Turmeric Dec futures jumps higher on Thursday from lower levels on technical buying by the market participants. There are reports good supplies from the government auctions but due to end of season the stocks are diminishing with the physical traders. The export of turmeric is down by 17.4% to 49,186 tonnes for the first 5 month of FY 2017/18 compared to last years’ exports. The arrivals increase for first 15 days in November to 4,577 tonnes compared to 3,457 tonnes in 2 nd half of October according to Agmarknet data.

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Jeera closed moderately higher on Thursday on anticipation of improved export demand from the country despite good sowing progress in Gujarat. In Gujarat, jeera sowing reached about 60,000 ha this year compared to 36,600 ha last year as on 13th Nov. As per government data, Jeera exports during first five month of FY 2017/18 (Apr-Sep) is 63,085 tonnes, down 2.6% compared to last year exports volume for the same period. India's jeera exports in Aug increase 46% on year to 13,879 tn. On the import front, country imported about 1,044 tonnes of jeera during the month of August about 209 percent higher than last year imports.

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Cotton Nov futures is trading in a range on mixed fundamentals of higher arrivals and reports of damage to cotton crops in Vidarbha and start of procurement by CCI in Gujarat at higher prices. Moreover, govt. imposed 5% GST under reverse charge mechanism (RCM). The notification says that the GST on supply of raw cotton by farmers will be liable to be paid by the buyers – traders & ginners under the RCM, which makes cotton procurement expensive for them.

The CAI has estimated cotton crop for the 2017-18 season at 375.00 lakh bales of 170 kgs. each which is higher by 37.75 lakh bales compared to the previous year’s crop of 337.25 lakh bales.

ICE cotton futures crawled higher on Thursday ahead of a weekly export sales report from the USDA on expectations of improved exports. Demand (for cotton) may remain strong as exports data is expected to be out on Thursday. All upland cotton 17/18 export sales for the week of November 2 came in at 205,297 RB, which was slightly lower than last week but 21.61% larger than a year ago.

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Chana Dec futures fall about 1.4% on Thursday despite government removed export curbs on all varieties of pulses to ensure farmers get remunerative prices as domestic rates have crashed below MSP in view of record production. Chana is pressured by good start to rabi sowing and higher stock levels in the country.

Moreover, government which is sitting on a buffer stock of 18 lakh tonnes is set to dispose of 5 lt pulses by March next year will put pressure on prices.

As per government sowing data chana is planted in 47.2 lakh ha as on 10 Nov, up by 43% compared to 33 lakh ha last year. Moreover to encourage farmers to plant more chana, Government increase MSP by 10% to Rs. 4,400 per quintal. According to the target estimate released by government, India’s chana production target estimate for 2017-18 is 97.5 mt.

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CPO falls more than 2% due to stronger rupees and continues to trade on negative note this week on reports that palm oil import into the country climb for ninth month on Festive Boost. Moreover, weak prices of edible oils in International markets too pressurize prices. However, the prices are now falling from 10 month high prices as government did not take any decision on increasing import duty on edible oil.

For the second half of Nov, base import price for crude palm oil and refined, bleached and deodorised palm oil were raised by $8 per tn each. 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 futures rose on Thursday after five consecutive sessions of declines on a technical correction, and with support from overnight gains in Chicago Board of Trade (CBOT) soyoil. Palm oil prices are also affected by movements in other edible oils as they compete for a share of the global vegetable oils market.

Palm declined to its weakest since Oct. 19 on Wednesday as the ringgit hit its strongest in about a year against the dollar. Exports of Malaysian palm oil products for Nov. 1-15 fell 4.3% from a month earlier, data from Intertek Testing Services showed.

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Refined Soy Oil Dec future falls for fourth consecutive day yesterday on fresh selling at higher levels on reports of higher stock levels and steady demand in physical market despite increase in base import prices. For the second half of November, government raised the base import price of all edible oils, with the steepest increase of $23 per tn in crude soyoil. The government revises base import prices every fortnight, based on global prices and changes in foreign exchange rate. Prices were last revised on Oct 31.

As per latest SEA import report, Soybean oil imports slumped 21% to 220,200 tons in October from a year earlier while imports dropped during the oil year ended Oct. 31 by 22 % to 3.32 mt. Moreover, firm international prices, higher import duty and good demand from the stockists is supporting edible oil prices in India despite higher stocks and good oilseed production.

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Mustard Dec futures closed lower on Thursday on technical selling at higher levels by the market participants on expectation in pickup in sowing in Rajasthan. As of 13th Nov, the area covered in Rajasthan has crossed 17.2 lakh ha compared to 20 lakh ha last year. There is steady demand for rapeseed for crushing which is keeping prices steady.

As per rabi sowing report from the government, the area under mustard as on10 Nov 2017 is little lower than last year’s acreage at 37 lakh ha. The area planted in Madhya Pradesh crossed 5 lakh ha compared to 60,000 ha last year as farmers switched from rain-dependent crops to mustard after poor rains in the state. Support price for mustard in 2017-18 rose by 8.1% on year to 4,000 rupees per 100 kg.

According to data compiled by Mustard Oil Producers Association of India, country is still holding about 20 lt of mustard from the last year as it is estimated that millers have crushed about 48 lt last year against the marketable surplus of 67.8 lt.

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