Daily Agri Commodity Trading Market News By Epic Research Pvt. Ltd. - 7th August 2014
AGRI COMMODITY DAILY WRAP UP
CHANA FUTURE
Chana found some support at lower level after recent massive correction in the prices. there was some pick up in the demand as these low rate in the mandis. However rains in the central and north west india kept market sentiment for weak commodity. Monsoon progress for next few days remains critical. Sowing of Kharif Pulses are likely to get adversely affected if delayed and below normal Monsoon is maintained.
SOYABEAN FUTURE
Soybean Oct futures traded on a positive note on lower sowing, below normal rains till date as well as tight supply of soybean seeds. However, negative CBOT prices coupled with expectations of revival of the monsoon and weak soy meal exports pressurized prices at higher levels.
CORIANDER FUTURE
Coriander futures slipped as most spices markets in Rajasthan are shut as tradersprotest 5 percent value added tax on spices. However, reports of crop damage in Romania and negligible stock in India may limit the major downtrend. Sowing of kharif crops have already been delayed due to scanty rains in the top producing states of Gujarat and Rajasthan.
JEERA FUTURE
Jeera futures may be range-bound with a negative bias due to thin buying in the spot market asRamzan shipments are over. However, medium-term outlook is still bullish as delayed kharif-sowing due tolow rainfall will also affect the rabi crop. Sowing of kharif crops have already been delayed in Gujarat and Rajasthan, thereby sowing in rabi season is likely to get delayed. As well, lower output in Syria and Turkey may limit sharp fall in prices.
DHANIYA
BUY DHANIYA AUG ABOVE 11800 TGTS 11830,11880 SL 11750
SELL DHANIYA AUG BELOW 11730 TGTS 11700,11650 SL 11780
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