Dhaniya on NCDEX settled down -0.75% at 4906, technically market is under long liquidation as market has witnessed drop in open interest by -0.79% to settled at 38800 while prices down -37 rupees, now Dhaniya is getting support at 4838 and below same could see a test of 4769 level, And resistance is now likely to be seen at 4965, a move above could see prices testing 5023.

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Mustard seed prices gained amid improve in physical demand and diminishing supplies. Prices also seen supported as NAFED was unwilling to off load its stocks below minimum support price (MSP) of Rs 4,000 per quintal. NAFED has been offering mustard seed in producing states with a base price of Rs 4,000 per quintal though failed to find any buyer. NAFED has a stock of nearly 900,000 ton of mustard seeds it purchased during the rabi season. India's rapeseed meal export swelled to 369,646 ton during April-July 2018 from 165,609 ton a year ago on the back of good buying from Vietnam and Thailand, data from Solvent Extractors Association of India showed.

Mustard production in the country is seen at 6.6 mln tn in 2017-18 (Jul-Jun), marginally lower than 6.7 mln tn harvested in the previous year. A fall in area in 2017-18 can be attributed as the main reason for a smaller crop. Acreage under mustard in the country was at 6.7 mln ha against 7.1 ml ha in 2016-17. The farm ministry has estimated 8.0 mln tn against 7.9 mln tn in 2016-17 while according to a joint survey by the Central Organisation for Oil Industry and Trade, and the Mustard Oil Producers Association, mustard crop in India in 2017-18 (Jul-Jun) was estimated at 7.2 mln tn.

Rmseed on NCDEX settled up 0.44% at 4148, technically market is under short covering as market has witnessed drop in open interest by -4.67% to settled at 113480 while prices up 18 rupees, now Rmseed is getting support at 4123 and below same could see a test of 4098 level, And resistance is now likely to be seen at 4161, a move above could see prices testing 4174.

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Crude palm oil traded in range due to higher domestic stocks and steady domestic demand. The base import price of crude palm oil was cut to $573 per tn from $578 per tn for the second fortnight of August. Moreover, govt cuts RBD palm oil base import price to $598/tn vs $ 599tn. Based on global prices and fluctuations in foreign exchange rates, the government revises base import prices every fortnight. According to SEA monthly update, palm oil imports into the country were down 29% and 39% for CPO and RBD Palmolein in July compared to last year. India’s palm oil imports dropped in July due to higher taxes on shipments while weaker rupees making imports expensive.

During Nov-Jul, palm oil imports (CPO + RBD) declined to 60.4 lt from 66.9 lt. The MPOB had reported on Friday that July end-stocks in Malaysia rose 1.3 percent to 2.21 million tonnes in a second month of gains, while exports grew 6.8 percent from June to 1.21 million tonnes. Meanwhile, production in July rose 12.8 percent from the previous month to 1.5 million tonnes and is set to further climb, in line with seasonal trend until its peak towards the last quarter of the year.

CPO on MCX settled up 0.65% at 599.8, technically market is under short covering as market has witnessed drop in open interest by -4.09% to settled at 5774 while prices up 3.9 rupees, now CPO is getting support at 594.7 and below same could see a test of 589.7 level, And resistance is now likely to be seen at 603, a move above could see prices testing 606.3.

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Ref soyoil prices ended with gains tracking firmness in spot demand amid short covering. The Government of India cut the tariff rate or the base import prices for all edible oils in line with trend in global markets. The lower tariff rate means lower import duty on edible oils. The base import price of crude soybean oil cut to $717 per ton from $723 per ton earlier. With this the import duty on crude soybean oil is Rs 19,116 per ton as against Rs 19,276 per ton earlier. According to Solvent Extractors Association (SEA), India’s July edible oil stocks at ports and pipelines fell 1.70 percent m-o-m to 24.75 lakh tons from 25.18 lakh tons in May 2018.

Stocks of edible oil at ports fell to 928,000 tons (CPO 250,000 tons, RBD Palmolein 160,000 tons, Degummed Soybean Oil 320,000 tons, Crude Sunflower Oil 190,000 tons and 8,000 tons of Rapeseed (Canola) Oil and about 1,547,000 tons in pipelines. (Stocks at ports were 948,000 tons in June 2018). India is presently holding 39 days of edible oil requirement on 1st August, 2018 at 24.75 lakh tons compared to 40 days of requirements last month at 25.18 lakh tons.

India’s monthly edible oil requirement is 19.0 lakh tons.Ref.Soya oil on NCDEX settled up 0.61% at 737.45, technically market is under fresh buying as market has witnessed gain in open interest by 4.95% to settled at 48940 while prices up 4.45 rupees, now Ref.Soya oil is getting support at 733 and below same could see a test of 728 level, And resistance is now likely to be seen at 740, a move above could see prices testing 742.

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Jeera prices gained on lower rains in northern Gujarat, good physical and exports demands from China and Bangladesh. India's cumin output fell to 489,000 ton from 503,000 ton a year ago and as a result stocks with traders and farmers are stated to lower. As per trade information, crop damaged reported in Syria and Turkey due to heavy rainfall in June support Indian Jeera in International market. Quality wise (due to heavy rainfall) and price wise Indian Jeera more affordable than other producing country. Lower Jeera supply reported in the spot market during the period, as stockists were holding back their stocks on expectations of higher prices in coming days.

Jeera supply from last year up by 100% due to increased production current year. Currently, all India stocks reported around 25 – 27 lakh bags. According to export data released by Commerce ministry, exports in May surged 96% on year to 27,790 tonnes. Moreover, country exports about 87,115 tonnes of Jeera during Mar-May 2018. Jeera arrivals during July are pegged at 8,700 tonnes compared to 3,800 tonnes last year for same period.

India is expected to export a record 175,000 tn of jeera in 2018-19 (Apr-Mar), primarily because supply from its competitors has taken a hit making it the sole supplier of the largely sought after spice, trade officials said.Jeera on NCDEX settled up 0.15% at 19640, technically market is under short covering as market has witnessed drop in open interest by -1.54% to settled at 8055 while prices up 30 rupees, now Jeera is getting support at 19460 and below same could see a test of 19280 level, And resistance is now likely to be seen at 19780, a move above could see prices testing 19920.

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Turmeric prices recovered on short covering after prices dropped on weak demand and higher acreage. Moreover, though the traders did not receive any fresh upcountry orders, they purchased good number of bags for their local supply as medium quality turmeric arrived for sale. However, upside seen limited in anticipation of higher sowing and stocks are also comfortable. In Telangana, turmeric acreage rose to 46,692 hectare until August 1 from 41,715 hectare a year ago, State Government data showed. Overall area under turmeric may increase by 10-15% yearly mainly due to rise in acreage in Telangana.

Turmeric imports in the month of May surged by 89.3% to Rs 38.43 billion compared to Rs 20.30 billion in the same period last year, according to Ministry of Commerce data. Spot turmeric prices decreased at the markets in Erode as there were limited bags offered for sale. Only 2,500 bags of turmeric arrived and 70 per cent were sold. Though the traders did not receive any fresh upcountry orders, they purchased good number of bags for their local supply as medium quality turmeric arrived for sale.

Finger variety was down at the Regulated Marketing Committee by Rs. 300 a quintal and Rs. 250 a quintal at the Erode Cooperative Marketing Society, while root variety lost Rs. 500 and Rs. 200 at the Regulated Marketing Committee and at the other two markets respectively.Turmeric on NCDEX settled down -0.28% at 7010, technically market is under fresh selling as market has witnessed gain in open interest by 1.25% to settled at 17370 while prices down -20 rupees, now Turmeric is getting support at 6956 and below same could see a test of 6902 level, And resistance is now likely to be seen at 7060, a move above could see prices testing 7110.

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Soyabean prices ended with gains tracking firmness in spot demand amid tight stocks. Traders are expecting revival of demand in spot markets from millers hoping fresh demand for soymeal. Projection of multi-year carry forward for next year provided support to prices. India's soybean acreage rose 9% to 11.1 million hectare on the back of higher minimum support price (MSP) and good weather conditions. The United States Department of Agriculture (USDA) hiked 2018-19 estimates for the US soybean production and ending stockpiles for August.

The USDA, in its World Agriculture Supply and Demand Estimates report, expects soybean output in United States, the world's biggest soybean grower, at 124.81 million tons in August, compared to 117.30 million tons estimated in July. China’s soybean imports in July fell from a month ago, customs data showed, as processors slowed purchases after building up a record inventory of the oilseed in preparation for hefty import tariffs on U.S. shipments introduced last month.

China, the world’s largest soy buyer, brought in 8.01 million tonnes of soybeans in July, down 8 percent from 8.70 million tonnes in June, figures from the General Administration of Customs of China showed. Indian government increased export subsidy on soymeal from 7% to 10% to make it competitive in international market.Soyabean on NCDEX settled up 0.87% at 3346, technically market is under fresh buying as market has witnessed gain in open interest by 2.11% to settled at 51680 while prices up 29 rupees, now Soyabean is getting support at 3314 and below same could see a test of 3283 level, And resistance is now likely to be seen at 3366, a move above could see prices testing 3387.   


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