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WEEKLY
AGRI REPORT

Spices Gain On Account Of Overseas Demand !!

12th April 2010 to 17th Apr 2010
 Weekly Report Agri
12th April to 17th Apr 2010
RESEARCH

JEERA
JEERA LOOKING FOR FRESH FUNDAMENTALS REASONS FOR MOVEMENT IN JEERA
Stocks of jeera with Syria and Turkey, price quotes of jeera in the Lower Stocks
international market and demand from the domestic and overseas
Weak Export Demand
market will determine the prices on the short term (till April). Jeera
prices in the international market of Indian origin are competitive at
around $2475/tonne whereas Syria and Turkey are quoting around
$2650/tonne. Further they (Syria and Turkey) have lower stocks to sell
which will provide support to the prices at the domestic end. In Weekly Pivots
medium to long term (May onwards) jeera price trend would be SCRIPT JEERA
determined by the crop progress in Syria and Turkey and demand from
R4 13417
the overseas and domestic market. Jeera prices in the intraday are
expected to trade in sideways manner due to lower off takes at the R3 12899
domestic market. In the short term (till April) trend will depend on R2 12381
demand from the domestic and overseas market and price parity of the R1 12095
different origins in the international market. In the medium to long P 11863
term (May onwards) prices is likely to take cues from the jeera crop S1 11577
progress in Syria and Turkey and expectation of demand from the S2 11345
overseas market.
S3 10827
S4 10309
JEERA (Weekly Chart)

Overall trend of jeera is bearish and it is not sustaining at higher levels. It was in a tight range for the whole last week. For the
upcoming week jeera has an important support of 10900 and resistance of 12650

Strategy
Jeera is bearish on charts and one should use the strategy of selling on higher levels. If in the coming week Jeera sustains below
the level of 10900 then we can expect a level of 10650, and if it sustains above 12650 we can see the level of 13050.

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 Weekly Report Agri
12th April to 17th Apr 2010
RESEARCH

GUARSEED
GUAR SLUGGISH ON DULL DEMAND REASONS FOR MOVEMENT IN GUARSEED
Demand from the overseas buyers continues to remain sluggish which Weak Overseas Demand
will keep prices lower in the short term. Sufficient stocks of Guar gum Sufficient Stocks
with millers are also weighing on the prices. Prices will find support only
if significant demand is present from the overseas buyers. Stockists at
the domestic mandis are hoarding the stocks of Guar and are not ready
to sell at lower rates. Good demand for its by-products like Churi and
Korma will also support the prices of Guar seed. In the long term prices Weekly Pivots
(May onwards) are likely to take cues from forecast of monsoon. Guar SCRIPT GUARSEED
seed futures are likely to trade in sideways manner with no clear
R4 2568
fundamentals to drive the prices. Lower production estimates for the
year 2009-2010 will however control the prices from falling sharply R3 2486
down. Technically, if prices trade below 2200 then prices will correct R2 2404
further. R1 2369
P 2322
S1 2287
S2 2240
S3 2158
S4 2076

GUARSEED (Weekly Chart)

Last week we saw that guar seed traded in a very narrow range for most of the week, and was neither sustaining at higher
levels nor at lower. For the next week resistance is found at 2425 level and supports at 2215.
Strategy
Guarseed is still in consolidation, and one should go for buying on lower levels strategy, if it sustains above the level of 2425 we
can see the level of 2535, and below 2215 it can make further downside rally with the target of 2140.
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 Weekly Report Agri
12th April to 17th Apr 2010
RESEARCH

SOYBEAN
SOYBEAN GAIN ON ACCOUNT OF OVERSEAS DEMAND REASONS FOR MOVEMENT IN SOYABEAN
Soybean futures ended in green on account of firm overseas market and short
Firm Overseas Market
covering last week. Brazil made a slight downward revision in its 2009/10
soybean crop estimate to 67.4 million tonnes from its March estimate at 67.6 Short Covering
million. Argentina's 2009-10 soybean production forecast at a record 55
million tonnes, as per Agriculture Ministry of Argentina. The Solvent Extractors'
Association of India compiled the data for export of oil meals for the month of
March 2010 was at 2.24 lakh tons as compared to 3.38 lakh tons during March
2009 i.e. down by 34%. The overall export during April 2009 to March 2010
Weekly Pivots
was 32.25 lakh tons, it is down by 41% as compared previous year at 54.21 SCRIPT SOYABEAN
lakh tonnes. Soybean prices are expected to trade slightly higher on firm
overseas market (for short term). However, in the long term perspective, R4 2162
soybean prices are expected to trade lower on higher global soybean R3 2103
production estimate this year as compared to last year. Sharp decline in R2 2044
domestic oil meal export this year as compared to last year are also in favour of
R1 2012
bears.
P 1985
S1 1953
S2 1926
S3 1867
S4 1808

SOYABEAN (Weekly Chart)

OVERALL TREND OF SOYBEAN IS STILL WEAK, AND IT IS NOT SUSTAINING AT HIGHER LEVELS, 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
12th April to 17th Apr 2010
RESEARCH

CHANA
CHANA ON KNEES, FRESH ARRIVALS TO BLAME REASONS FOR MOVEMENT IN CHANA
Improved arrivals from M.P and U.P are resisting the prices to go up High Arrival
sharply. However, chana production in Rajasthan is expected to be lower Good Production
this will keep prices to move in tight range in the short term (till April).
Local stockists will go for improved stocking of fresh arrivals.
As chana prices are trading at lower levels as compared to other pulses
stockists will go for aggressive stocking of the fresh Chana. However
Weekly Pivots
overall Chana production for the year 2009-2010 is bumper with good
carryover stocks. This is likely to cap the upside in the long term (May SCRIPT CHANA
onwards). Chana futures are likely to trade lower on account of fresh R4 2728
arrivals in the domestic mandis. Prices in the short term (till April) will
R3 2603
depend on the fresh arrivals from the mandis and demand from domestic
R2 2478
and overseas market.
R1 2399
P 2353
S1 2274
S2 2228
S3 2103
S4 1978

CHANA (Weekly Chart)

Chana was bearish for the whole previous week, and closed near to its low. For the coming week chana has resistance at 2490
and support at 2250.
Strategy
One should go for selling on higher level strategy in chana for the coming week and if it sustains below 2250 level we can see
chana at 2170.
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 Weekly Report Agri
12th April to 17th Apr 2010
RESEARCH

Weekly Pivots

Script R3 R2 R1 PP S1 S2 S3
JEERA 12250.00 12356.00 12044.00 11838.00 11526.00 11320.00 11008.00

TURMERIC 12692.00 12569.33 12002.67 11313.33 10746.67 10057.33 9490.67

PEPPER 16661.00 16541.67 16057.33 15453.67 14969.33 14365.67 13881.33

SOYABEAN 2042.00 2045.00 2014.00 1986.00 1955.00 1927.00 1896.00

GUARGUM 4865.00 4892.00 4796.00 4727.00 4631.00 4562.00 4466.00

GUARSEED 2391.00 2395.67 2352.33 2313.67 2270.33 2231.67 2188.33

CHANA 2436.00 2482.67 2385.33 2334.67 2237.33 2186.67 2089.33

Script R3 R2 R1 PP S1 S2 S3
MUSTARD SEED 524.50 531.97 515.03 505.57 488.63 479.17 462.23

WHEAT 1135.10 1136.70 1128.40 1121.70 1113.40 1106.70 1098.40

GUR 972.80 993.33 950.47 928.13 885.27 862.93 820.07

CARDAMOM 1427.10 1407.70 1379.40 1331.70 1303.40 1255.70 1227.40

CRUDE PALM OIL 368.30 368.93 365.77 363.23 360.07 357.53 354.37
REFINED SOYA
452.35 453.85 450.00 447.65 443.80 441.45 437.60
OIL
MENTHA OIL 677.40 671.70 664.60 651.80 644.70 631.90 624.80

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 Weekly Report Agri
12th April to 17th Apr 2010
RESEARCH

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