By earn Agri-Commodity Update – 05-Feb-2024*
*Domestic Agri-Future market Update*
# NCDEX Turmeric Apr* recover strongly during the day after it fall in the morning session. Turmeric prices is supported on expectation of lower production this season.
# *NCDEX Jeera Feb* down about 2% in today’s trade as market is expecting bumper crop this season but good physical demand may keep prices above 26,180 levels.
# *NCDEX Dhaniya Apr* fall more than 2% today but then took support near 7730 levels and recovered to trade near 7800 levels. Production is expected to be lower due to less area in Gujarat and Rajasthan.
# *NCDEX Castor Feb* slipped to 2-weeks low due to improving supplies in the physical market.
# *NCDEX Cocud Feb* traded lower on selling pressure at higher levels. Improving kapas arrivals putting pressure on prices in 2024.
# *NCDEX Guar seed Mar* down 1.70% due to selling pressure amid lower export demand for Guar gum. Exports down 6% to 3.08 lakh tonnes Vs 3.28 lt last year during Apr-Dec period.
# *NCDEX Kapas* trading under pressure near 1481 levels as physical arrivals reaching record highs last week at daily average arrivals of 1.91 lakh bales
# *MCX Cottoncndy Mar* trading little higher near 57,760 levels.
*International Market Update*
# ICE Cotton is trading moderately higher as it trading near 3-month high due to robust export volumes from the US.
# US soybean continue to trade under pressure weigh down by diminishing export demand from the US.
# Hot Weather and Dryness Hurt Argentina Soy;86% of soy is in a fair, good or excellent condition, down from 92% last week
# Brazil 2023/2024 soybean crop forecast lowered to 150.35 mln T – StoneX
# Malaysian palm oil futures recouped early losses on Monday to trade 1% high, with concerns of lower January output and a weaker ringgit countering weakness in rival edible oils
