Mustard Seed

Mustard Seed on NCDEX settled up by 0.23% at 3900 amid supply worries following reports of unfavourable weather. The rainfall activity along with localized hailstorms has disturbed harvesting of rabi crops over the parts of Rajasthan and Madhya Pradesh. Both crushers and stockiest are in wait and watch situation as how much the prices are likely to decline when arrivals hit mandies in full swing.

Trading Ideas: 

*Rmseed trading range for the day is 3854-3928. 

*Mustard seed prices gains amid supply worries following reports of unfavorable weather.

*NCDEX accredited warehouses mustard seed stocks gained by 60 tonnes to 120 tonnes. 

*In Alwar spot market in Rajasthan the prices dropped -0.5 Rupees to end at 3870 Rupees per 100 kg.

Turmeric

Turmeric on NCDEX settled down by -0.72% at 6348 on late profit booking after prices gained earlier on hopes of rising upcountry demand. The supplies are improving and there is good demand for the new season crop too. The harvesting is going on in key producing states – Maharashtra, Tamilnadu and Karnataka. On the export front, country exported about 74,524 tonnes, up by 32% during April-Nov period compared last year exports of 56,471 tonnes, as per government data. Production in the ongoing season is expected to increase mainly on higher sowing area and favourable weather conditions in Maharashtra, Telangana and Andhra Pradesh etc.

Trading Ideas: 

*Turmeric trading range for the day is 6194-6562. 

*Turmeric prices dropped on late profit booking after prices gained earlier on hopes of rising upcountry demand.

*NCDEX accredited warehouses turmeric stocks gained by 374 tonnes to 1050 tonnes.

Jeera

Jeera on NCDEX settled down by -1.48% at 16965 on heavy arrivals from the producing regions. Reports showed that 30,695 tons of jeera arrived during March 1-20 compared to 9,373 tons during last month same period. Though, some losses were capped on expectation of rising domestic as well as export demand at the spot market. Lower carryover stock coupled with higher export demand may push up jeera prices, as traders fear tight supply conditions in the coming months. The carryover stock has dipped to about 2 lakh bags (each of 55 kg) as against the normal 20-25 lakh bags, thereby reducing the availability even as the demand for exports and domestic consumption remains firm, trader sources said. Turkey and Syria, India’s key competitors in the international market, are less likely to add supplies as the production in these countries is believed to hover at around 12,000 tonnes and 20,000 tonnes, respectively.

Trading Ideas: 

* Jeera trading range for the day is 16680-17440. 

*Jeera prices ended with losses on heavy arrivals from the producing regions.

*NCDEX accredited warehouses jeera stocks gained by 75 tonnes to 309 tonnes.

Maize

Maize on NCDEX settled down by -0.7% at 1422 tracking weakness in spot demand and overseas prices on pressure from record South American supplies. Argentine corn should benefit this season from high yields brought by good weather, the Buenos Aires Grains Exchange said, adding that it may increase its harvest estimate above the current 54.8 million tonnes. The U.S. Department of Agriculture reported weekly export sales of old-crop U.S. corn at 1.255 million tonnes, above a range of trade expectations and the most in seven weeks.

Trading Ideas: 

* Maize trading range for the day is 1420-1424. 

*Maize prices dropped tracking weakness in spot demand and overseas prices on pressure from record South American supplies.

Cotton

Cotton on MCX settled down -1.86% at 21150 as arrivals rose and prices indicated a softening trend from their initial peak levels, while pressure also seen as the cotton trade body maintains a higher crop size of 34.1 against 33.8 million bales, prices are unlikely to cool off in the near future. With an opening stock of about 4.5 million bales at the beginning of the 2016-17 season, the Cotton Association of India (CAI) has projected a total demand of 29.5 million bales for the year, against 38.2 million bales last year.

Trading Ideas: 

* Cotton trading range for the day is 20960-21520. 

*Cotton prices dropped as arrivals rose also the cotton trade body maintains a higher crop size. 

*Cotton yarn exports to China may increase due to poor response to state reserve auction in China.

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