Cardamom on MCX settled down by -0.3% at 1004.1 as prices remained under pressure due to favourable weather conditions in the main producing state-Kerala. In the current weather conditions, we are expecting higher output than this year. Hopes of early commencement of new crop produce also discouraged stockists to enter into fresh new deals. There are expectations of early commencement of harvesting activities that may weigh down the prices.

Further, early onset of monsoon over Kerala may weigh down the prices. Expectations of timely onset on monsoon and projection of good rains during the ensuing 4 month long monsoon season also impacted the sentiment. Monsoon has already reached Andaman Nicobar Island much before the normal date and expected to hit Kerala coast on May 30, two days before the normal date.

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Jeera on NCDEX settled down by -0.85% at 18110 as export and local demand is likely to poor despite of arrivals are lower than last year. Prices also remained under pressure following subdued demand at prevailing price levels and expected improvement in arrivals. Steady supply in the major spot market Unjha has kept the markets on the lower side. Jeera exports are expected to touch 120,000 ton in the just ended financial year 2016-17.

Sources estimate India’s jeera crop output will be around 2.5 lakh tonnes, lower than the 3.75 to 5 lakh-tonne estimates put out by experts. Even at the lower crop estimate, jeera exports are projected to range between 100,000-150,000 tonnes, for the year. Exports will happen in spite of higher prices because there is no supplier of jeera available globally. Syria has a significant share at 30,000-40,000 tonnes, while Turkey is very small at 10,000 tonnes.

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Turmeric on NCDEX settled up by 0.89% at 5652 amid support from domestic stockists and exporters despite of rising supplies. As turmeric sowing starts in June, early onset arrivals and better prospects for rains could be good for the crop sowing and as of now trend looks weak, report said. Andhra Pradesh government projected 2016-17 turmeric crops at 155,000 ton up from 121,000 ton in the previous year. According to sources 2016-17 output is seen at 7.5 million bags of 70 kg each and with over stock of nearly 3 million bags total availability is expected around 10.5 million bags.

As against this, domestic demand is estimated at 5.5 million bags and export at 2.2 million bags. Country exported 97,596 ton turmeric during April-Feb up 26.6% compared to last year exports of 77,087 ton. The price of the turmeric decreased by Rs. 100 a quintal in the futures market. At the Erode Turmeric Merchants Association sales yard, finger turmeric sold at Rs. 5,499-7,585 a quintal.

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Mustard Seed on NCDEX settled down by -0.92% at 3648 on oversupply woes and sluggish demand in local mandis. Prices have already slipped below its MSP level due to bumper production this season. Prices of the seed will also be down on weak demand in local as well as export market. Rape seed/mustard seed output in Rajasthan during 2016-17 is estimated at 3.73 million ton on the back of higher acreage, according to third advance estimates released by the state government.

Last year, Rajasthan produced 3.25 million ton rape/mustard seed. Rapeseed/mustard seed acreage stood at 2.68 million hectare up from 2.53 million hectare a year ago, showed data. Yield also rose to 1,391 kg up from 1,287 kg per hectare thanks to favourable weather. India's 2016-17 rapeseed/mustard output is projected at 7.91 million ton by agriculture ministry while trade body SEA projected output at 7.2 million ton.

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Crude palm Oil on MCX settled up by 1.02% at 525.2 on strong demand ahead of festive season despite of higher stockpiles. Prices of the palm oil is expected to be higher for the festival of Ramadan during which consumption of fried item generally shoot-up. Palm oil prices will also be up tracking global cues amid robust Malaysian palm oil export data. Malaysia palm oil exports during May 1-15 jumped 9% as compared to same period a month ago on robust demand from India & Subcontinents, data showed.

Malaysia palm oil exports jumped to 617,697 tons during May 1-15 compared to 567,280 tons for the same period a month ago, DowJones reported citing data from Intertek, a private surveyor. Crude palm oil imports climbed by 28.23% in April to 511,139 tons as compared to 398,606 tons imported during April 2015, the Solvent Extractors Association (SEA) of India showed. Malaysian Palm Oil Board of data showed that domestic stocks of the vegetable oil rose by less than expected last month.

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Ref Soyaoil on NCDEX settled up by 0.64% at 639.55 on higher demand from domestic market. Prices of oil will be up as falling imports last week spurted higher demand in domestic. India's soyoil imports during April declined by 12.42% to 304,942 tons as compared to 348,195 tons for the same period a year ago, the Solvent Extractors Association (SEA) of India showed. According to the Solvent Extractors' Association of India, soyoil prices in the key Indore market have fallen to 600-605 rupees per 10 kg from 700-708 rupees early this year.

Adequate availability of imported soyoil in domestic markets also put pressure on prices of domestically-produced cooking oil. India is the world's leading importer of the edible oil. Apart from the disparity in soyoil prices, weak demand for soymeal from overseas as well as domestic buyers has also made crushing unviable for millers. Madhya Pradesh is the largest producer of the oilseed in the country and accounts for over 50% of total soybean output.

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Soyabean on NCDEX settled down by -0.74% at 2814 amid lower domestic demand and ample supplies in the global markets. Soybean farmers in Madhya Pradesh and Maharashtra, the two top bean producing states of India, are offloading stocks to raise funds for sowing on prospects of likely early arrival of monsoon rains. The southwest monsoon is likely to arrive over Kerala by May 30, two days earlier than its scheduled arrival, India Meteorological Department said.

Soybean arrivals in Maharashtra, the second biggest bean producer in India, spurted on higher demand from crushers due to lower rate compared to other states. In Maharashtra mandi rates were lower than Madhya Pradesh and Rajasthan which tempted buyer to purchase higher from Maharashtra's farmers. Soybean arrivals in Maharashtra stood at 75,000-80,000 bags (90 kilogram per bag) as compared to 55,000-60,000 bags.

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