WEEKLY AGRI REPORT-28 July To 2 Aug 2014

CHANA
Chana futures ended flat as delayed sowing of Kharif pulses due to delayed rains supported the prices, though higher arrivals at major spot markets restricted the upside. Chana,or chickpea, futures supported by lower area under summer-sown pulses due to delayed rains. According to the Ministry of Agriculture, sowing of kharif pulses as on 18th July stand at 2,158,000 ha against 5,418,000 ha.. Sowing of Tur, Urad and Moong stand at 973,000 ha,362,000 ha and 476,000 ha respectively. Revival of monsoon and improvement in sowing of kharif pulses may check the upside and pressurize prices at higher levels. Improving demand in the physical markets especially from the millers as well as lower kharif pulses sowing till date may lend support to the prices. On 24th July, the southwest monsoon was vigorous over most parts of Gujarat and Maharashtra and active over West Madhya Pradesh.

TURMERIC

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

SOYBEAN & SOY COMPLEX
Indian oilseeds and soy oil futures dropped following weakness in overseas markets and on sluggish exports of soy meal. Chicago new-crop soybeans edged lower, giving up some recent gains struck on concerns over dry U.S. weather and strong end-user demand, but may find support from forecasts for less rain. Soybean net sales for 2013-14 were reported at 2.27 Lakh MT, noticeably higher than 33700 sold in previous week. Whereas, sales for 2014-15 were reported at 24.51 Lakh MT. Exports during the week were at 1.63 Lakh MT, 72% higher than previous week and up 59% from prior 4-wek average. Taking cues from strong exports data, CBOT Soybean futures bounced off after falling to lowest levels in two and half year.

JEERA
Jeera August futures traded on a negative note on weak demand as buyers are waiting for lower levels to initiate fresh buying. Record output and huge carryover stocks capped 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. 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. Production is also expected to fall in Syria and Turkey due to crop failure. Weak demand coupled with comfortable supplies may keep prices under downside pressure. However, a pickup in the overseas demand may be seen at lower levels.

SUGAR

Indian sugar futures fell and are expected to trade slightly weaker due to ample supplies in the local market and lower-than-expected demand. However, dealers expect local demand to improve from August as India will celebrate festivals like Raksha Bandhan, Janmashtami and Ganesh Chaturthi.

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