Jeera prices settled flat amid subdued demand in the spot market and ample supply in the physical market. However, lower output from the producing regions, capped the downside. Reports showed that the sowing of Jeera in Gujarat pegged at 278,000 hectare as against 295,000 hectare a year ago, while sowing in Rajasthan declined by around 15 to 20%. Current year new Jeera crop enter to the market in Porbandar and Junagarh regions, 2016-17 Jeera area reported in Porbandar around 12100 hectares and in Junagarh 5300 hectares. Sources revealed that, around 250 - 300 bags coming daily basis from last one week. Due to higher moisture content buyers were quoted lower prices. Jeera standing crop reported well in Gujarat state current year. Jeera (Cumin) output in India may fall by 12 per cent to 387,000 tonnes during 2016-17 due to lower acreage and adverse weather conditions. The country had produced 438,000 tonne of the spice in 2015-16. Gujarat, the highest jeera-producing state in the country, has reported a fall in area under the crop by six per cent to 278,700 hectares in 2016-17, from 295,200 hectares in 2015-16, according to state agriculture department data. At Gondal (Guj.) market in Rajkot(Guj.), total arrivals are at 5000 bags, up by 1000 bags from previous day’s arrivals. At Unjha market in Mehsana estimated market supply was at 15000 bags, up by 5000 bags from previous trading day. Technically now Jeera is getting support at 17260 and below same could see a test of 17120 level, And resistance is now likely to be seen at 17505, a move above could see prices testing 17610.

Trading Ideas:

# Jeera trading range for the day is 17120-17610.

# Jeera prices ended with losses amid subdued demand in the spot market and ample supply in the physical market.

# However, lower output from the producing regions, capped the downside.

# Reports showed that the sowing of Jeera in Gujarat pegged at 278,000 hectare as against 295,000 hectare a year ago.

# In Unjha, a key spot market in Gujarat, jeera edged down by -141.05 Rupees to end at 17746.45 Rupees per 100 kg.