✍ MCX - WEEKLY NEWS LETTERS
INTERNATIONAL NEWS

1. The minutes of the meeting released on Wednesday reflected a complex discussion at the U.S. central bank. Staff cut their estimates for near-term U.S. economic growth, and Fed policymakers wrestled with the pros and cons of acknowledging market turbulence and overseas developments in their statement.
2. A solid core of officials said the Fed needed to remain vigilant that public and market expectations about inflation could shift down - a worrisome development that might increase the risk of a damaging period of stagnation or outright declines in wages and prices. The soft pace of inflation has become a central concern at the Fed and other major central banks.
3. U.S. housing starts unexpectedly fell in October, but a jump in permits to near a 6-1/2-year high suggested the housing market was steadily regaining strength.
4. The head of the Bank of Japan warned on Wednesday that the government is solely responsible for maintaining trust in the country's finances, in a thinly veiled show of discontent over premier Shinzo Abe's decision to postpone a sales tax increase.
5. BoE Minutes of the Monetary Policy Committee's Nov. 5-6 meeting showed its members voted 7-2 for the fourth month in a row to maintain rates at their record low 0.5 percent, where they have been since early 2009 when the financial crisis was raging.

✍ NCDEX - WEEKLY NEWS LETTERS

JEERA
As expected yesterday Jeera Dec. futures traded on a mixed to positive note 0.12% higher on lower level demand due to good exports enquirer. Arrivals Stood at 12,000 bags as compared to 11000 bags previous day. Sowing of the spice has commenced both in Gujarat and Rajasthan. Area under jeera in Gujarat was reported at 455,000 ha as against 335,200 ha last year while about 390,000 ha were sown in Rajasthan. Export orders are diverted to India due to Geo-political tensions in Syria and Turkey. Production is also expected to fall in Syria and Turkey due to crop failure. Exports of Jeera between Apr-July 2014 stood at 58,000 tn, up 40% as against 43,898 tn between Apr-July 2013. (Source: Spices Board)


SOYABEAN
Weakness in International markets prevented any strong recovery for Soybean in the Futures markets even as overall Spot market sentiments remained firm. Improved International production forecasts had been keeping sentiments weak there. Traders expect downtrend to be limited how-ever as domestic demand is expected to improve in coming weeks for the good quality produce. Soybeans rebounded from the lowest price in more than a week after a government report showed increasing demand for supplies from the U.S., the world’s top grower.U.S. Oil seed production for 2014/15 is projected at 117.2 million tons, up 0.9 million from last month on increased soybean, peanut, and cottonseed production. Soybean production is forecast at 3,958 million bushels, up 31 million on higher yields. The soybean yield is projected at a record 47.5 bushels per acre, up 0.4 bushels mainly on gains for Iowa and South Dakota. Soybean supplies for 2014/15 are projected 1 percent above the October forecast. U.S. soybean exports for 2014/15 are raised 20 million bushels to 1,720 million reflecting the record pace of export sales through late October. Soybean crush is raised 10 million bushels to 1,780 million mostly due to increased soybean meal exports.



REFI. SOYA
Moderate recovery was noted for Ref Soy Oil as prices found some strong support at these lower levels. Short term trend likely to remain volatile as prices continued to find strong psychological Resistance at the 600 level. India imported 11.62 million tonnes of edible oil during Sep-Oct 2013/14 compared to 10.68 million tonnes during the same period previous season, stated the Solvent Extrac-tors' Association (SEA). India’s 2013/14 soyoil imports stood at 1.95 Mn T against 1.09 Mn T in 2012/14 season. Palm oil purchases were slightly lower at 7.29 Mn T against 8.29 Mn T last season. Sunflower oil imports were recorded at 1.51 Mn T against 0.97 Mn T in 2012/13. Reports on apprehensions of India considering raising import taxes on crude and refined vegetable oils to protect local farmers and the refin-ing industry kept trend firm in Indian markets .In order to improve realizations for farmers and to bring in transparency in soybean selling, the Madhya Pradesh government has introduced sample-based auction for the commodity. The pilot project will be implement-ed at Ujjain, one of the biggest mandis (wholesale agricultural markets) in Madhya Pradesh, and once the new system is found to be successful, it will be extended to 10 other mandis. The sample-based auction will not only save post-harvest losses, but also encourage farmers to produce fair average quality commodities that ensure better return on their yield. Madhya Pradesh has been the biggest producer of soybean.

RM SEED
No strong sentiments emerged for RMSeed as markets recovered moderately after the recent fall. A fall in other Oil complex kept pressurizing RMSeed rates also. Overall sentiments remained firm however as reports of lower sowing area, lower stocks in warehouses and high demand from stockists are likely to keep supporting the prices in the near term. Pick up in demand is expected in coming weeks that could check the falling market trend. Global rapeseed production is raised to 70.7 million tons on a record EU harvest. Gains for EU are partly offset by a reduction for Australia where dry conditions in the southeast have reduced yield prospects.Global sun flower seed production is reduced 0.4 million tons to 39.8 million on lower forecasts for Russia and Kazakhstan As per Ministry of Agriculture, Rajasthan area coverage in Rabi season 2014-15 till 30thOct 2014 was 9.07 lakh ha vs 11.88 lakh ha in 2013-14. The fall in area was due to high temperature in Oct and lack of rains. Farmer are reportedly shifting to Barley and Wheat. Crops also faced germination problem due to the high Temperature. Mustard area coverage in All over India is 18.64 lakh Ha during Rabi 2014-15 and 14.08 lakh ha in 2013-14, area coverage during Rabi 2014-15 is higher by 4.56 lakh ha com-pared to corresponding period of Rabi 2013-14


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