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1. WEEKLYAGRI COMMODITY REPORT
16 Mar 2015
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2. Weekly Wrap Up
2
MONTH OPEN HIGH LOW CLOSE % CHG VOL MONTH OPEN HIGH LOW CLOSE % CHG VOL
DHANIYA
APR 6200 7105 6112 6990 +12.02 4557
INTRADAY
LEVELS
SUPPORT SUPP.1
6366
SUPP. 2
5743
PIVOT
6736
Dhaniya short term
trend is down, further
more downside is
expected in comimg
days.
RESISTAN
CE
RES. 1
7359
RES. 2
7729
CASTORSEED
APR 3704 3743 3605 3731 +0.62 4541
INTRADAY
LEVELS
SUPPORT SUPP. 1
3643
SUPP. 2
3555
PIVOT
3693
Castorseed short term
trend is down, Prices
expected to go down in
coming days.RESISTAN
CE
RES. 1
3781
RES. 2
3831
TURMERIC
APR 8500 8654 7684 7830 -7.12 5413
INTRADAY
LEVELS
SUPPORT SUPP. 1
7458
SUPP. 2
7086
PIVOT
8056
Turmeric short term
trend is down and may
continue in coming
days.RESISTAN
CE
RES. 1
8428
RES. 2
9026
GUARGUM
APR 9000 9050 8360 8760 -1.02 3407
INTRADAY
LEVELS
SUPPORT SUPP. 1
8397
SUPP. 2
8033
PIVOT
8723
Guargum Short term
trend is Down,
Expecting price may go
Down in coming days.RESISTAN
CE
RES. 1
9087
RES. 2
9413
4. Commodities In News
4
ECONOMIC NEWS
India's sugar output could rise nearly 2 percent this year from a
previous forecast, as production in top-producing state Maharashtra is
expected to hit a record high, trade and government officials said on
Thursday. India's sugar output is expected to reach 26.5 million tonnes in
the year to September 2015, half a million tonnes more than a previous
forecast of a leading industry body, "Production in Maharashtra and
Karnataka would be higher than our earlier estimates. It will push overall
production above 26.5 million tonnes," Wadhwana said referring to the
two leading sugar producing states. The Indian Sugar Mills Association,
a body of private millers, has forecast this year's output at 26 million
tonnes against 24.4 million in the previous year. Higher output in
Maharashtra is expected to offset any drop in production from Uttar
Pradesh, the second-biggest sugar producing state. Maharashtra was
earlier expected to produce 9.3 million tonnes.Higher output will add
pressure on local prices, which are ruling near their lowest level in 4-1/2
years.
As Brazilian currency real is plunging deeper India's sugar exporters
are likely to suffer. The currency dipped 1 percent 3.15 per dollar on
Thursday which is the lowest 11-years. Sluggish growth and rising
inflation have rendered the currency weak.Global prices have decreased
in tracking the real's depreciation. There is a sudden surge in sales of
sugar and coffee, priced in dollars, which dragged the price of the
commodities down.India is the second major sugar producer after Brazil.
The country is currently witnessing the fifth consecutive year of surplus
sugar production.Accoridng to the Food Ministry, the India's sugar
production is expected to touch 265 lakh tons (from the earlier estimate
of 250 lakh tons), as against an estimated consumption of 248 lakh
tons.India's sugar export sector is not in a strong position. Alarmed by
the low price regime millers are unwilling to produce raw sugar. As a
result exports are likely to be lower than half a million tonne. The prices
of Indian raw sugar have dipped to $330-$340 a tonne form $465 a tonne
a few weeks ago. Government announced a subsidy of Rs 4,000 a tonne
for exports of up to 1.4 million tonnes (mt).
Cultivators selling continued in turmeric market due to fresh supplies
in Karnataka. However, expecting the total production in the range of
50-52 lakh bags in the current year, down 20 lakh bags from the last year
in the same period. Traders are expecting further decline in the coming
days due to possibility of new supplies from other producing states.
Jeera market rises on good demand in the spot market against tight
supplies from producing belts. Besides, lower production of commodity
and quality issues due to atypical rains may lead to rise in Jeera price.
Recent rains in Gujarat major growing regions may affect the Jeera
(Cumin Seed) standing crop. Due to unseasonal recent rains in Gujarat
likely to damage Jeera quality (color damage) and production may fall
by 5% current year. At Unjha market in Mehsana total arrivals are at
27000 quintals, lower by 3000 quintals from previous trading day. At
Rajkot market in Rajkot (Guj.) total arrivals are at 2500 quintals, up by
670 quintals as against previous day. jeera, a rabi crop, has been sown on
2.64 lakh hectares (lh) this year in Gujarat compared with 4.54 lh during
the same period a year ago.
Chana market rises on the Production of pulses estimated at 18.43
million tonnes is lower by 4.36% from 19.5 million tonnes produced in
2013-14. India is likely to harvest 16% lower chana in 2014-15 from last
year on lower planted area (down 16% Y-O-Y). Meanwhile, the decline
in tur production due to erratic rainfall conditions during the monsoon
season-2014.The 2nd Advance Estimates of production of major crops
for 2014-15 and Final Estimates for 2013-14 have been released by the
Department of Agriculture Cooperation on 18th February, 2015.
Domestic demand for chana is weak in local mandis due to the quality
available is of inferior variety. Chana arrivals were steady at 25 trucks as
compared to previous day. chana production in 2015-16 is expected to
surge 636000 tonne from 517000 forecasted for 2014-15 on higher
planted area.
5. 5
NEWS RECAP
COMMODITY HEADLINES
Wheat worth Rs 3,000 crore damaged in Punjab.
Crop yields may fall over 2% due to unseasonal rain.
Wheat output may surpass last year's record 95.85 million tonnes.
Sugar production likely to rise by 8% to 26.5 million tonnes.
India farm growth for 2014-15 at 1.1%.
India growth may rise to 7.5% in 2015-16.
India's sugar output could rise nearly 2 per cent from previous forecast .
Thundershower, rain in March-April to affect rabi harvest .
India Sugar mills seek restructuring of debts, nod for White Sugar exports.
India's Exports Of Fruits And Vegetables Drop 14%.
Global scientists predict normal monsoon rainfall in India this year.
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