AGRI COMMODITY MARKET NEWS - 21 APR 2016

Turmeric futures (May) is likely consolidate in the range of 8350-8600 levels with upside getting capped. Spot turmeric prices are decreasing daily due to negligible upcountry demand.In the last 10 days, the finger turmeric was down by Rs.1,000 a quintal and the root variety by Rs.450-500. Such drastic fall in price is due to the poor buying by North Indian traders. At the Erode Turmeric Merchants Association, the finger turmeric was sold at Rs.8,429-9,295 a quintal, the root variety Rs.8,212-8,891. 

Cardamom futures (May) is expected to consolidate in the range of 755-790 levels. Prevailing drought conditions and the consequent delay and decline in the next crop appears to have changed the market sentiment. All market participants of the spot markets were actively buying and that in turn has aided the price rise. Total arrivals during the season up to April 16 were at around 26,485 tonnes and sales were at 25,545 tonnes. The individual auction average, as on April 16, stood at Rs.600/kg. 
Jeera futures (May) is likely to face resistance near 16700 levels & may witness profit booking at from higher levels. At the spot markets of Unjha, the counter has dropped off from its four month highs amid lack of buying and improving supplies. The arrivals are picking up following seasonal trend and supplies are expected to be steady in near term. 
Soybean futures (May) is expected to remain steady & may take support near 4195 levels. The counter is tracking bullish sentiments of soybean futures on the international market. U.S. soybeans climbed around 1 percent to a nine-month high on Thursday, extending three-day gains to more than 7.5 percent, as rains in Argentina stoked concerns over production losses. The most active soybean futures on the Chicago Board of Trade rose 0.9 percent to $10.18-1/2 a bushel, near the session-high of $10.28-1/2 a bushel - the strongest since July 16, 2015. Soybeans firmed 3.5-percent on Wednesday. Soybeans have been drawing support from funds amid concerns over excessive rains in Argentina. Much of Argentina's soy crop has been swamped by 20 days of merciless rain, threatening a loss of supply from the world's top exporter of soymeal livestock feed and its No. 3 supplier of beans, meteorologists said on Wednesday. 
Mustard futures (May) is expected to consolidate & trade sideways in the range of 4430-4560 levels. Additional Margin of 5 % on both the Long side and Short side is imposed on all running contracts and yet to be launched contracts with effect from April 13, 2016. 

                              

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