Jeera extends losses on acreage rise in Gujarat: Fortune

Soybean and soyoil futures were up today on bargain buying after a sharp fall Monday. Market sentiment has also been positive after US policymakers reached consensus on deal to avert fiscal cliff.

Though January mustard contract ended positive on depleting inventories, far-months ended down on higher output expectations.

Crude palm oil futures ended up tracking gains in soy, as cues from Malaysian market were absent due to closure of the Bursa Malaysia Derivatives.

Among spices, chilli futures ended up due to bargain buying amid expectations of a rise in demand, while coriander continued to edge higher due to a likely sharp fall in output in the current rabi season.

Turmeric futures ended down due to profit booking. Pepper futures were weighed down by weak demand and high output estimates.

Positional View

Soybean futures are likely to remain firm as hoarding by domestic farmers may put upward pressure on prices. Soyoil prices could rise as low soymeal crushing will reduce availability of the edible oil. Lower imports and firm global cues will also help prices rise.

Jeera prices may extend losses because of rise in acreage in Gujarat. The contract went below its technical support of 14,800 rupees per 100 kg today.

Technical Analysis

NCDEX Soy Oil future contract is expected to remain Positive on chart, traders are advised to buy , Intraday resistance is seen near 702.07 , 703.33 & 705.82 . Intraday support is seen near 698.32 695.83 & 694.57

NCDEX Soy bean future contract is expected to remain Positive on chart, traders are advised to buy , Intraday resistance is seen near 3232.33 , 3247.67 & 3267.83 . Intraday support is seen near 3196.83 3176.67 & 3161.33

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