Maize

Maize on NCDEX settled down by -1.27% at 1404 tracking weakness in spot demand and overseas prices on pressure from record South American supplies. Argentine corn should benefit this season from high yields brought by good weather, the Buenos Aires Grains Exchange said, adding that it may increase its harvest estimate above the current 54.8 million tonnes.

Trading Ideas: 

*Maize trading range for the day is 1360-1444. 

*Maize prices dropped tracking weakness in spot demand and overseas prices on pressure from record South American supplies.

* In Nizamabad maize spot prices gained 1 Rupees to 1440 Rupees per 100 kgs.

Jeera

Jeera on NCDEX settled up by 1.5% at 17220 on reports of lower production estimates in the producing belts of Gujarat. Lower carryover stock coupled with higher export demand may push up jeera prices, as traders fear tight supply conditions in the coming months. The carryover stock has dipped to about 2 lakh bags (each of 55 kg) as against the normal 20-25 lakh bags, thereby reducing the availability even as the demand for exports and domestic consumption remains firm, trader sources said.

Trading Ideas: 

*Jeera trading range for the day is 16695-17545. 

*Jeera prices ended with gains on reports of lower production estimates in the producing belts of Gujarat. 

*The carryover stock has dipped to about 2 lakh bags (each of 55 kg) as against the normal 20-25 lakh bags. 

*NCDEX accredited warehouses jeera stocks gained by 30 tonnes to 339 tonnes. 

* In Unjha, a key spot market in Gujarat, jeera edged up by 89.85 Rupees to end at 17504.15 Rupees per 100 kg.

Turmeric

Turmeric on NCDEX settled down by -1.39% at 6260 due to increasing in the face of weak domestic and weak export buying. Tight money market and reports of increased production the back of favorable weather may pressurize prices. Arrivals are increasing on weekly basis and higher than last year as a result of higher production. India's Apr-Dec turmeric output grew 6% to 68,500 ton. Turmeric output is expected to be bumper as not only the acreage was higher but weather remained favourable. At Nizamabad market estimated market supply was at 16000 quintals, lower by 2000 quintals from previous day’s arrivals. At Erode market total arrivals are at 7000 quintals, up by 3000 quintals from previous trading day.

Trading Ideas: 

*Turmeric trading range for the day is 6132-6440. 

* Turmeric prices dropped due to increasing in the face of weak domestic and weak export buying. 

*Tight money market and reports of increased production the back of favorable weather may pressurize prices. 

*NCDEX accredited warehouses turmeric stocks gained by 159 tonnes to 1209 tonnes. 

*In Nizamabad, a major spot market in AP, the price ended at 6212.5 Rupees dropped -0.85 Rupees.

Mustard Seed

Mustard Seed on NCDEX settled up by 1.41% at 3955 on supply worries following reports of unfavourable weather. Prices of seed were up as the rainfall activity along with localized hailstorms has disturbed harvesting of rabi crops over the parts of Rajasthan and Madhya Pradesh. India is expected to produce around 6.5-7 million tonnes (mt) of rape mustard seeds in 2016-17 as compared to 5.8 mt produced in 2015-16 due to higher acreage and improving productivity. The carry-forward stock from the previous season was around 0.15 mt.

Trading Ideas:

* Rmseed trading range for the day is 3859-4027. 

*Mustard seed prices gained on supply worries following reports of unfavorable weather. 

*India is expected to produce around 6.5-7 mt of rape mustard seeds in 2016-17 as compared to 5.8 mt produced in 2015-16. 

*NCDEX accredited warehouses mustard seed stocks dropped by 60 tonnes to 60 tonnes. 

*In Alwar spot market in Rajasthan the prices gained 51.5 Rupees to end at 3922 Rupees per 100 kg.

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