WEEKLY AGRI REPORT-29 Sep To 4 Oct 2014

Commodity Tips
CHANA
Chana futures traded lower on NCDEX on account of sluggish demand in the spot markets amidst hopes of higher output from the major producing belts. However, news of the withdrawal of monsoon rains from some parts of the western region, capped some losses in chana prices to some extent. Stock position of Chana at NCDEX approved warehouses as on 24 September 2014 was 71,996 MT. Decline in arrivals in the spot markets due to major mandis being closed supported the upside. Chana delivered at NCDEX approved warehouses during September 2014 was 12,310 MT. As per the 1st Advance Estimates from Ministry of Agriculture production of Kharif Pulses is forecasted to be 5.20 million MT in 2014-15 compared to 6.02 million MT (4th Advance estimates) and 5.91 million MT in 2012-13.According to Directorate General of Commercial Intelligence and Statistics (DGCIS), Indian imports of Pulses were 756,321 MT during April-June 2014. This is slightly higher compared 749,808 MT during April-June 2013. Imports were 286,780 MT in June 2014 compared to 260,876 MT in June 2013. According to the Ministry of Agriculture, sowing of kharif pulses as on 18th September stands 7.1% lower at 10.01 mn ha as against 10.77 mn ha last year.

TURMERIC
Turmeric Oct futures traded on a positive note on Friday on short coverings and lower level buying. Prices have declined on weak demand, higher sowing in Telangana and huge carryover stocks. Sowing of Turmeric in AP for the 2014-15 season is reported at 0.12 lakh ha,as against 0.1 lakh ha last year and a normal sowing of 0.14 lakh ha. The area in Telangana stood at 0.446 lakh ha against 0.43 lakh ha last year.

CASTOR SEED
The latest data release by Ministry of Agriculture stated that castor seed kharif oilseeds have been sown only on 5.52 lakh hectares i.e. Almost 95 percent area under castor seed has been covered so far. This was mainly due to strong sowing in Gujarat. Latest data show that total area is now at 9.91 lakh ha. against 9.73 lakh ha last year in corresponding period. Area in Gujarat has reached at 6.93 lakh ha against 5.21 lakh ha. last year. However, Rajasthan is lagging behind at 0.43 lakh ha from last year.

SOYBEAN & SOY COMPLEX
Indian soyoil futures witnessed short-covering for the third session in a row as on thursday, taking cue from rival palm oil futures and supported by festival season demand.However some profit booking noticed at higher levels on Friday. Malaysian palm oil futures stretched gains into a third day to hit their highest in more than six weeks, buoyed by robust demand and expectations that output would drop this month. Most of the mandis’ across MP remained close on account of Navratri festival so limited trading activities witnessed in the spot front. According to the first Advance Estimates for 2014-15 released by Department of Agriculture & Cooperation, soybean production may fall to 11.82 million tons marginally lower than the last year levels due to erratic rainfall over key producing regions. Meanwhile, the new crop conditions were reported to be excellent with good amount of moisture in the soil supporting the crop yield.On Friday, CBOT Soybean November futures traded on continuing bearish trend. Despite positive exports sales data reported previous day the market remained bearish owing to favorable weather conditions for harvest progress which kept the market under pressure.Moreover, favorable planting conditions in areas of Brazil also kept the market sentiments bearish. The latest USDA weekly export sales report showed an increase in net sales by 75% at 2,565,600 MT and export increased noticeably at 415,500 MT. Most of the exports and net sales were reported from China. USDA released first crop harvest report of this season which showed 3% of the overall area is harvested, unchanged from the same period previous year while 5 percentage points behind five years average. In the states of Arkansas, Louisiana and Mississippi the progress of harvest is going on a good pace and it exceeded the five yearsaverage. Significant harvest progress was limited to the Mississippi Delta, but soybean harvest had begun in several Midwestern States.Exports of Malaysian palm oil products for September 1-20 rose 21.2% to 996,065 tonnes from 822,026 tonnes shipped during August 1-20, according to cargo surveyor Intertek Testing Services. In August 2014, Malaysian CPO production increased by 22% at 2031750 MT from previous month. While stockpiles increased by 26.7% to 1134310 MT compared to last month. India and subcontinent imported 351,550 tons of palm oil products from Malaysia, up 26,151 tons compared to same period of last month.

Get Free Share Market Tips, MCX Tips Free Trial, NCDEX Tips, Commodity Tips, Nifty Futures Tips with profitable calls and tips..
Commodity Tips

0 comments: