Market Overview
Sowing in Gujarat was completed in around 84%
of the area. Last year, the sowing was completed
in an area of 71.89 lakh hectare. The sowing of
groundnut in Gujarat in terms of percentage was
more than that of the cotton. In the past year it
was observed that sowing of cotton was more
than that of the sowing of groundnut.
The Indian sugar sector cycle has changed. After
five years of surplus production, the sugar
season 2015-16 has witnessed a 12 per cent fall
in output, mainly due to drought in Mah-arashtra
and
Karnat-aka,
the-reby
correcting
the
demand-supply imbalance.
Sugar production is expected to fall further in
the season, starting October. To prevent rise in
sugar prices, the government felt the need of
increasing supply in the open market to meet
festive demand.
Chicago soybeans eased as market took a
breather after climbing to four-week high on the
back of strong purchases by top importer China.
The U.S. Department of Agriculture announced
that private exporters reported the sale of
381,000 tonnes of soybeans to China for delivery
during the 2016/17 marketing year.
The share of palm oil in India's growing edible oil
imports is likely to plunge to a record low this
marketing year as a rally in prices slashes its
discount over rival soyoil. That shift could drag
on benchmark prices for palm oil.
Palm oil shipments from Indonesia rose to the
highest level in three months in July after buyers
from China to India boosted purchases.
Palm oil futures returned to a bull market on as
demand for the edible oil increased ahead of
festivals in Asia and as a slow recovery in El
Nino-hit yields constrains supplies.
As shown on daily chart, NCDEX Guarseed(Oct contract)
price has recently rallied from ‘Double Bottom’ neckline
support near Rs.3560-3580 area. The medium-term bias
remains positive as long as support is held and rally
towards expected target area at Rs.4230 level looks
possible. For short-term re-test of previous high near
Rs.3980 level looks likely. Buying on dips is thus advised
.
Commodity
Turmeric
Jeera
Soybean
Soy Oil
R M Seed
CPO
Sugar
Wheat
Mentha Oil
Cotton
Exchange
NCDEX
NCDEX
NCDEX
NCDEX
NCDEX
MCX
NCDEX
NCDEX
MCX
MCX
Expiry
Sep
Sep
Oct
Sep
Sep
Aug
Oct
Sep
Aug
Aug
Price
7694
18400
3484
670.75
4805
571.9
3581
1730
892.6
21090
%
Change
0.18%
1.07%
0.37%
2.01%
-0.27%
2.68%
-0.69%
-0.12%
-0.52%
0.81%
Chart of the Day: NCDEX Guar seed
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Please refer to disclaimer at the end of the report.

Level Playing Sheet
Commodity
Exch.
NCDEX
NCDEX
NCDEX
NCDEX
MCX
NCDEX
NCDEX
MCX
MCX
NCDEX
Expiry
Sep
Oct
Sep
Sep
Aug
Oct
Sep
Aug
Aug
Aug
Close
18400
3484
671
4805
571.9
3581
1730
893
21090
8419
S2
17947
3415
654.7
4741
556.6
3539
1598
886
20883.3
8213.7
S1
18173
3449
662.7
4773
564.2
3560
1664
889
20986.7
8316.3
Pivot
18332
3470
667.2
4804
569.0
3594
1617
894
21083.3
8402.7
R1
18558
3504
675.2
4836
576.6
3615
1683
897
21186.7
8505.3
R2
18717
3525
679.6
4867
581.4
3649
1636
902
21283.3
8591.7
Trend
Bearish
Bearish
Bullish
Bearish
Bullish
Bearish
Flat
Bearish
Bearish
Bullish
Conviction
Moderate
Moderate
Moderate
Moderate
Moderate
Moderate
Moderate
Moderate
Moderate
High
Intraday
Range
18253 - 18638
3432 - 3487
665 - 677.4
4757 - 4820
567 - 579
3550 - 3605
1631 - 1650
887 - 896
20935 - 21135
8360 - 8549
Jeera
Soybean
Soy Oil
R M Seed
CPO
Sugar
Wheat
Mentha Oil
Cotton
Coriander
For any details contact:
Commodities Advisory Desk - +91 22 3958 3600
commoditiesresearch@motilaloswal.com
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