WEEKLY AGRI REPORT-21 July To 26 July 2014

Chana, or chickpea, futures ended higher helped by bargain-buying, though ample supplies and weak demand kept the upside limited. Chana August futures traded on a mixed note on Thursday. Profit taking at higher levels and expectations of revival of the monsoon in the coming days capped kept prices under check. However, improved buying coupled with demand from the millers, declining arrival pressure and lower kharif pulses sowing till date supported prices. According to the Ministry of Agriculture, sowing of kharif pulses as on 11 th July stand at 1,346,000 ha against 4,316,000 ha.

Turmeric August futures continued to traded on a mixed note on expectations of revival of monsoon coupled with weak demand in the physical markets on the back of poor quality crop arrivals and huge carryover stocks. However, lower acreage this season and weak monsoon supported prices at lower levels.

Indian soy oil and soybean futures rose, in line with global markets and also on concerns about delayed sowing of soybeans in the central India due to subdued rainfall. Malaysian palm oil edged higher after sliding to its lowest since September and falling for a third straight week as expectations of ample global supplies of oilseed and slowing exports pressured the market.Although monsoon has picked up in the past few days, rains were 15 percent below average in the past week, weather office data showed.CBOT Soybean Aug futures traded on a negative note record high sowing coupled with favorable weather and expectations of a record high output. Soybean planting in the US is complete at 84.839 mn acres higher than the planting intention report forecast record high 81.493 mn acres. Good to excellent condition remained s table at 72%.

Jeera Aug futures traded higher on Demand from the domestic as well as overseas buyers coupled with declining arrival pressure support prices. However, record output along with huge carryover pressurized prices at higher levels. 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.Geo-political tensions in Syria and Turkey have led to a supply crunch in the global markets raising supply concerns from the two major exporting countries. Export orders are diverted to India. Productionis also expected to fall in Syria and Turkey due to crop failure. Exports of Jeera between Apr-Dec 2013 stood at 96,500 tn, up 89% as against 50,944 tn between Apr-Dec 2012.According to IBIS India’s Jeera exports have crossed 1, 00,000 tonnes till Feb’14. Production of Jeera in 2013-14 is expected around 45-50 lakh bags (55 kgs each), higher than 40-45 lakh bags last year. Domestic as well as overseas demand coupled with declining arrivals may support prices. However, comfortable supplies may cap the upside movement.

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