WEEKLY AGRI REPORT-1 Sep To 6 Sep 2014

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Chana is holding steady, witnessing good buying around Rs 2900 per quintal mark in Delhi though standing pulses crop in the country is capping the upside for the commodity.Recent reports suggest that area under Moong and Urad has witnessed a good pick up in last few weeks. Good increase has been noted in overall pulses acreage after a poor start and the combined area now stands at 94.69 lakh hectares, down 8.1 lakh hectares over last year. The yields are likely to turn in a sound performance on supportive climate in Maharashtra and other key states though. This is likely to cap the Chana prices in near future.NAFED has issued tender to sell around 45000 MT Chana procured under Price Support Scheme, in Rajasthan. Chana futures fell on higher arrivals at major spot markets and as market sentiments about Kharif pulses output improved due to a pick up in the sowing despite a weak monsoon this year, however Chana, or chickpea, futures edged higher on Thursday due to profit booking of the week and some bargain buying as demand rose in spot markets due to the festivals.

Turmeric Sept futures recovered from lower levels on short coverings at lower levels. Prices have declined earlier this week on weak demand as well as higher sowing in Telangana.Huge carryover stocks also pressurized prices. Prices gained last week on reports of crop damage in Sangli due to heavy rains. Higher sowing in Telangana coupled with sluggish demand as well as huge carryover stocks may pressurize prices. However, crop damage in Sangli and overall lower acreage support prices at lower levels.

Jeera futures managed to close with nominal gains on short covering activities. Steady demand and improved arrivals limited the upside. The NCDEX Jeera for the September delivery ended the day at Rs 11,195, up Rs 10 or 0.09%. Demand remains steady in Jeera as traders eye the festive season though the overall trade remains thin. The supplies in Unjha stood at 6000 bags on thursday- higher than the 3000-4000 bangs seen over last few weeks. The arrivals had surged to 11000 bags on Wednesday. This is keeping the buying limited as traders are expecting prices to resume their downward journey in coming days.

Soybean futures eased as major growing areas in MP and Maharashtra received good rainfall. BMD palm oil futures slipped further as worries of plentiful supplies of rival edible oils alongside rising palm oil production and falling exports continued to pressure prices. Area under Soybean stands at 10.91 million ha, 10% lower YoY. Weak global cues and thin demand has taken a beating in ready oil market over last few days as the sowing improved. Market players are indicating that the weather is supportive though there is possibility of some rainfall in Madhya Pradesh over next one week. According to a latest update from the Solvent Extractors' Association of India (SEA). Import of soybean oil jumped to record level of 3,06,068 tones in July 2014, (increased by 30% to from previous year at the same period) the highest in
any single month since import opened up in OGL in 1994, SEA noted. U.S. soybean futures were mixed with the nearby September contract rising on a round of short-covering after prices dropped to four-year lows on Tuesday. Further, the reports of disease SDS (Sudden Death Syndrome) popping up in soybean crop in areas of the US Midwest might limit the fall in prices. Tight nearby supplies also lent support to the September contract as processors were having trouble finding enough soybeans to produce soy meal. Prices this season are near the four year lows and this could be a trigger for robust exports this year. A U.S. Agriculture Department report on Thursday morning was expected to show new- crop export sales of soybeans were between 750,000 to 1.1 million tons in the latest week.The USDA crop progress report showed 70% of the crop is in good or excellent conditions, down by 1% week/week. The soybean setting pods is reported at 90% up by 7% week/week.

Castor seed futures ended marginally higher but corrected from intraday highs as expectations of a 15% higher acreage this season limited the upside. Castor seed sowing stands at 7.31 Lakh ha, higher by 2.41 Lakh ha compared to same period during Kharif 2013.

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