Agri-Commodity Update – 10-Sep-2024
Domestic Agri-Future market Update
NCDEX Turmeric Oct* trading moderately negative within the previous session range as demand is improving. In the daily chart, we see support near 13,560 and resistance at 14,490.
NCDEX Jeera Oct* trading within the previous session range but trading moderately lower for the day. From the Aug lows, prices jumped 8% due to lower level buying. On the daily chart, the support is near 24,750 while resistance at 25,200.
NCDEX Dhaniya Oct open gap-down and reversed sharply to trade moderately higher. We see support is near 6,750 while resistance at 6,900 levels on daily charts.
NCDEX Castor seed Oct* breaks over previous session high to trade positive but face resistance to trade near previous closing. On daily chart, the resistance is 6,200 while the support is 6,100.
NCDEX Cocud Dec* trading up by 1.2 % for the 2nd consecutive session. On the daily chart, support is at 2,930 while resistance near 3,000.
NCDEX Guar seed Oct* trading positive after it took support near previous day lows. On the daily chart we see support near 5,335 levels and resistance at 5,440.
NCDEX Kapas (Apr’25)* open gap-up and trading positive near 1,625.
International Market Update
ICE Cotton slipped to 3-week low on Monday amid stronger dollar and demand concern as the market felt pressure on Friday off negative market sentiment in equities and crude oil.Cumulative sales for 2024/25 are below the five-year average.
On Tuesday, US cotton is trading positive as weather forecast suggests potential heavy rain in the Delta and Southeastern US, which could be bullish for cotton prices. Weekly export sales report showed the highest sales for the 2024/25 marketing year so far.
US soybean futures slid on Tuesday, giving up some of the previous session’s gains as a U.S. weekly report showed steady condition of the crop despite dry weather last week.
Brazil Soybean Planting has not yet started due to dry conditions, delaying the start of the 2024/25 season.
China’s soybean imports increased by 2.8% to 70.48 mt during January-August compared to the previous year.
The USDA confirmed private sales of 132,000 metric tons of soybeans to China, continuing a trend of strong exports.
Malaysia Crude palm oil production increased by 2.87% in August compared to July, reaching 1.89 mt: A Reuters survey
Malaysia Palm oil exports declined by 9.74% in August to 1.53 mt : A Reuters survey
The end-of-August palm oil stocks in Malaysia rose to 1.88 mt, the highest level in six months, up 7.34% m/m : A Reuters survey
