Commodity Market Update

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Soyabean

Soyabean on NCDEX settled down -0.38% at 2872 amid expectation of ample supplies in the domestic as well as international markets. The US Department of Agriculture in a monthly supply/demand report increased its forecast of Brazil's 2016/17 soybean harvest to an all-time high 108 million tonnes, from 104 million in February. The United States department of agriculture (USDA) maintained 2016-17 United States soybean production forecast for March while hiked forecast for ending stockpiles, the department said in its World Agriculture Supply and Demand Estimates report.

Trading Ideas:

*Soyabean trading range for the day is 2847-2907.

*Soyabean dropped amid expectation of ample supplies in the domestic as well as international markets.

Turmeric

Turmeric on NCDEX settled up 2.04% at 6692 on rising domestic as well as exports demand at the spot market. Production in the ongoing season is expected to increase mainly on higher sowing area and favourable weather conditions in Maharashtra, Telangana and Andhra Pradesh etc. According to trade sources turmeric output is expected to be around 7.5-8 million bags. India's Apr-Sept turmeric export stood at 59,000 ton up 47% on year, according to Spices Board data.

Trading Ideas:

*Turmeric trading range for the day is 6430-6930.

* Turmeric prices ended with gains on rising domestic as well as exports demand at the spot market.

*NCDEX accredited warehouses turmeric stocks gained by 30 tonnes to 130 tonnes.

Cotton

Cotton on MCX settled down -0.33% at 21260 on higher output in dometic market. Cotton Association of India pegged cotton production for year 2016-17 at 34.1 million bales higher by 1% as compared to 33.8 million bales produced last year while total domestic consumption was estimated at 29.5 million bales. Government also pegged total cotton production for year 2016-17 at 32.507 million bales in its second advance estimates.

Trading Ideas:

*Cotton trading range for the day is 21043-21303.

*Cotton prices ended with losses on higher output in dometic market.

*Cotton prices in spot market dropped by 140.00 rupees and settled at 20800.00 rupees.

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