Friday 7 November 2014

Chana Futures May Trade on Positive Note

Chana futures are expected to trade on a positive note today. Good demand,increased MSP, and declining arrival pressure may continue to lend support to the prices.

 Commodities report on agricultural commodities

Chana:-

Chana futures traded on a mixed note on Wednesday. Prices opened lower on profit taking. However, prices recovered from lower levels towards the end of the session on good demand and settled unchanged. Prices have gained over the last few days on slow start to the rabi pulses sowing. However, ample supplies of chana, imports of yellow peas and arrival pressure of kharif pulses capped sharp upside movement in the prices. The CCEA has set MSP for 2014-15 at Rs. 3175/qtl from Rs. 3100 last year Prices have declined over the last few months on sluggish demand in the physical markets coupled with record chana output in 2013-14. According to the Ministry of Agriculture, sowing of rabi pulses as on 31st October stands at 7.84 lakh ha as against 6.66 lakh ha last year. Sowing of kharif pulses stood at 10.23 mn ha as against 10.91 mn ha last year. CCEA increased the MSP of tur and urad by Rs.50 to Rs.4,350 each, while the MSP of moong was increased by Rs.100 to Rs.4,600/qtl. The 4th Advance Estimates pegged total pulses output for 2013-14 at 19.27 mn tn, up from 18.34 mn tn earlier. 1st advance estimates have pegged kharif pulses output at 5.2 mn tn, down from 6.02 mn tn last year.Total area covered under Rabi Pulses 2013-14 stood at 161.9 lakh ha as against 152.65 lakh ha last year. Chana sowing stood at 10.21 mn ha compared to 9.51 mn ha in the previous year. 

Demand supply scenario:-

Supplies of Chana since past two year have been ample as the country reaped bumper Chana output in 2012-13 season. For 2013-14 too, the government in their fourth advance estimates has projected record output of at 9.88 mn tonnes in the Rabi season. Chana would however, continue to retain the tag of largest produced pulse crop in India holding a lion’s share of 48-50 percent in total Indian Pulses production. According to India Pulses and Grains Association, Apr-Dec’13 stood at import 2.4 mn tn vs 2.8 mn tn last year. In value terms, India imported $2.3 billion of pulses in 2012-13, almost 28% higher over $1.85 billion in the preceding year. However, imports in 2013-14 season may decline 11% to 3.2 mn tn on expectations of higher output. According to APEDA, Pulses exports from India between Apr-June ’14 declined 20% to 77,430 tn as against 96,933 tn between Apr-June ’13.

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