By Nirmal Bang

SPICES COMPLEX

MARKET ROUNDUP
- Spices complex ended down after seesawing in the early trade. Turmeric edged lower on Monday as rising arrivals; hopes of higher output are likely to pressurize the prices. Cardamom too extended its losses on Monday.

IN FOCUS
- Turmeric exports in December remained flat at 3,250 tonnes from 3,350 tonnes a year ago, the Spices Board said. In Nizamabad, a major spot market in Andhra Pradesh, the price dropped 194 rupees to 9,955 rupees.
- Indian pepper futures are also seen opening weak due to pressure from new arrivals. Losses will, however, be capped by good domestic demand. India's pepper output in 2010 is expected around last year's levels, but prices are unlikely to fall sharply in coming months due to low carry-over stocks.
- Jeera exports in December 2009 dropped by 28 percent to 2,500 tonnes on year. Spot jeera fell by over 32 rupees to end at 12,281.25 rupees per 100 kg in Unjha, a major trading hub in Gujarat.

FUNDAMENTAL OUTLOOK
- Spices may trade sideways to down as we expect selling pressure is likely to remain in the market till the expiry of contracts.

GUAR, PULSES AND GRAINS COMPLEX

MARKET ROUNDUP
- Wheat pared the losses into second trading session as fear of damage in harvesting of wheat from the unexpected rains in major growing state limited the downside. Guar complex traded sideways to down on Monday on Profit booking. Chana rose by almost 1% on account of increasing festive demand.

IN FOCUS
- Chana arrivals are 7000-8000 bags at Delhi's Lawrence Road Mandi. The Spot price is expected to open at Rs.2290-2295/quintal Rs. 15- 20/quintal more than previous day's trading session.
- Wheat prices in the country may fall by around Rs 200 a quintal from April if estimates of a record production in the rabi season come true, said the Wheat Products Promotion Society (WPPS) today. It is the body of wheat-based industry products
- Patchy rain in Punjab, the major growing state of Grains is likely to affect Grains' harvesting this week. Wheat is a Rubi crop and harvested in the month of Feb to April. It can damage the standing crop of wheat till 50%.
- The Russian government sold a total of 22,680 tonnes of maize on Friday, at the latest set of this year's sale intervention tenders, data supplied by an exchange in charge of the tenders showed.

FUNDAMENTAL OUTLOOK
- We expect Chana to trade up today; buying at dips is recommended. Wheat may trade a tad high today but overall outlook for wheat is bearish. Guar too looks bullish, buying at dips is recommended.

OIL AND OIL SEEDS COMPLEX

MARKET ROUNDUP
- Oilseed complex traded in green territory yesterday. Soybean ended almost 2 percent up backed by robust Chinese imports and unfavorable production estimates in Brazil and other major countries are likely to support the prices. Cottonseed oil cake ended steady on Monday as pressure from arrivals is likely to weigh on the prices.

IN FOCUS
- Brazil's soy farmers had harvested 10 percent of the 2009/10 crop estimated at 65 million tonnes as of Feb. 5, up from 5 percent over the previous week, Producers have sold 24 percent of the new crop, well below the 32 percent sold by this time last year, and even farther below the 41 percent sold forward on average over the past five years.
- The world's largest chemicals group, won approval for the cultivation of a genetically modified (GM) soy variety in Brazil, its debut in the GM-seed market.
- "CAI estimated the cotton crop for the new season at 30.2 million bales," Cotton Association of India (CAI), a trade body of cotton industry players said in its latest crop estimate. The association estimated India's cotton exports at 6.5 million bales, the statement showed.
- Malaysia's palm oil stocks in January likely dropped 11.7 percent from a 13-month high hit in the previous month on strong exports and much lower output.
- China February soybean imports are likely above 4 million tonne.

FUNDAMENTAL OUTLOOK
- Soybean and Refine oil are expected to extend their gains today, buying at dips is recommended. Cottonseed oil cake may trade firm in today's trading session as down side in prices is restricted on account of yarn support and chances of renewed buying in cotton export.