only.




RM Seed


Image result for rm  seed images

Support seen at 4000 and resistance is at 4250.


Trading in range. Either side break and close will set the further trend in it. Over the medium term we expect positive outlook in it.

 

Trade with levels only.



Soybean


Image result for soybean image

Support seen at 3600 and Resistance is 3800.


Correction likely to continue on the chart. Buy and accumulate more on decline. Support buying would be advisable near 3600 mark which will take it towards 3720—3800 mark. Fresh breakout can be seen on close above 3800 mark.

 

Fresh selling only can be seen on close below 3600 mark.


Trade with levels only.




Castor Seed

Image result for castor seed image


Support at 4150 and Resistance at 4250


Above 4250 we expect a smart rally towards 4370—4450 and then 4600++ mark in near term else could touch its support level of 4150 mark..

 

Fresh selling only can be seen on close below 4150.


Trade with levels only.



Cotton 


Image result for cotton  images

Our sell call from 21000—20850 has proven great


Now what to expect?


Support is 20800. Below 20800 panic likely to continue till 20550—20300 and then 19850 mark else “U” turn expected on the chart from here.


Fresh buying can be seen on close above 21100 mark on closing basis.


Trade with levels only.




Jeera 

Image result for jeera  image


Support seen at 14400 and Resistance is 15100.


Trading in a tight range from last couple of days. We will wait for either side closing to set the further trend in it.


Trade with levels only.




Turmeric 


Image result for turmeric image

Support is 6550 and Resistance is 6950.


Prices unable to sustain above 6950 and crashed vertically. Support is 6650. Below 6650 it will take it to 6450—6300 and then 6120 mark in coming days else could touch its resistance level of 6950 again.


Fresh buying can be seen on close above 6950 mark.


Trade with levels only.



CPO (March)


Image result for crude palm oil image

Support seen at 620 while Resistance is 640.


Traders can wait for a bit correctional decline here to initiate fresh long position at lower level. Buy on decline as we expect positive outlook in near term in it. 


Support and stop loss will remain below 620 on closing basis. 



Trade with levels only



Share:

Tags:Agri Commodity

Join our WhatsApp broadcast list
I agree terms and conditions.
Messenger