Daily Agri Newsletter -19-03-11

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Daily Newsletter Agri Commodity
19/03/2011




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                      MARKET WRAP
        India spices fall on weak domestic, export demand

        Turmeric falls on higher arrivals

        Jeera slumps on higher arrivals

        Pepper gains on domestic demand

        Soy bean, soy oil futures up on global cues & demand

        Chana drops on fresh arrivals

        Guar remains steady


The turmeric price trend in the short term is likely to depend on the arrivals and demand

from the overseas and domestic buyers. Jeera prices in the intraday may trade

sideways owing to demand from the local stockists and expectation of better arrivals in

the market. Any recovery in demand from the overseas buyers however will support

Jeera prices in the short term. Prices quoted by India for Pepper in international market

moved up to $5050 per ton which is very much in order with the prices quoted in other

origins. Therefore, few export inquires can be expected in coming days. Domestic

traders and investors are likely to sell Refined Oil futures anticipating shrink in the

demand for oil with the progress of summer season. Higher production estimates of RM

Seed this year as compared to last year may pressurize the prices. Guar futures would

be dependent on the overseas demand scenario. Notwithstanding expected bumper

production of pulses during 2011-12, India would require to import 3.40 million tonne of

the Chana to match the enhanced demand.


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                        TECHNICAL VIEW
     CARDAMOM (APR)                                  APR)
                                              CHANA (APR

  Trend        • Consolidate       Trend          • Consolidate
               • Sell on highs    Strategy        • Sell on highs
Strategy
               • R2 - 1170                        • R2 - 2600
Resistance                       Resistance
               • R1 - 1150                        • R1 - 2550
               • S1 - 1110                        • S1 - 2490
 Support                          Support
               • S2 - 1090                        • S2 - 2460


      GUARGUM (APR)                               APR)
                                        GUARSEED (APR

  Trend        • Condolidate       Trend          • Consolidate
Strategy       • Buy on dips                      • Buy on dips
                                  Strategy
               • R2 - 8505                        • R2 - 2980
Resistance                       Resistance
               • R1 - 8345                        • R1 - 2925
               • S1 - 8020                        • S1 - 2810
 Support                          Support
               • S2 - 7855                        • S2 - 2765


           JEERA (APR)                            MAR)
                                      MENTHA OIL (MAR

  Trend        • Consolidate      Trend          • Bullish
Strategy       • Sell on highs   Strategy        • Buy on dips
               • R2 - 16770                      • R2 - 1315
Resistance                       Resistance
               • R1 - 16450                      • R1 - 1290
               • S1 - 15810                      • S1 - 1240
 Support                          Support
               • S2 - 15490                      • S2 - 1215


           PEPPER (APR)                             APR)
                                   REFINED SOY OIL (APR

  Trend        • Consolidate       Trend          • Consolidate
Strategy       • Sell on highs   Strategy         • Sell on highs
               • R2 - 24200                       • R2 - 635
Resistance                       Resistance
               • R1 - 23750                       • R1 - 625
               • S1 - 22800                       • S1 - 610
 Support                          Support
               • S2 - 22350                       • S2 - 600


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                      )
         SOYABEAN (APR)                                                                     (APR
                                                                                   TURMERIC (APR)

    Trend              • Consolidate                                         Trend             • Bearish
  Strategy             • Sell on highs                                     Strategy            • Sell on highs
                       • R2 - 2400                                                             • R2 - 10400
 Resistance                                                                Resistance
                       • R1 - 2375                                                             • R1 - 10200
                       • S1 - 2325                                                             • S1 - 9800
   Support                                                                  Support
                       • S2 - 2300                                                             • S2 - 9600




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