Turmeric Dec futures drops on profit booking after good surge in prices in 3 consecutive prior sessions. Prices may be supportive on expectation of up country demand. There are reports good supplies from the government auctions but due to end of season the stocks are diminishing with the physical traders. The export of turmeric is down by 17.4% to 49,186 tonnes for the first 5 month of FY 2017/18 compared to last years’ exports. The arrivals increase for first 15 days in November to 4,577 tonnes compared to 3,457 tonnes in 2 nd half of October according to Agmarknet data.

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Jeera falls due to profit booking on Tuesday on reports of good progress of jeera sowing in Gujarat. However anticipation of improved export demand from the country may keep the prices higher in coming weeks. In Gujarat, jeera sowing reached about 1.32 lakh ha this year compared to 1 lakh ha last year as on 20th Nov. As per government data, Jeera exports during first five month of FY 2017/18 (Apr-Sep) is 63,085 tonnes, down 2.6% compared to last year exports volume for the same period. India's jeera exports in Aug increase 46% on year to 13,879 tn. On the import front, country imported about 1,044 tonnes of jeera during the month of August about 209% higher than last year imports for the month.

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Cotton Nov futures jumps more than 1.3% on Tuesday due to reports of damage to cotton crops in Maharashtra. Moreover, start of procurement by CCI in Gujarat at higher prices and govt. imposing 5% GST under reverse charge mechanism (RCM). The notification says that the GST on supply of raw cotton by farmers will be liable to be paid by the buyers – traders & ginners under the RCM, which makes cotton procurement expensive for them. The CAI has estimated cotton crop for the 2017-18 season at 375.00 lakh bales of 170 kgs each which is higher by 37.75 lakh bales compared to the previous year’s crop of 337.25 lakh bales.

ICE cotton futures close lower on Tuesday as continues to estimate a bumper U.S. crop, which is 74% complete, ahead of the average pace. Harvest data from TX shows 67% of the crop is harvested, improving well over the average of 60%, as GA is 78% complete vs. the average of 74%. However, the pace of export shipments so far against the 2017-2018 marketing year is short of the USDA's target at about 67%.

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Chana Dec futures closed lower on Tuesday on profit booking after it hit upper circuit on the previous day. As government removed export curbs on all varieties of pulses to ensure farmers get remunerative prices as domestic rates have crashed below MSP in view of record production. Earlier, Chana was pressured by good start to rabi sowing and higher stock levels in the country.

Moreover, government which is sitting on a buffer stock of 18 lakh tonnes is set to dispose of 5 lt pulses by March next year will put pressure on prices.

As per government sowing data chana is planted in 69.7 lakh ha as on 17 Nov, up by 38% compared to 43.9 lakh ha last year. Moreover to encourage farmers to plant more chana, Government increase MSP by 10% to Rs. 4,400 per quintal. According to the target estimate released by government, India’s chana production target estimate for 2017-18 is 97.5 mt.

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CPO closed higher for the second consecutive day on Tuesday as Centre has raised the import duty on crude palm oil to 30% from 15% and on refined oil to 40% from 25% in a bid to curb cheaper shipments and boost local prices for supporting farmers and refiners.

Moreover, for the second half of Nov, base import price for crude palm oil and refined, bleached and deodorised palm oil were raised by $8 per tn each.

Malaysian palm oil futures slid for a third consecutive session on Tuesday to their weakest since mid-August at 2,612 ringgit ($630.31) a tonne, hit by worries that India's surprise move late last week to raise duties on edible oil imports would hit demand. Weaker export data from a cargo surveyor and a stronger ringgit, palm's currency of trade, also weighed on the market.

Palm oil shipments from Malaysia for Nov. 1-20 fell 6.2% compared with the same period last month, according to data from cargo surveyor Intertek Testing Services. India's palm oil import from Malaysia during Nov 1-20 slipped 34.99% to 121,510 tons compared to 186,910 tons in the same period a month ago.

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Refined Soy Oil Dec future continue its uptrend on Tuesday and closed 1% higher as the government raised the duty of the crude soy oil to 30% from 17.5% to support domestic oilseed industry and farmers.

For the second half of November, government raised the base import price of all edible oils, with the steepest increase of $23 per tn in crude soyoil.

The government has also increased the duty on soybean to 45% from 30%. As per latest SEA import report, Soybean oil imports slumped 21% to 220,200 tons in October from a year earlier while imports dropped during the oil year ended Oct. 31 by 22 % to 3.32 mt.

Moreover, firm international prices, higher import duty and good demand from the stockists is supporting edible oil prices in India despite higher stocks and good oilseed production.

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Mustard Dec futures closed lower on Tuesday on profit booking after it surged higher in the previous session. However, it is expected that there will be good physical demand for the domestic oilseed for crushing in coming months after increase in import duty for the edible oils. As of 16 th Nov, the area covered in Rajasthan has crossed 17.7 lakh ha compared to 23 lakh ha last year. There is steady demand for rapeseed for crushing which is keeping prices steady.

As per rabi sowing report from the government, the area under mustard as on 17 Nov 2017 acreage of mustard, another major rabi crop, was at 4.45 mln ha, down from 4.68 mln ha a year ago. The area planted in Madhya Pradesh crossed 6.3 lakh ha compared to 5.2 lakh ha last year as farmers switched from raindependent crops to mustard after poor rains in the state. Support price for mustard in 2017-18 rose by 8.1% on year to 4,000 rupees per 100 kg.

According to data compiled by Mustard Oil Producers Association of India, country is still holding about 20 lt of mustard from the last year as it is estimated that millers have crushed about 48 lt last year against the marketable surplus of 67.8 lt.

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