WEEKLY AGRI REPORT-2 June 2014 To 7 June 2014
CHANA
Chana futures traded higher on NCDEX on concerns over production of summer-sown pulses.Further, rising demand in the spot market against tight arrivals from the major producing belts too supported chana prices. Chana, or chickpea, futures rose on higher demand. The 3rd Advance Estimates pegged total pulses production for 2013-14 at 19.6 mn tn, marginally lower from 19.8 mn tn earlier which supported prices at lower levels. According to APEDA, Pulses exports (kabuli chana) between Apr-Feb’ 14 rose 228% to 517,095 tn as against 157,799 tn between Apr-Feb’ 13.
SOYABEAN & SOY COMPLEX
Indian soybean and soyoil futures fell on Friday, in line with global markets where palm oil futures dropped to an over seven-month low, recording their biggest monthly loss in nearly two years. Palm dropped nearly 8 percent in May in its largest monthly decline since September 2012, hurt by a stronger ringgit and an expected rise in supply. Mustard meal export surged 132% to 125,872 tn in Apr ’14 compared to 54,077 tn in Apr ’13. Sowing of mustard seed in 2013-14 stood at 7.13 mn ha as against 6.73 mn ha last year. According to NOPA, Soy oil stocks increased to 2.058 bn lbs from 2.023 bn in March and forecast of 1.990 bn lbs.
TURMERIC
Turmeric futures traded higher on NCDEX on the back of fresh positions built up by speculators,driven by rise in exports demand in the spot market. Moreover, limited stocks position in the physical market followed by tight supplies from producing region also supported the upside and concerns over the next year's output due to forecasts of lower rainfall restricted the downside.
JEERA
Jeera futures traded with a positive bias on Thursday on short coverings and settled 0.14% higher. However, arrival pressure capped sharp gains. Prices declined last week on the back of comfortable supplies in the physical markets on record output as well as huge carryover stocks.Higher arrivals also added to the downside pressure. 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.
Chana futures traded higher on NCDEX on concerns over production of summer-sown pulses.Further, rising demand in the spot market against tight arrivals from the major producing belts too supported chana prices. Chana, or chickpea, futures rose on higher demand. The 3rd Advance Estimates pegged total pulses production for 2013-14 at 19.6 mn tn, marginally lower from 19.8 mn tn earlier which supported prices at lower levels. According to APEDA, Pulses exports (kabuli chana) between Apr-Feb’ 14 rose 228% to 517,095 tn as against 157,799 tn between Apr-Feb’ 13.
SOYABEAN & SOY COMPLEX
Indian soybean and soyoil futures fell on Friday, in line with global markets where palm oil futures dropped to an over seven-month low, recording their biggest monthly loss in nearly two years. Palm dropped nearly 8 percent in May in its largest monthly decline since September 2012, hurt by a stronger ringgit and an expected rise in supply. Mustard meal export surged 132% to 125,872 tn in Apr ’14 compared to 54,077 tn in Apr ’13. Sowing of mustard seed in 2013-14 stood at 7.13 mn ha as against 6.73 mn ha last year. According to NOPA, Soy oil stocks increased to 2.058 bn lbs from 2.023 bn in March and forecast of 1.990 bn lbs.
TURMERIC
Turmeric futures traded higher on NCDEX on the back of fresh positions built up by speculators,driven by rise in exports demand in the spot market. Moreover, limited stocks position in the physical market followed by tight supplies from producing region also supported the upside and concerns over the next year's output due to forecasts of lower rainfall restricted the downside.
JEERA
Jeera futures traded with a positive bias on Thursday on short coverings and settled 0.14% higher. However, arrival pressure capped sharp gains. Prices declined last week on the back of comfortable supplies in the physical markets on record output as well as huge carryover stocks.Higher arrivals also added to the downside pressure. 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.
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