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RESEARCH

WEEKLY
AGRI REPORT
Spices Bounces Back On Improved Buying!

20th Sep 2010 to 25th Sep 2010

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 Weekly Report Agri
Weekly
20th Sep to 25th Sep 2010 Agri Report
1st March to 6th Mar 2010
RESEARCH
RESEARCH

JEERA REASONS FOR MOVEMENT

JEERA PRICES MAY GO UP ON DEMAND HOPES Good Demand

Expectation of demand from the overseas and domestic buyers will High Prices In International Market
support prices to strengthen in the short term (till September). Also,
prices in the international market of Syrian origin are being offered at
higher rates than Indian origin. This will help prices to find support and Weekly Pivots
strengthen in the medium term (October onwards). There are lower SCRIPT JEERA
stocks in the domestic market till the fresh arrivals expected in the R4 16247
month of March which will also add to the gains. In the medium term
R3 15482
to long term (October onwards), Jeera prices will depend on the
R2 14717
demand from the overseas and domestic buyers and stocks of Jeera
with the major producers. Spread between September and October R1 14279
contract is at Rs.143 as compared to Rs.134 the previous day. Jeera P 13952
prices in the intraday will trade sideways to up due to expected demand S1 13514
from domestic and overseas buyers. In the short term (till September), S2 13187
trend will depend on Jeera price parity of various origins in S3 12422
international market. In the medium to long term (October onwards) S4 11657
prices are likely to take cues from stocks with major producing nation
such as India, Syria and Turkey.

Weekly Chart

Last week Jeera was in consolidation and was not able to sustain at higher levels and closed near to its low. For the next week
resistance in Jeera is found at 14420 and support at 13100.

Strategy
Jeera is in a consolidation phase and one should use the strategy of selling on higher levels. If in the coming week Jeera
sustains below the level of 13100 then we can expect a level of 12650, and if it sustains above 14420 we can see the level of
14700.
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 Weekly Report Agri
Weekly
20th Sep to 25th Sep 2010 Agri Report
1st March to 6th Mar 2010
RESEARCH
RESEARCH

GUARSEED REASONS FOR MOVEMENT

GUAR PRICES CLIMB ON IMPROVED BUYING Lower Level Buying

Guar futures improved due to improved buying at lower levels, and Good Rainfall
declined further due to expectation of better production in 2010. There
were reports of rains in some Guar growing regions of Barmer and
Ganganagar which raised hopes of good crop thereby pressuring Weekly Pivots
prices. Prices may trade bearish for the next few days tracking above
SCRIPT GUARSEED
bearish fundamentals. Monsoon rains in west Rajasthan during Jun 1
R4 2369
to Sep 8 was 54% above normal and in east Rajasthan rains were 1%
above normal. Export demand for Guar gum has declined. Also, lower R3 2247
domestic demand of Churi and Korma would provide support to the R2 2125
bears. Better production estimates in 2010-11 due to adequate rainfall R1 2058
resulting in higher sowing acreage would pressurize the prices in the P 2003
medium term (October onwards). Guar futures in the intraday may
S1 1936
witness firmness due to improved buying at lower levels. In the Short
S2 1881
term (till September), prices will depend on the demand from the
S3 1759
overseas buyers which is currently at a slow pace. In the medium to
long term (October onwards) prices will depend on the pace of arrivals S4 1637
of early sown Guar crop and stocks of Guar with the stockists.

Weekly Chart

Last week Guar seed did break its important support of 1960 but was not able to sustain below it and we saw some good
buying coming at lower levels in the last two days of the week. For the next week resistance in Guar seed is found at 2070 and
support at 1920.
Strategy
For next week traders should go for selling on higher level strategy, if Guar seed sustains below the level of 1920 we can see
the level of 1860, and above 2070 it can come up till 2130.
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 Weekly Report Agri
20th Sep Weekly Commodity
to 25th Sep 2010 Report
1st March to 6th Mar 2010
RESEARCH
RESEARCH

SOYABEAN REASONS FOR MOVEMENT

SOYBEAN UP ON SHORT COVERING, MAY FALL ON ARRIVALS Short Covering

NCDEX October Soybean futures closed higher on account of short covering Fresh Arrivals
after sharp fall in the last two days. Fresh arrivals are expected to arrive in next
week may provide support to the bears. Overall, Soybean futures have
Weekly Pivots
increased by 0.84% to 268990. CBOT November Soybean futures ended lower
at $ 10.36/bushels on Thursday, down 6.00 cents/bushel as compared to SCRIPT SOYABEAN
previous close. CBOT December Soybean meal futures ended lower at $ R4 2324
296.30/ton on Thursday, up $1.40/tonne as compared to previous close. In the R3 2227
short term, Soybean prices are expected to trade lower ahead of fresh arrivals R2 2131
with supportive weather for Soybean crop. For the long term, prices are
R1 2093
expected to trade lower due to fresh arrivals in next two weeks in Madhya
P 2034
Pradesh, which is a major producing state of Soybean and it contributes more
S1 1996
than 50% of its total production. Existing better carry over stock this year as
S2 1938
compared to last year may provide support to the bears.
S3 1841
S4 1745

Weekly Chart

Last week Soybean took important support of 1960 level and afterwards we saw some good buying coming at lower levels.
For the next week Soybean has resistance at 2086 and support at 1960.

Strategy
Soybean is in a consolidation phase on charts and one should look for selling opportunities at higher levels, if Soybean sustains
below the level of 1960 we can see the level of 1880, and on the up side if it sustains above the level of 2085 we can see
Soybean at 2135 level.
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 Weekly Report Agri
20th Sep Weekly Commodity
to 25th Sep 2010 Report
1st March to 6th Mar 2010
RESEARCH
RESEARCH

CHANA REASONS FOR MOVEMENT

CHANA BOUNCES BACK ON BARGAIN BUYING Bargain Buying

Chana futures bounced back from support levels on account of bargain Increased Acreage
buying by the market participants and ended positively last week.
However, prices will be resisted from trading higher on the reports of
increase in the acreage under Kharif Pulses. Also, improved acreage Weekly Pivots
towards Kharif pulses and therefore improved production due to SCRIPT CHANA
adequate rainfall in the food belt of India (Central India) is adding to the R4 2477
losses in the short term. Any revival in demand from the domestic buyers R3 2388
will help prices to find support and strengthen in the medium term
R2 2299
(October) as the prices of Chana are quoting at lower levels. In long term
R1 2250
(November onwards), bumper crop of Chana in the year 2009-2010
P 2210
coupled with good carryover stocks will resist prices from trading higher.
Prices will also take cues from price quotes of other major pulses. Chana S1 2161
futures are expected to remain under pressure on the reports of higher S2 2121
sowing acreage under Kharif Pulses. Further, in the medium term prices S3 2032
may gain on expected demand from the domestic buyers. In the long S4 1943
term (November onwards) Chana prices may take cues from the prices of
other pulses and sowing progress of Chana in the major growing areas.

Weekly Chart

Last week Chana remained in a downward consolidated range and was not able to sustain at higher levels. For the coming
week Chana has resistance at 2296 and support at 2140.

Strategy
Overall trend of Chana is of consolidation and one should go for selling at higher levels strategy in it. For the coming week if
Chana sustains below 2140 level we can see it at 2090 and above 2296 we can expect the level of 2335.
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 Weekly Report Agri
20th Sep Weekly Commodity
to 25th Sep 2010 Report
1st March to 6th Mar 2010
RESEARCH
RESEARCH

Weekly Pivots

Script R3 R2 R1 PP S1 S2 S3

JEERA 14987.00 14710.67 14266.33 13945.67 13501.33 13180.67 12736.33

TURMERIC 13394.00 13272.67 12703.33 12212.67 11643.33 11152.67 10583.33

PEPPER 22751.00 22046.00 21065.00 20379.00 19398.00 18712.00 17731.00

SOYABEAN 2146.00 2129.50 2089.50 2033.00 1993.00 1936.50 1896.50

GUARGUM 5095.00 5019.33 4885.67 4756.33 4622.67 4493.33 4359.67

GUARSEED 2213.00 2125.00 2058.00 2003.00 1936.00 1881.00 1814.00

CHANA 2321.00 2300.00 2251.00 2211.00 2162.00 2122.00 2073.00

Script R3 R2 R1 PP S1 S2 S3

MUSTARD SEED 558.10 557.82 549.28 540.47 531.93 523.12 514.58

KAPAS 715.10 708.57 689.63 680.17 661.23 651.77 632.83

GUR 942.00 935.67 926.33 910.67 901.33 885.67 876.33

CARDAMOM 1249.00 1187.60 1110.40 1071.80 994.60 956.00 878.80

CRUDE PALM OIL 429.80 428.73 423.87 417.93 413.07 407.13 402.27

REFINED SOYA OIL 503.15 501.05 494.30 485.45 478.70 469.85 463.10

MENTHA OIL 865.00 862.23 842.57 820.13 800.47 778.03 758.37

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 Weekly Report Agri
20th Sep Weekly Commodity
to 25th Sep 2010 Report
1st March to 6th Mar 2010
RESEARCH
RESEARCH

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