AGRI REPORT BY CAPITAL STARS-23 Sep 2014
Turmeric futures rose on bargain buying after hitting a contract low earlier in the day on expectations of higher production. The key October contract closed 0.92 percent higher at 5,924 rupees per 100 kg, after falling to 5,822 rupees earlier in the day.
Indian soybean futures fell on Monday to their lowest level in over 13 months on sluggish exports demand for soymeal and a drop in overseas prices, while soyoil and rapeseed slid,following weakness in Malaysian palm oil prices. Indian soymeal exports plummeted in August and are expected to remain weak until the year-end when the new crop arrives. The key October soybean contract on the National Commodity & Derivatives Exchange closed 2.5 percent lower at 3,039 rupees per 100 kg, after falling to 3,024 rupees earlier in the day, the lowest level since Aug. 16, 2013.
Chana, or chickpea, futures hit a contract low on poor demand in spot markets and on hopes of bumper production of the winter-sown crop due to heavy rainfall in the top producing state of Madhya Pradesh. The October contract closed 1.55 percent lower at 2,787 rupees per 100 kg,after hitting a contract low of 2,776 rupees earlier in the day.
Jeera, or cumin seed, futures eased on prospects of higher output due to good rainfall in top producing Gujarat state. The key October contract closed down 0.38 percent at 10,620 rupees per 100 kg.
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