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MTECHTIPS:-Market Update (Agri)
The upside trend in pepper futures may continue on back of expectation that demand may increase on Diwali. Jeera futures (Nov) is likely to trade range bound with limited upside. The prices remain in pressure due to the prospects of bumper jeera production in the coming year. In the international market, Indian cumin seed one percent quoted at USD 2,900 ton (cnf) Singapore. However, Turkey
and Syria are not offering. Turmeric futures (Nov) could further down due to expectation of hefty carryover stocks. Oilseeds complex are likely to trade range bound with some short covering can be seen at lower levels. CPO futures may continue up due toimpressive bounce back in Malaysian prices & also domestic winter and festive season demand. Mustard futures (Nov) may sideways with positive bias, due to buying by millers ahead of upcoming winter season. Soybean futures may trade
range bound due to higher soymeal exports and arrivals have also picked up in mandies. Wheat futures (Nov) is likely trade in range bound on reports that Iran has agreed to purchase wheat from India. The downside pressure may remain over sugar futures due to regular supply from mills to exhaust sales of non-levy quota in time. Chana futures (Nov) is expected to trade range bound with some buying seen at current levels due to festive demand. As per the first Advance estimates released by Ministry of Agriculture, the chana output of India for 2012-13 is targeted at 79.6 lakh tonnes , up almost 3.8% from the last year. Kapas futures (Apr) will probably remain firm on back of sustained buying from mill & expectation of increase in export demand.
The upside trend in pepper futures may continue on back of expectation that demand may increase on Diwali. Jeera futures (Nov) is likely to trade range bound with limited upside. The prices remain in pressure due to the prospects of bumper jeera production in the coming year. In the international market, Indian cumin seed one percent quoted at USD 2,900 ton (cnf) Singapore. However, Turkey
and Syria are not offering. Turmeric futures (Nov) could further down due to expectation of hefty carryover stocks. Oilseeds complex are likely to trade range bound with some short covering can be seen at lower levels. CPO futures may continue up due toimpressive bounce back in Malaysian prices & also domestic winter and festive season demand. Mustard futures (Nov) may sideways with positive bias, due to buying by millers ahead of upcoming winter season. Soybean futures may trade
range bound due to higher soymeal exports and arrivals have also picked up in mandies. Wheat futures (Nov) is likely trade in range bound on reports that Iran has agreed to purchase wheat from India. The downside pressure may remain over sugar futures due to regular supply from mills to exhaust sales of non-levy quota in time. Chana futures (Nov) is expected to trade range bound with some buying seen at current levels due to festive demand. As per the first Advance estimates released by Ministry of Agriculture, the chana output of India for 2012-13 is targeted at 79.6 lakh tonnes , up almost 3.8% from the last year. Kapas futures (Apr) will probably remain firm on back of sustained buying from mill & expectation of increase in export demand.
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