Selling is likely to continue in jeera futures from higher levels on the account of higher sowing acreage in major producing states along with a bumper crop in the current year. The NCDEX March futures slumped by 0.61% today.
As per the latest data release by Gujarat Agriculture Board , the total sowing acreage of jeera in the state has been increased by 1.05 lakh hectares from the last year to reach 4.54 lakh hectares due to favourable weather conditions and strong export demand in local mandies. Traders estimated that the total production of the jeera is likely to increase by 10 lakh bags to reach around 46 lakh bags in the current year.
The strong carryover stocks in local mandies also added selling in jeera market as traders estimated that around 5-6 lakh bags of jeera has been reported in major producing areas , up almost 2-3 lakh bags from the previous year.
Jeera March delivery settled at Rs 11845 per quintal , down 0.42% in last trading. The NCDEX futures reduced by 0.20% today indicating fresh selling by traders.Technically, selling is likely to emerge from 11950-11980 levels with the downside target of 1172—11730 levels in the near term.