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WEEKLY
AGRI REPORT

Spices Recovers On Tight Supply !!

29th March 2010 to 03rd Apr 2010
 Weekly Report Agri
29th March to 03rd Apr 2010
RESEARCH

JEERA
JEERA DOWNTREND CONTINUES ON SELLING PRESSURE REASONS FOR MOVEMENT IN JEERA
As per expectations, Jeera futures maintained its downtrend for one
Selling Pressure
more consecutive week due to extended selling pressure on the
exchange taking cues from lackluster activity in the physical markets. Weak Export Demand
No fresh buying activity is observed in the spot markets due to closing
on accounts at the end of financial year. Jeera futures are expected to
trade sideways to lower for the coming week due to continuity of
subdued activity in the physical markets near year end. Continuity of Weekly Pivots
weak export demand is another factors assisting the fall in prices.
SCRIPT JEERA
According to market sources, Saurashtra another major market for
Jeera is closed till 05 April due to financial year closing activities. Spot R4 13625
rate at the major market of Unjha is hovering in the range of Rs.11,600 R3 13062
-11,650 per quintal as on Thursday. Arrivals remained at around R2 12499
20,500-21,000 bags on Thursday at Unjha market. Arrival is expected R1 12162
to increase during coming days which will pressurize the prices. Stock P 11936
position at NCDEX accredited warehouses is stagnant at 6483 tonnes
S1 11599
as on 24 March 2010.
S2 11373
S3 10810
S4 10247
JEERA (Weekly Chart)

Overall trend of jeera is bearish and last week it was in a narrow range but was not sustaining at higher levels. For the
upcoming week jeera has an important support of 11200 and resistance of 12650.

Strategy
jeera is bearish on charts and one should use the strategy of sell on higher levels, if in the coming week jeera sustains below
the level of 11200 then we can expect a level of 10900 and 10650, and if it sustains above 12650 we can see the level of
13050.
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 Weekly Report Agri
29th March to 03rd Apr 2010
RESEARCH

GUARSEED
GUAR SEED, GUAR GUM POSITIVE ON STRONG FUNDAMENTALS REASONS FOR MOVEMENT IN GUARSEED
Guar seed and guar gum futures advanced its positive trend on
Firm Spot Market
Thursday on follow through buying based on strong fundamental
Revival In Demand
factors. Guar seed and guar gum futures are projected to trade on a
positive note on account of continued buying supported by firm spot
market trend. The traders and investors are buying futures anticipating
revival in demand for guar seed and guar gum in near term. Declining
stocks in exchange warehouses is also indicating good demand in the Weekly Pivots
physical market. Spot price is quoting higher at Rs.2346 per quintal in
SCRIPT GUARSEED
Jodhpur and guar gum is trading at Rs.4757 per quintal. In 2009-10
kharif season, India's guar seed production is estimated at 3.5 lakh R4 2762
tonnes against 8.5 lakh tonnes produced last year. NCDEX-accredited R3 2615
warehouses, stock of guar seed stood at 27,655 tonnes and guar gum R2 2468
at 33,811 tonnes as on March 24. The open interest rose by 0.15% to R1 2396
170540 tonnes from 170280 tonnes and volume fell by 30.74% to P 2321
177340 tonnes from 256080 tonnes. The rise in open interest and price
S1 2249
is indicating the further rise in the prices.
S2 2174
S3 2027
S4 1880

GUARSEED (Weekly Chart)

Last week we saw some good buying in Guarseed at lower levels but in the last two days profit booking came. For the next
week resistance is found at 2425 and 2540 level and supports at 2215 and 2135.
Strategy
Guarseed is still in consolidation, and one should go for selling on higher levels strategy, if it sustains below the level of 2215
we can see the level of 2140 and above 2425 it can make further upside rally with the target of 2540.
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 Weekly Report Agri
29th March to 03rd Apr 2010
RESEARCH

SOYABEAN
NCDEX SOYBEAN NEGATIVE ON EXTENDED PROFIT BOOKING REASONS FOR MOVEMENT IN SOYABEAN
The NCDEX soybean futures showed a negative trend during initial week's
session on extended profit booking and taking cues from weak overseas Profit Booking
market. But, later market rebounded and traded on a positive note on High Local Demand
emergence of fresh buying in the futures market. Investors and traders bought
futures anticipating revival in demand for soybean from crushers and stockists
as the flow of the produce to the spot market declined sharply. Improvement in
local demand for soy meal and anticipating of fresh export orders following
supply disruption in South America due to rain also supported the soybean
Weekly Pivots
futures market. The soybean futures are expected to trade on a positive note
during the next week on strong fundamental factors. However, the opening SCRIPT SOYABEAN
might be weak taking cues from the international market. Investors and traders
are buying futures anticipation further improvement in local demand for soy R4 2252
meal in the near-term. Indian oil meal exporters are expecting fresh export R3 2174
orders following shipping disruption in Brazil and Argentina due to heavy rain
since last couple of days. Stockists are buying soybeans from the spot market
R2 2096
following decline in arrivals to the spot markets. The CBOT soybean futures R1 2055
ended sharply lower on selling pressure and in absence of fresh fundamental P 2018
news. Traders sidelined their buying as they are waiting for next week's US
prospective planting report. According to Celeres, a Brazilian Agri Consultant, S1 1977
farmers harvested 56% of the crop as on 19th March. Argentina farmers S2 1940
harvested 8.5% of their soybean crop as on data, which is lower by 5.8%
S3 1862
compared with same period last year. The harvesting delay is due to showers in
key growing areas. S4 1784

SOYABEAN (Weekly Chart)

Soybean has been in a very tight range for the entire last week and it neither was able to sustain at higher level nor at lower. For
the next week support in soybean is found at 1910 and resistance at 2175.

Strategy
Soybean is in consolidation and one should look for selling opportunities at higher levels, if it sustains below the level of 1880
we can see the level of 1780, and on the upper side if it sustains above the level of 2175 we can see soybean at 2240 level.
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 Weekly Report Agri
29th March to 03rd Apr 2010
RESEARCH

CHANA
CHANA FUTURES ENDS HIGHER ON LOWER LEVEL BUYING REASONS FOR MOVEMENT IN CHANA
Chana futures covered earlier losses in later part of the week and ended Fresh Buying
higher on lower level buying. The most active April contract on NCDEX
Good Demand
traded in a broad range of 2231 to 2310 and ended the session at 2288
with a positive change of 1.87 per cent. Chana futures are expected to
take some correction initially on last week's gain, but, later may trade on a
positive note on hopes of government removing stock limits on Chana.
Demand is expected to pick up gradually tracking other pulses which are Weekly Pivots
trading higher compared to Chana in the physical market. The spot prices
at Delhi's Lawrence road were up by 37 rupees and closed at 2208 rupees. SCRIPT CHANA
Fresh arrivals are picking up in Rajasthan and Madhya Pradesh. The R4 2792
industry has been urging the government to raise the stock turnover limit R3 2622
to 45 days from the current 30 days to facilitate the movement of goods R2 2452
within the state. India is expected to harvest a record output of over 7
R1 2392
million tonnes Chana during current season compared with just below 6.5
million tonnes last year. According to the agriculture ministry, Chana P 2282
acreage up to Mar 10 is estimated to be 8.9 million ha, up about 6% from S1 2222
last year's. S2 2112
S3 1942
S4 1772

CHANA (Weekly Chart)

As mentioned last above 2325 chana did our target of 2325 and even sustained above it. We saw some good buying in chana
at lower levels last week. For the coming week chana has resistance at 2490 and support at 2170.
Strategy
One should go for buying at lower levels strategy in chana for the coming week and if it sustains above 2490 one can see the
level of 2550 and below 2150 it can be further bearish till 2100 and 2050 levels.
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 Weekly Report Agri
29th March to 03rd Apr 2010
RESEARCH

Weekly Pivots

Script R3 R2 R1 PP S1 S2 S3
JEERA 12388.00 12499.00 12162.00 11936.00 11599.00 11373.00 11036.00

TURMERIC 12208.00 12578.00 11644.00 11080.00 10146.00 9582.00 8648.00

PEPPER 16324.00 16138.67 15609.33 14894.67 14365.33 13650.67 13121.33

SOYABEAN 2091.50 2096.50 2055.00 2018.50 1977.00 1940.50 1899.00

GUARGUM 5099.00 5070.67 4913.33 4727.67 4570.33 4384.67 4227.33

GUARSEED 2472.00 2468.33 2396.67 2321.33 2249.67 2174.33 2102.67

CHANA 2502.00 2452.00 2392.00 2282.00 2222.00 2112.00 2052.00

Script R3 R2 R1 PP S1 S2 S3
MUSTARD SEED 518.95 520.62 513.33 507.72 500.43 494.82 487.53

WHEAT 1145.00 1153.00 1137.00 1129.00 1251.00 1105.00 1089.00

GUR 1006.40 1020.40 987.60 968.80 936.00 917.20 884.40

CARDAMOM 1369.30 1378.10 1320.20 1271.10 1213.20 1164.10 1106.20

CRUDE PALM OIL 473.70 442.93 403.87 334.03 294.97 225.13 186.07
REFINED SOYA
462.30 464.40 458.80 455.30 449.70 446.20 440.60
OIL
MENTHA OIL 635.00 636.33 628.17 621.33 613.17 606.33 598.17

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 Weekly Report Agri
29th March to 03rd Apr 2010
RESEARCH

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