WEEKLY AGRI REPORT-10 Nov To 15 Nov 2014

Commodity Tips
Chana prices edged higher by 0.44% to Rs. 3170 per Quintal in future trade as speculators created fresh positions, supported by pickup in demand in the Spot market. At the NCDEX,Chana for delivery in December rose by Rs. 14 to Rs. 3170 per quintal with an open interest of 58,360 lots. Similarly, the commodity for delivery in November gained Rs. 13 to Rs. 3197 per quintal in 93,760 lots. Analysts said fresh positions built up by speculators after pickup in demand in the Spot market against restricted arrivals from the producing belts.

Soyabean prices firmed up by Rs63 to Rs3,304 per quintal in futures trading today as participants enlarged positions amid affirming trending global markets. At the National Commodity and Derivatives Exchange, Soyabean for delivery this month climbed by Rs63,or1.94%, to Rs3,304 per quintal in an open interest of 53,930 lots. On similar lines, the most-active December contracts spurted by Rs61, or1.85%, to Rs3,355 per quintal, with an open interest of 1,09,500 lots. Market men said affirming trend in international markets amidst tight supplies in domestic markets mainly influenced soyabean prices at futures trade here.

Turmeric futures are likely to trade higher in near term despite overall weak trend. Falling arrivals at Nizamabad in Telangana is seen to support prices of the yellow spice. As per market source, total production of turmeric in the current year is expected to be 35-37 lakh bags (1bag=75 kg) against 52 lakh bags last year. Traders mentioned that the crop in Nizamabad and Warangal is likely to decline to 17-18 lakh bags from 22 lakh bags projected last year. While the total crop size in Karnataka is estimated lower at 5 lakh bags from 7 lakhs bags in 2013-14.

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