Market Update (Agro) spices, oilsessd & others futures

Spices: Pepper futures (May) is expected to trade with a downside bias owing to selling pressure. Spot prices remained unchanged at previous levels of Rs 34,200 (ungarbled) and Rs 35,700 (MG 1) a quintal on matching demand and supply. Indian parity in the international market was at $6,800 a tonne (c&f) for prompt shipments and $6,700 a tonne (c&f) for May shipments. Jeera futures are likely to extend its downtrend following weak quotes of spot markets. Spot cumin seed quoted down Rs 20 per 20 kg at Unjhha market in Gujarat on Friday. In the second largest cumin seed producer Syria cumin seed sowing is around 10 per cent. However, due to civil war in the country the situation is not clear. Meanwhile, yield in Turkey may be normal and it may around 8,000-10,000 tons. Turmeric futures (May) will possibly consolidate in the range of 6300-6600 levels. Turmeric traded up by Rs 100 a quintal in Erode, while kaddapa variety was up Rs 200 a quintal in Sangli. Nizamabad market was closed due to workers’ strike and financial difficulties. Oilseeds: Oilseeds complex are expected to trade sideways with an upside bias. On the domestic market, Local refineries have raised palmolein rates and soyabean oil by Rs 3-5 tracking firm foreign markets. Imported palmolein and soyabean oil rose by Rs 2 and Rs 10 each tracking firm foreign market and decline in soyabean arrivals in Madhya Pradesh. Arrivals of soyabean in Madhya Pradesh declined to 10,000 bags. Mandi price has increased by Rs 25 to Rs 3,900-3,950 and by Rs 50 to Rs 4,000-4,050. Mustard arrivals were 4.65 lakh bags and its prices were Rs 3,350-3,625. U.S May Soybeans finished up 7 1/4 at 1430 ¾. Basis in the Gulf had a softer tone and interior processor bids held mostly steady. Soybean meal basis levels continue to firm up across the Corn Belt with some processors indicating they may delay their scheduled downtime as crush margins improve. Malaysian palm oil futures climbed to a two-week high on Friday, posting its first weekly gain out of five, as encouraging export data buoyed investor hopes for resilient global demand. Other commodities: Sugar futures are likely to trade with a bearish bias on reports that production is seen satisfactory for the next three years as output is expected to be above the domestic demand. At the spot market, Sugar prices dropped further by Rs 10-15 due to slack demand. Cotton prices may trade range bound with upside being capped. The Cotton Corporation of India began selling its stocks built through market intervention operations as part of the Government efforts to hold the natural fibre’s price line. CCI has started selling its stocks from Friday through e-auction. It offered to sell 25,000 bales. Chana futures (May) is expected to face resistance near 3565 levels. Desi chana stayed steady at many mandis of Maharashtra, MP, Karnataka, Chhattisgarh, UP and Rajasthan on sluggish physical demand.