Mustard futures Trading Range 4150-4350

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Gold Silver Reports — Turmeric futures (May) is likely to take support near 8470 levels. Spot turmeric prices increased at Erode markets on Monday due to quality arrivals and upcountry demand. Good quality turmeric arrived and traders also received some fresh upcountry demand.

So they purchased good number of turmeric bags at an increased price. The price of the hybrid finger turmeric was up Rs.200 a quintal, while the local finger and root varieties gained Rs.100. At the Erode Turmeric Merchants Association, the finger turmeric went for Rs.8,489-10,289 a quintal; the root variety Rs.8,214-9,314.

Cardamom futures (May) is expected to consolidate in the range of 760-790 levels. The prevailing drought conditions and the consequent delay and decline in the next crop have made the market sentiments optimistic for this aromatic spice. Consequently, the next crop is unlikely to hit the market before late July/August, creating gap of 3-4 months. At the same time, it is expected to be around 70 per cent of the normal crop. This phenomenon is said to have prompted the buyers to cover now and that has been pushing the prices despite an upsurge in the arrivals.

Jeera futures (May) will possibly take support near 16690 levels & maintain its upside momentum. The crop may witness some damage due to the extended dry spell in the growing regions of Gujarat and Rajasthan. The arrivals may see a drop due to abnormally high-temperature since January.

Soybean futures (May) is likely to fall further towards 4000-3940 levels. Rally in soya oil and soyabean continuing for the past sometime ended today on weak global cues with soya refined declining to Rs.655-58 for 10 kg, while soya solvent declined to Rs.625-30. Soya seeds in the physical market declined to Rs.4,150 a quintal on weak global cues. Plant deliveries ruled at Rs.4,175 a quintal (up Rs.50 from last week) on weak availability of soya seeds with the crushers.

Soya-meal ruled stable at Rs.35,000 a quintal. On CBOT, the most active soybean futures rose 0.2 percent to $10.11-1/2 a bushel, having firmed 1.4 percent on Monday. Harvest delays and limited availability for soy shipments at port in Argentina contributed to massive investment-fund buying in futures during the past two weeks.

Mustard futures (May) would possibly trade with a downside bias & test 4150-4350 levels. The upside may remain capped due to impositions of higher margins & the estimated of higher output this season. The Solvent Extractor’s Association has maintained the mustard seed production figure of 59.2 lakh tonnes, which is higher than last year’s 50.8 lakh tonnes.  — Neal Bhai Reports