Jeera settled down -1.31% at 11275 as the on-going rains in Gujarat have adversely affected the trading activities in mandis pressurized the prices. However with exports expected to pick up in coming weeks, the downtrend may be limited. In Delhi estimated market supply was at 9000 quintals, higher by 1000 quintals from previous day's arrivals. In Rajkot total arrivals are at 480 quintals, down by 520 quintals from previous day's arrivals.

Comfortable supplies on the back of record output along with good carryover stocks amid weak demand is limiting the upside in prices. Traders are expecting that exports of the commodity should rise in coming months amidst reports of lower production in Turkey and geopolitical crisis Syria. As per the latest data release by Gujarat Agriculture Board, the total sowing acreage of Jeera in the state has been increased by 1.05 lakh hectares from the last year to reach 4.54 lakh hectares due to favorable weather conditions and strong export demand in local mandies.

Sources estimated that the total production of the Jeera is likely to increase by 10 lakh bags to reach around 46 lakh bags in the current year. The strong carryover stocks in local mandies also added selling in Jeera market as traders estimated that around 5-6 lakh bags of Jeera has been reported in major producing areas , up almost 2-3 lakh bags from the previous year. Technically market is under fresh selling as market has witnessed gain in open interest by 0.33% to settled at 5427 while prices down -150 rupee, now Jeera is getting support at 11211 and below same could see a test of 11148 level, And resistance is now likely to be seen at 11376, a move above could see prices testing 11478.

Trading Ideas:

Jeera trading range for the day is 11148-11478.

Jeera prices dropped as the on-going rains in Gujarat have adversely affected the trading activities in mandis pressurized the prices.

However with exports expected to pick up in coming weeks, the downtrend may be limited.

NCDEX accredited warehouses jeera stocks dropped by 251 tonnes to 456 tonnes.

In Unjha, a key spot market in Gujarat, jeera remains unchanged at0 rupees to end at 11651.55 rupee per 100 kg.