AGRI COMMODITY MARKET NEWS REPORT - 03 NOV 2016

Cardamom
Cardamom on MCX settled up by 3.27% at 1364.7 because of fall in output and tight stocks amid good demand from exporters and stockists. There are fears of a fall of 30-40% in cardamom output during 2016-17 on year. Present dry weather in the main producing centres may limit the number of picking impacting the output. Arrivals are likely to decline from November due to dry weather. India exported 1,150 ton cardamom during Apr-Jun up 25% on year.

Technically market is under fresh buying as market has witnessed gain in open interest by 9.88% to settled at 901 while prices up 43.2 rupee, now Cardamom is getting support at 1336.2 and below same could see a test of 1307.6 level, and resistance is now likely to be seen at 1382.2, a move above could see prices testing 1399.6.

Mustard Seed
Mustard Seed on NCDEX settled down by -0.16% at 4489 tracking weakness in spot demand amid ood progress of mustard sowing in Rajasthan. The rabi sowing in the largest mustard producing state, Rajasthan has started. According to government data, Rajasthan has sown 13.7 lakh hectares as on 24th Oct 2016, up by 191.5% higher compared to last year acreage. As per agriculture ministry data, all-India acreage of mustard in the ongoing rabi season was nearly 1.9 mln ha as of Thursday, up 175.2% from a year ago. The country's production of rapeseed is expected to increase by 12.5% to 6.3 mt from a year earlier. All-India acreage of mustard in the ongoing rabi season was nearly 1.9 mln ha as of Thursday, up 175.2% from a year ago, data released by the agriculture ministry showed.

Technically now Rmseed is getting support at 4468 and below same could see a test of 4446 level, And resistance is now likely to be seen at 4505, a move above could see prices testing 4520.

Maize
Maize on NCDEX settled down by -0.14% at 1388 on profit booking after gaining earlier amid inconsistent quality even as maize harvest continues at rapid pace. 

Technically market is under fresh selling as market has witnessed gain in open interest by 1.56% to settled at 18890 while prices down -2 rupee, now Maize is getting support at 1383 and below same could see a test of 1378 level, and resistance is now likely to be seen at 1395, a move above could see prices testing 1402. 

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