After the recent highs based on adverse Monsoon reports, profit booking was noted for RMSeed. Good domestic demand for Mustard oil and lower production reports could support prices as weak Monsoon report too could have Bullish impact on the prices in medium term
Archive for April, 2015
Profit booking was noted for Soybean at the higher levels. Adverse report on the Monsoon front amidst good domestic demand and slight firmness in International markets kept overall sentiments up. AgRural, Brazilian analyst, has estimated Brazil’s 2014- 15 soybean crop to 93.8 million tons from 93.3 million tons earlier. The production is record high, despite late plantings due to stress followed by dry weather initially. Above 77% of the Brazilian crop is harvested which is almost in line with previous year’s figure of 78%.
Markets recovered moderately for Turmeric as prices found strong support at these levels. Buying by commercial buyers and stockiest is helping spot prices of turmeric and as per market sources the traders are often buying superior quality turmeric and are ready to offer premium.
Moderately firm sentiments continued to prevail for Jeera even as intermittent profit booking too got noted at these high levels. Prices found strong Resistance after having shot up more than 25% in last few weeks. Overall sentiments remained strong as lower production and rising demand kept trend firm.
Profit booking at the higher levels brought some dips to the rising rates for Mentha Oil as it could not sustain above the 1000 levels. Lower sowing reports this year due to low rates obtained last year keeps trend firm for the commodity. With sowing over, all eyes will be on the harvesting from May onwards. Short term some more dips may be there but any fall in production could support prices in the medium term
Profit booking at the higher levels kept the uptrend limited even as improved demand, falling arrivals, lower production and the recent adverse report on the Monsoon kept supporting the market sentiments. With Maharashtra Govt removing stock limits on Pulses, it could give further boost to the prices. As per 2nd Advance Estimates for 2014-15, total foodgrains production in India is estimated at 257.07 million tons– lower by 3% w.r.t. 265.57 million tons previous year. Production of pulses estimated at 18.43 million tonnes is lower by 1.35 million tonnes than the last year’s production. Chana production estimated at 8.28 million tons vs 9.53 million tons last year. Urad production expected to shrink by 5% to 16.10 lakh tons from 17 lakh tons. Moong production to fall to 14 lakh tons from 16.10 lakh tons.