Turmeric on NCDEX settled up by 0.77% at 6798 amid fresh buying by local stockists amid arrival of good quality produce and strong upcountry demand. Meanwhile, reports on improvement in export demand in near term also boosted turmeric rates in market. However, expectation of good production of turmeric capped some gains.

There were also arrival pressure of new season crop and lower export demand. Supplies from the new season turmeric have been higher during March at 83,242 tonnes compared to 76,292 tonnes last year, as per data. The export of turmeric is down by 14.6% to 88,144 tonnes for the first 10 month of FY 2017/18 compared to last years’ exports.

As per market sources, Nizamabad turmeric stocks as on now were estimated around 1.25 lakh bags as compared to around 2.00 lakh bags same time last year. Farmers in Tamil Nadu currently have around 5 lakh bags turmeric stocks as compared to last year’s 9 lakh bags. New crop supply (both early sown/ short duration crop and regular crop) is coming to the market.

Sources expects lower Turmeric production current year amid lower stocks available in the spot market. Spot turmeric prices decreased but the sales increased. Farmers brought 4,500 bags expecting a higher price for their commodity.

Medium and good variety turmeric arrived for sale. The traders purchased all the hybrid turmeric and good quality new turmeric but for a lower price. In Nizamabad, a major spot market in AP, the price ended at 6633.35 Rupees gained 76.75 Rupees.Technically now Turmeric is getting support at 6748 and below same could see a test of 6700 level, And resistance is now likely to be seen at 6846, a move above could see prices testing 6896. 


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Mustard Seed on NCDEX settled down by -0.61% at 3888 tracking weakness in spot demand on concern over sufficient stocks in the domestic market. Prices are under pressure due to higher stocks with the farmers and oil mills.

As per SEA data, the export of rape oilmeals during March 2018 is provisionally reported at 23,499 tons compared to 52,071 tons in Feb 2018, i.e. down by 55%. However, exports have been 162% higher at 5.62 lt for the FY 2017/18 compared to previous year’s export volume of 2.14 lt. The USDA’s Foreign Agriculture Services in its latest report pegs mustard output in India to fall 9% on year to 64 lt in 2017-18 (Oct-Sep) because of lower acreage.

Oil mills have crushed 800,000 tn of mustard seed in March, more than double from last month, according to data compiled by the Mustard Oil Producers Association of India. The National Agricultural Cooperative Marketing Federation of India had procured 487 tn of mustard at minimum support price from farmers in Rajasthan and Haryana, an official with the agency said.

The agency bought 218 tn of mustard from 104 farmers at 20 centres in Rajasthan, and 269 tn from 143 growers at 10 centres in Haryana. Oil mills across the country crushed 375,000 tn of mustard seed in February, up 15% on month, according to data compiled by the Mustard Oil Producers Association of India.

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Crude palm Oil on MCX settled up by 0.42% at 641.8 tracking firm trend in Malaysian palm oil and supported by weaker rupees. The base import price of crude palm oil was increased by $5 to $684 a tn for the second fortnight of April.

As per SEA latest report, India's crude Palm oil (CPO) imports in March increased by 30.33% compared to same period a year ago despite the govt. imposed higher duty. However, Shipment of RBD palmolein dropped 25.56% to 163,222 tons compared to 219,270 tons last year.

Palm oil production is forecast to marginally increase to 20.5 million tons in 2017/18 from 18.8 million tons in 2016/17. Production for 2018/19 is forecast to increase to 21.0 million tons, an increase of 2.4 percent. India's crude Palm oil (CPO) imports in March increased by 30.33% compared to same period a year ago despite the government imposed higher duty.

CPO duty hiked three times since August to discourage imports last fiscal. Market participants believe that the duty difference between crude and refined oils and higher consumption led to increased imports. Imports of crude palm oil during March rose to 591,985 tons compared to 454,213 tons in the same period a year ago, the Solvent Extractors Association (SEA) of India showed in its edible oil import data.

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Ref Soyaoil on NCDEX settled down by -0.26% at 773.55 tracking weakness in spot demand amid weak demand from domestic poultry and forecast of favourable weather. Demand for oilseeds from domestic miller has also reduced after SOPA trimmed 2017-18 soymeal export forecast.

Soybean Processors Association of India, expects India's soymeal exports in 2017-18 oil marketing year (Sep-Oct) to decline to 1.25-1.50 million tons compared with 2 million tons in the previous year due to lower soybean availability. According to National Oilseed Processors Association (NOPA), U.S. March soybean crush rose 11.8 percent to 171.858 million bushels from 153.719 million bushels in February 2018.

Crush of soybean in March 2017 was 153.060 million bushels. Soy oil stocks in U.S. at the end of March rose 4.85 percent m-o-m to 1.946 billion lbs compared to 1.865 billion lbs in end February 2018. Stocks of soy oil in end March 2018 was higher by 7.2 percent compared to end March 2017, which was reported at 1.815 million lbs.

According to United States Department of Agriculture (USDA) March estimate, India is estimated to import 35.45 lakh tons compared to earlier estimate of 36.45 lakh tons. Consumption estimate has been kept unchanged at 52.0 lakh tons. End stocks are estimated at 2.18 lakh tons compared to earlier estimate of 3.20 lakh tons.

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Soyabean on NCDEX settled down by -0.66% at 3751 in view of lower demand from poultry feed manufactures. Moreover, millers are unsure about increase demand for meal exports as the Government is taking up the issue with China to remove restrictions on Indian soymeal trade. India's soybean acreages in 2018-19 may rise on expectation of normal rains.

Another reason for higher acreages of soybean is increasing remunerative price during 2017-18 calendar year which will prompt farmers to switch to soybean from other kharif crops. All crops fetched lower prices.

However, soybeans seed prices improved during last 2-3 months and ruled almost 15-20% above MSP while earlier farmer sales were compensated via Bhavantar scheme of MP Government so farmers are less or more satisfied with returns from soybeans cultivation during 2017-18 calendar year. India's soymeal exports in 2017-18 oil marketing year (Sep-Oct) to decline to 1.25-1.50 million tons compared with 2 million tons in the previous year due to lower soybean availability.

SOPA chief also sought for abolition of mandi fee along with higher import duty of refined oils. Import duty hike required especially on sunflower oil and canola (rapeseed) oils which are consumed by affluent class of society. The 2.2% mandi fee on soybeans seed needs to be abolished or substantially reduced in view of imposition of 5% GST on soybeans seed, oil and meal.

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Mentha oil on MCX settled down by -1.72% at 1436.4 amid easing demand from consuming industries in the spot market. Further, ample stocks position on increased arrivals from major producing belts of Chandausi in Uttar Pradesh, too weighed on mentha oil prices.

The sowing for new season is in full swing and as per preliminary estimates, acreage under mentha crop will rise this year as the farmers are encouraged by higher price in recent past. However, weather condition during April and May will play crucial role in deciding crop condition. Farmers have limited the arrival of mentha in major spot markets of Uttar Pradesh in the anticipation of increase in prices.

As per the sources demand is moderate from the major domestic consuming industries. However, in recent years, the growth in production and consumption of synthetic mentha has influenced the demand for natural mentha. As per sources, India contributes around 80% to the total global mentha oil production.

Total global production stood at around 48,000 tonnes, out of which India produces between 30,000-40,000 tonnes. According to estimates, mentha oil production in India for crop year 2016-17 will be around 38,000 tonnes. As per the data, the global demand of essential oil will increase in the coming years. This will boost mentha oil demand, mainly from medicines, health products, cosmetics as well as food and beverages.

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Cotton on MCX settled down by -0.39% at 20650 on higher arrivals and weak export demand. However, cotton price fall was cushioned by healthy growth observed in export demand from India. India signed contracts to export 200,000 bales of cotton to China after the country slap tariff on US Cotton.

Further, domestic cotton exports are likely to touch 7 million bales in 2017-18 season, up about 27% from the earlier estimate, on surge in demand, particularly from China, as Indian cotton is selling at discount. Meanwhile, on global front, attention continues to be on Texas forecast for rain later this week.

Locals noted the chances of rain are still good, but lesser than the earlier forecast. Any rain would result in relief to drought conditions. Daily arrivals were marginally higher at 112,500 bales, up by around 7,000 bales compared to the previous day. Indian markets have received nearly 68% of the 2017-18 total cotton crops. India is world's largest cotton producing country.

Total cotton arrivals across the country stood at 25.77 million bales as against 25.50 million bales a year ago, an official from Cotton Corporation of India (CCI) said. Cotton Advisory Board (CAB) pegged India's 2017-18 cotton output at 37.7 million bales. Cotton arrivals in Haryana rose to 2.15 million bales from 1.51 million bales a year ago and in Rajasthan to 1.91 million bales from 1.44 million bales a year.

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