Turmeric futures for Nov delivery closed lower on Tuesday on profit booking as market participants are expecting good production. The trend looks positive due to wet conditions in the southern peninsula which may affect the production. The export of turmeric is down by 16.4% to 41,517 tonnes for the first 4 month of FY 2017/18 compared to last years’ exports. For 2017/18, turmeric sowing in Telangana, this season down 1.5% to 44,956 hectares as compared to last year acreage of 45,633 hectares.

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Jeera closed higher on Tuesday due to fresh buying by the market participants at lower prices. Currently there is subdued demand from the physical players due to weak exports which is keeping prices steady. As per government data, Jeera exports during first four month of FY 2017/18 (Apr-Jul) is 49,205 tonnes, down 11% compared to last year exports volume for the same period. India's jeera exports in Jul down 12% on year to 7,498 tn. The arrivals have been higher during first 15 days of October at 2,676 tonnes compared to 930 tonnes last year same period according to Agmarknet data.

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Cotton Oct futures recovers on Tuesday after three consecutive session loss on technical buying by the market participants. Recent rains in the cotton growing states pressurize prices as it may improve production in the country. As per latest USDA report, India's export is seen higher at 4.6 mln bales, from 4.2 mln bales projected in September, while estimate for domestic use is seen steady at 24.50 mln bales. For 2017-18, imports of cotton by India are seen at 1.6 mln bales, higher from 1.3 mln bales.

According to the first advance estimates for 2017-18 released by the government, India's 2017-18 (Jul-Jun) cotton output is pegged at 322.7 lakh bales (1 bale = 170 kg), down 2.5% from 330.9 lakh bales in 2016-17.

ICE cotton edged higher on Tuesday, supported by shortcovering and mill fixations, but harvest pressure in the United States capped gains. The USDA showed 31% harvested vs. the average of 26%. The USDA, in its monthly WASDE report, lowered U.S. production estimates for the 2017/18 crop year by 643,000 bales to 21.12 million bales. All upland cotton shipments for the week of 10/5 were at 118,009 RB, slightly ahead of the previous year.

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Chana futures jumped higher on Tuesday mainly on short covering as market participants are bearish on prices due to sufficient stocks levels in the country. However, on expectation that the MSP may be increased for the new Rabi season may support prices. According to the market participants, chana sowing acreage in the coming rabi season may be higher than last year as prices was firm throughout the year.

According to the target estimate released by government, India’s chana production target estimate for 2017-18 is 97.5 mt which is slightly higher than 2016-17 fourth advance estimates of 93.3 lakh tonnes.

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CPO traded lower on Tuesday tracking weak international prices. The prices have been pressured by higher imports of CPO in September. Moreover, sufficient supplies with the stockiest in the current oil year too pressurize the prices. The prices have been supported at higher levels due to increase in tariff value for the first half of October. However, for the second half, the government reduced the base import price of all palm oils, with the steepest cut of $31 per tn for refined, bleached and deodorised palmolein, and crude palmolein.

As of Oct 1, India had 979,000 tn of edible oil in stock at ports, with an additional 16.1 lakh tonnes in the pipeline. According to SEA release, during Nov-Sep period, crude palm oil import is 57.34 lakh tonnes, up 9.5% from 52.34 lt during the same period of the previous oil year.

Malaysian palm oil fell on Tuesday after a run of daily gains, on slowing demand and profit-taking ahead of a public holiday on Wednesday. Moreover, according to Government statement, Malaysia raised its export duty on palm oil for November and now will be taxed at 6.5% a ton.

However, production in October is seen rising on-month due to the higher number of working days. Malaysia's palm oil stocks at end-September climbed 4 percent to 2.02 million tonnes from the previous month, while production in September fell 1.7 percent from August to 1.78 million tonnes, according to data from industry regulator Malaysian Palm Oil Board last week.

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Refined Soy Oil Nov futures closed flat on Tuesday on expectation of good demand in coming weeks. According to data release by SEA, crude soy oil imports down about 24% on year in September compared to last year.Moreover, in the Oil year 2016/17 (NovSep) the imports drop by 22% to 31 lakh tonnes compared to 39.6 lt last year.

Soy oil the prices in physical market is falling as stockiest have good stocks ahead of festival season. Moreover, the government today cut the base import price of soyoil by $27 to $824 per tonnes. The government revises the base import prices every fortnight, based on global prices and changes in foreign exchange rate.

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Mustard Nov futures closed higher on Tuesday on short covering by the market participants. Prices also supported on report of higher meal exports during the first 6 months of new financial year and increasing demand for winter crushing. As per SEA data, during Nov-Sep, import of mustard oil sharply down to 2.55 lakh tonnes from 3.33 lakh tonnes a year ago.

There are improved mustard meal exports in first 6 month of FY 2017/18. Country exported 242,661 tonnes mustard meal during this period which is 76.4% higher on year. As per data compiled by Mustard Oil Producers Association of India, Oil mills across the country crushed 425,000 tn of mustard seed in September, down around 6% from previous month.

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