CHANA ......................
Chana May futures traded on a
positive note on lower arrivals coupled with lesser than expected quantity
marked for delivery in the April contract and settled 0.57% higher. Forecast of
rains in Madhya Pradesh coupled with Skymet’s forecast of below normal rains
and 25% chances of drought and in the 2014 monsoon season further supported an
upside in the prices. Prices declined over the last few days on rising stocks
on the exchange ware houses coupled with sluggish demand and increasing
arrivals of the new season crop. Procurement of the pulse by NAFED is going on
in major producing states such as Maharashtra and Karnataka since February,
while procurement in MP has commenced since the start of this month.
Procurement in Rajasthan by the NAFED has been delayed on the back of poor
quality. Industry estimates of Chana (Chickpea) production is expected to be
much lower at 6.50 million MT compared to government estimates at 9.79 million
MT.
SOYABEAN & SOY COMPLEX ................
Soy futures eased on
profit-taking, tracking rival palm oil prices. Palm oil futures on the Bursa
Malaysia Derivatives eased on Thursday for the first time in five days as
investors banked profits. Indian oilseed complex prices traded higher this week
on gains in overseas prices amid weaker Rupee. India exported 223K MT of Soy
meal and 95K MT of RMmeal in March vs. 183K MT of Soymeal and 82K MT RM meal in
February.
CBOT Soy complex prices traded higher on continued concerns that
strong domestic and export demand may lead to further tightening of US Soy
supplies. Importers in China, may default on as much as 2 million MT of
shipments, according to the US Soybean Export Council’s Beijing office.
TURMERIC
Turmeric futures traded higher
on NCDEX on the back of fresh positions built-up by speculators after demand
picked up in the spot market from Indian and overseas markets. Moreover,
limited stock position following restricted arrivals from major producing areas
also influenced the yellow spice price in future trade. However, the uptrend
may be limited due to huge carryover stocks.
DHANIYA ..................
Coriander futures lost previous
gains and tumbled. Supply squeeze story is losing appeal. Massive crop in
saurashtra would eventually drag market down. Coriander future are seen trading
higher on lower production estimates and limited carryover stocks. Delay in new
crop arrivals in kota and baran markets also supported coriander prices. As per
market sources, around 26722 hectares under coriander in baran district is
reported to have been damged. In jhalawar 25296 hectares got damaged out of
52400 hectares and in kota 23495 hectares.
JEERA .................
Jeera future ended higher on
expectation of higher exports due to crop failure in Syria and turkey. The
geopolitical tension on Syria and turkey have led to supply crunch in global
markets. However, weakness is expected to continue in jeera on back of strong
production estimates for current year and sufficient stocks in physical market.
MENTHA OIL .............
Mentha Oil
traded sideways as short covering at the lower levels supported the falling
rates. Low activities in mandis due to the ongoing Elections in UP have kept
demand on the lower side. Reports of lower crop sowing had been there. But low
demand and high stocks limited the uptrend. With prices having fallen a lot
over last few months, some short term recovery is not ruled out as domestic and
export demand has started rising. Exports and domestic pharmaceutical
Industries demand are likely to rise in coming weeks. Banning of Gutka in some
states continues having negative impact on Mentha Oil demand. Latest reports
from Spice Board indicate that for the period April-November last year, exports
for Mint value added products like Oil, Mentha oil and its crystals rose 129%
in volumes at 15,850 and 62% in value at Rs 1975 Cr w.r.t. same period the
previous year.
