Jeera on NCDEX settled down -1.71% at 18070 on reports of higher sowing at the producing belts of Gujarat. Jeera sowing in Gujarat and Rajasthan have started. As on now, Gujarat farmers have planted jeera in 1, 41,100 hectares, up by 122.5% compared to last year acreage. The stock position in NCDEX warehouse is at lower level compared to last year stocks. As on 29- Nov-2016, new Jeera stock position at NCDEX approved warehouses in Jodhpur and Unjha is totaled at 141 tonnes while it was 219 tonnes last week. Last year stocks were about 5,633 tonnes. According Department of commerce data, the exports of Jeera in the first five months (Apr-Aug) of 2016-17 is recorded at 60,907 tonnes, higher by 62% compared to same period last year. The exports of jeera during August 2016 increase 65% m/m to 9,003 tonnes while there is also increase exports y/y by 65.7% At Rajkot market in Rajkot(Guj.), estimated market supply was at 450 quintal, up by 240 quintal as compared to previous day. At Unjha market in Mehsana estimated market supply was at 5000 quintals, down by 1000 quintals from previous day's arrivals. Sowing of jeera commenced on a stronger note in Gujarat due to record prices during the marketing year of 2016-17. According to latest data, sowing in Gujarat, top grower of jeera, was at 991 hectares compared to 174 hectares last year. Technically market is under fresh selling as market has witnessed gain in open interest by 2.66% to settled at 3819 while prices down -315 rupee, now Jeera is getting support at 17948 and below same could see a test of 17827 level, And resistance is now likely to be seen at 18263, a move above could see prices testing 18457.

Trading Ideas:

Jeera trading range for the day is 17825-18455.

Jeera prices dropped on reports of higher sowing at the producing belts of Gujarat.

Gujarat farmers have planted jeera in 1, 41,100 hectares, up by 122.5% compared to last year acreage.

NCDEX accredited warehouses jeera stocks gained by 6 tonnes to 141 tonnes.

In Unjha, a key spot market in Gujarat, jeera edged down by -123.2 rupees to end at 18762.5 rupee per 100 kg.