NCDEX Jul Turmeric closed higher on Thursday due to short covering by the market participants. However, good rains in turmeric growing areas in south India is weighing on prices. It was trading sideways to lower during last 5 weeks due to steady demand and forecast of normal rains in south peninsula. In the last month, prices have fallen about 6% from its three months high levels due to profit booking by market participants. Supplies from the new season turmeric have been lower during May at 53,500 t (Vs 73,500 t) compared last year, as per Agmarknet data. The export of turmeric was down by 24% at 10,462 tonnes in April 2018 compared to last years’ exports.

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NCDEX Jul Jeera futures continue to trade higher on Thursday on fresh buying initiated by the market participants on reports of good exports demand. Cumin futures have jumped 22% or Rs. 3,0900 from it low levels in March. According to export data released by commerce ministry, Jeera recorded its highest monthly exports of 33,458 tonnes in March while in April the exports were 74% higher on year at 25,900 tonnes. During FY 2017/18, country exported about 1,60,479 tonnes of jeera, up by 24.5% on year. Jeera arrivals during 1-15 Jun are pegged at 7,780 tonnes compared to 5,055 tonnes last year for same period.

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MCX June Cotton corrected and closed lower on Thursday due to mixed fundamentals. A higher stock in the country and higher expected cotton exports to China from India may increase fivefold in coming cotton season is keeping prices sideways. Cotton Advisory Board (CAB) has revised India's ending stocks in the year started October to 43.3 lakh bales due to a fall in consumption by the mills. Recently, CAI cut its estimate for 2017-18 (Oct-Sep) closing stock to 16 from 21 lakh bales seen in April. Cotton acreage till last week was higher by 1.5% on year to 16.9 lakh hac, according to the farm ministry data. According to commerce ministry data, cotton exports in April is about 8.23 lakh bales, up by 86.13% on year. Exports for the season are only higher by7% at 51.21 lakh bales in cotton year 2017/18 started on October. Bangladesh (19.2 lakh bales), Pakistan (9.6 lb) and Vietnam (9 lb) are the top cotton export destination in CY 2017/18.

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Chana Jul futures closed higher on Thursday amid short covering by the market participants on anticipation of pick up in the physical demand. We have seen some fresh buying initiated by the market participants in the far month contracts. Government is trying to support prices by removing export restrictions and procuring at MSP. According to government officials, The Madhya Pradesh government has completed procurement of 1.8 mt of rabi-harvested chana and masur. Govt restricted import of yellow peas, an substitute added in the Chana flour, till June end. Earlier, govt has announced of a 7% duty credit incentive on exports. Recently, Maharashtra govt discontinued procurement of the chana under the MSP scheme due to shortage of warehousing space and packaging bags.

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MCX CPO closed lower on Thursday due to Weak price trend in Malaysian exchange and cut in tariff values of all the edible oils. CPO futures were down by 3.7% or Rs. 24 per 10 kgs. The base import price of crude palm oil and RBD palmolein was cut by $14 each and $17 to $644 per tn and $673 per tn, respectively. In the month of June, According to SEA monthly update, palm oil imports into the country were down 33% and 46% for CPO and RBD Palomlein in May compared to last year. India’s palm oil imports dropped in May due to higher taxes on shipments while weaker rupees making imports expensive.

Malaysian palm oil futures fell on Thursday to trade near 2 years low and its fourth consecutive session fall, tracking weaker related edible oils and slowing exports. Weaker export demand, expectation of improvement in production in coming months and a fall in crude oil prices is weighing on prices. Malaysia's exports between June 1 and 15 stood at 500,197 tonnes, down 7 % from the same period a month earlier. It is trading 10-15% lower than the last year expectation of lower export demands due to continuation of export tax for July also weighs on prices. Malaysia, the world's second-largest palm oil producer, kept its crude palm oil export tax at 5% in July. As per latest MPOB data release, Malaysia's palm oil exports fell 15.7% on month to 1.29 mt in May while production also declined 2.11% on month to 1.53 mt. However, inventories were at 1.17 mt in the country at the end of May, down 2.08% from a month ago.

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Refined Soy Oil Futures see some fresh selling on Thursday and closed lower. It is traded under pressure on reports of good stocks level in the country. As per SEA monthly report, as on June 1, country' edible oil stock (in ports and pipeline) is at highest level ever at 26.6 lt putting pressure on domestic prices of edible oils. However, the prices may increase further due to expectation of firming up prices in Brazil and Argentina after China decision to impose tariff. Moreover, increase in import duty on refine and crude soy oil may also support higher prices.

As per the data from SEA, in May, for the first time, import of soft oils--soybean, sunflower and canola--was higher than palm oil, where the share of soft oils was at 60%. The rise in the imports of soft oil was primarily due to expectation of a rise in import duty. For the second fortnight of June, the base import price of crude soyoil has been cut to $752 per tn from $769 per tn by the govt.

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Mustard Jul futures closed lower on Thursday due to profit booking by the market participants. But the trends looks positive due to expectation of good meal and crushing demand after government increase import duty on soft edible oil by 10-15%.

According to data compiled by the MOPA, mills across the country crushed 900,000 tn of the oilseed in May much higher crushing volume compared to last year. According to SEA latest export report, mustard meal exports during first 5 months of 2018 is higher by 164% on year due to higher demand from South Korea. Exports are 209% higher at 6.64 lt for the FY 2017/18 compared to previous year’s export volume of 2.14 lt.

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