WEEKLY AGRI REPORT-16 June To 21 June 2014

Chana Futures on NCDEX moved higher on talks that buying interest from millers and stockists could be seen at lower levels. Volumes improved compared to previous trading week.Yellow pea and Masoor continued its downward moment um on expectation of higher supply.As per the 3 rd Advance estimates from Ministry of Agriculture production of Gram (Chana) is forecasted to be 9.93 million MT in 2013-14 compared to 9.79 million MT (2 nd Advance estimates) and 8.83 million MT in 2012-13. They added that total Pulses production is forecasted to be 19.57 (3 rd Advance estimates) vs. 19.77 million MT (2 nd Advance estimates)and 18.34 million MT in 2012-13. According to Directorate General of Commercial Intelligence and Statistics (DGCIS), Indian imports of Pulses was seen at 2,882,374 MT April 20 13-February 2014 period compared to 3,531,962 MT seen during the same time last year. Data also showed that total Pulses imports in February 2014 were 243,306 MT vs. 164,718 seen in February 2013.


Indian soybean futures ended flat on profit-taking, while soyoil and rapeseed rose,tracking gains in overseas palm oil prices. Oilseeds and soyoil futures are likely to open higher in next session on concerns over the production of summer-sown crops due to forecast of lower rainfall. India's monsoon is expected to bring below-average rainfall this year, with precipitation between June and September seen between 90 and 96 percent of the long-term average.Monsoon rains in India were 48 percent below average levels in the week to June 11, data from the weather office showed on Thursday, reflecting the late onset of the annual rains over the southern Kerala coast.Prices fall on CBOT weak exports data which declined by 31 % to 147,100 MT from previous week as reported by USDA last evening. US soybean planting is reported at 87% by 8 Jun which is above 6 points from 5 year average and also ahead from 78% during the same period last year. Soybean emergence is reported at 71% higher than 5 year average of 62% and above 50% during the same period last year. Soybean crushing for 2013-14 is raised by 5 million tons to 1700 million bushels reflecting an increase in soy meal exports which is projected to increase by 0.4 million tons at 11.5 million short tons. Global oilseed production for 2014-15 is projected higher by 0.8 million tons to 516 million tons from last month. According to the trade sources, demand for soybean seed is witnessed from farmers’ ahead of sowing. This year the soybean seed prices went up due to unavailability of quality seeds in the market.Soya oil Prices gained support from increase in palm oil prices. The latest weekly export sales data released last evening showed a noticeable increase in net sales to 71,800 MT from previous week. However, exports were down by 34 % to 4,500 MT from previous week. Chinese soybean imports stood at 5.97 million tons in May, down 8.2 percent from April. Market participants are expecting that soybean shipments could fall again in June, due to severe supply glut and negative crush margin. Mustard meal exports by 9 % to 95,847 MT from the same period last year. However, exports fell by 24 % from April because during summer season the demand for mustard oil cake is low.


Turmeric futures surged on robust demand in the spot market amid dwindling supplies. Futures are likely to extend gains next week on concerns over next year's output due to expected patchy rainfall. As per market source, sowing of turmeric has started in major producing states and is likely to gather pace by mid June. Meanwhile, as per the latest report from Andhra Pradesh Horticulture Department, production of turmeric in the state for this year is seen declining by 11 percent to 1.02 million tonnes, as against last year.


Indian Castor seed futures closed higher. Rupee ended higher. Prices rose on reports of good demand from domestic mills amid export demand for Castor oil. Lower output this season compared to last year is seen as supportive. According to Reuters, Castor seed arrivals on Wednesday at Rajkot were 60,000 – 61,000 75 Kg bags versus 65,000 – 66,000 on the previous day. According to the 3 rd Advance estimates, India’s 2013-14 Castor seed crop output is at 1.64 million MT vs. 1.96 million MT in the previous year. According to a crop survey by SEA, India’s 2013-14 Castor seed crop output is at 1.12 million MT vs. 1.34 million MT in the previous year.Castor Seed stocks in NCDEX Warehouses as of 12 June 2014 is 151500 MT.

For more detail contact us: 0731-6790000,6669900 
Click Here: capitalstars.com


No comments:

Post a Comment