By Nirmal Bang

SPICES COMPLEX

MARKET ROUNDUP
- Spices were the outperformer in all the commodities extending its two days rally. Pepper rose by almost % yesterday on supply squeeze in the market. Jeera too traded up on weather concerns in some major growing areas. Turmeric too extended its rally n ended 5 up on robust overseas demand.

IN FOCUS
- Pepper exports in February 2010 fell 3.22 percent to 1,500 tonnes on year, the Spices Board said. 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.

- Shortage of Peeper in domestic and International market and Less carry forward stock tend to increase the prices of Pepper I medium term.

- Unexpected rain in second largest growing country Turkey after India may damage major part of the Crop of Jeera this year. That may tighten the total supply in the market by almost 15-20%.

- Cardamom futures prices rose by Rs 15.30 or 1.23 per cent at Rs 1,260 per kg in futures trade today largely on the back of pickup in demand in the spot markets.

FUNDAMENTAL OUTLOOK
- We may see some profit booking in all the spices today in afternoon session. Peeper in particular looks strong to us; buying at every dips is recommended today.

GUAR, PULSES AND GRAINS COMPLEX

MARKET ROUNDUP
- Wheat prices surged yesterday on continuous buying by Government and private players and lesser arrivals too supported the prices. Chana plunged by almost 1% on low domestic demand. Guar extended it three day rally on short covering.

IN FOCUS
- Government agencies and private millers have procured more than 91.60 lakh tonne of wheat in Punjab till last evening as compared to 92.91 lakh tonne during the same period last year.

- In a bid to keep a check on the rising level of environment pollution in the state, Haryana government has initiated stringent measures, including registration of police cases, against those found burning wheat residue after harvesting, officials said Monday.

- Arrivals of Chana are decreasing and some stockpiling activities are running in Madhya Pradesh. So we may expect some shortage in supply of Chana. India's chana acreage as on April 8 stood at 8.93 million hectares, compared with 8.36 million hectares in the same period a year ago, farm ministry data showed.

- Churi and korma, the byproducts of guar seed, are used as cattle feed and demand generally picks up in summer with the shortage of green grass. Demand is good in physical market. But traders are now focusing on monsoon forecast (impact).

FUNDAMENTAL OUTLOOK
- Fundamentals for wheat are bullish; buying at dips is recommended. Chana too looks strong today; any dips should be taken as good buying opportunity. We may see some bounce back in Guar complex.

OIL AND OIL SEEDS COMPLEX

MARKET ROUNDUP
- Oilseed complex traded sideways to up except Cottonseed oil cake. Soybean rose by almost 1% trailing the prices on international bourses. Cottonseed oil cake traded nearly 1% down after the news of exports ban from India is likely to increase the supply in domestic market.

IN FOCUS
- Chinese buyers report that no soyoil cargoes have been loaded from Argentina in May, the latest report issued by the commerce ministry said on Monday. Beijing has told Chinese companies not to ship any cargoes from the world's top exporter over a wide trade dispute and a top Chinese trade official has threatened retaliation against Argentina over its trade protectionist moves over Chinese goods. For May, only 10,000 tonnes of soyoil from Brazil have been reported loaded while 291,000 tonnes of the edible oil have not been identified by origin, the ministry's report said.

- The monsoon winds bring 75 to 90 percent of the rainfall in most parts of India, the world's top edible oils importer and biggest sugar consumer, and are vital for cane, rice and oilseeds crops as 60 percent of cultivated areas depend entirely on the rains for irrigation.

- Brazil's soy farmers have gathered 94 percent of the estimated record 67.2-million-tonne 2009/10 crop by April 23, up from 89 percent harvested the week prior, analysts Celeres said on Monday.

- Exports of Malaysian palm oil products for April 1-25 fell 9.9 percent to 1,014,176 tonnes from 1,125,412 tonnes shipped between March 1 to 25, cargo surveyor Societe Generale de Surveillance said on Monday.

- The government has decided to halt cotton exports from April 19 to ensure adequate availability of raw cotton for the domestic industry. While the move is in line with the demand of the industry, it comes when the cotton season is drawing to a close and the best of the produce has already been sent to countries such as Pakistan, Bangladesh and China.

FUNDAMENTAL OUTLOOK
- Refined oil is likely to see some profit booking in early trade but later in the session it may remain supportive; buying at dips is recommended. CPO in particular looks extremely strong today; buying at every dip is recommended. Cottonseed oil cake may extend its downward rally; selling on rise is recommended.