NCDEX DAILY Newsletter (22-0CT- 2013)
AGRI COMMODITY DAILY WRAP UP‌..!!!! Chana consolidates around one month high Spot Chana prices are consolidating around one month high in Delhi today though a recovery in supplies did not bring in much gains for the prices. Good demand in ready daals market is supporting Chana. Spot prices in Delhi are quoting at Rs 3120/25 per quintal- down marginally on the day. The arrivals in Delhi stayed accommodative, coming in at 40 trucks today after 50 trucks yesterday. The supplies have hovered in the range of around 30/40 trucks per day in last few weeks. Good demand is seen in Urad and Moong The Kharif pulses arrivals are being eyed and Moong and Urad supplies have started gaining pace in Rajasthan. Stockists demand is emerging in almost all ready pulses right now. The progress on the kharif pulses harvest front is impressive. As per latest release from Ministry of Agriculture, the acreage under pulses has gone up by 15.28per cent to 101.81 lakh hectares. This is mainly due to strong sowing of Tur and Urad in Maharashtra. The total output of chana is likely to be 8.57 million tonnes in the current year. This marks a gain of 11.29per cent compared to the last year's production of 7.57 million tonnes. Rabi Pulses output is likely to be 12.09 million tonnes, up 9.61per cent on the year.
Castor seed recovers Castor seed futures recovered from the lower levels on the account of fragile sowing progress in the current year along with strong castormeal export demand. The NCDEX futures swelled by Rs 33 per quintal today. As per the latest release from Ministry of Agriculture, the total sowing acreage of castor seed was reported at 9.84 lakh hectares as on 03rd October 2013, down 0.67 lakh hectares from the last year in the same period. This was mainly on the account of poor sowing acreage in Andhra Pradesh and Gujarat. The market sources suggested that most of the Andhra Pradesh farmers have been shifted towards other remunerative crops like maize in the current year. Similarly, most of the cultivators in Gujarat are moving towards mustard seed crop during the upcoming rabi season.The futures prices were also well supported by strong castor meal export demand. The latest compiled by SEA of India revealed that the exports of castor meal during the September 2013 reported strong gains over 480 per cent t o reach 0.58 lakh tonnes against 0.10 lakh tonnes of the previous year.The NCDEX November Benchmark futures increased by Rs 33 per quintal today to settle at Rs 3,694 per quintal. The NCDEX futures added 9.60 per cent in open interest indicating fresh buying by traders and stockiest.
2|Page WWW.EPICRESEARCH.CO CALL: +917316642300