4 Jan 2012:
Chana futures are likely to be supportive in the
near term in the wake of waning sowing progress of rabi
pulses in major producing states along with steady
prices of imported pulses in domestic market. As per
latest release from Ministry of Agriculture, the total
sowing acreage of rabi pulses was registered at 138.50
lakh hectares as on 30th December 2011, down 1.80 lakh
hectares from the last year in the same period. This was
mainly on the account of weak sowing in Gujarat and
Karnataka. The spot prices of Australian and Tanzania
chana were reported at Rs 3500 and 3550 per quintal
respectively at Mumbai port.
Prospects for rabi crops for 2011-12 look bright despite
inconsistent weather in some parts of the country,
according to a latest update from the Ministry of
Agriculture. All efforts are being made to achieve the
targeted production of 245 million (24.5 crore) tonnes
of food grains during 2011-12. Currently observed trends
in crop area and crop health indicate that the country
may have another year of record production. As per the
1st advance estimates, production of food grains
(covering only kharif crops) during 2011-12 is estimated
at an all time record level of 123.95 million (12.395
crore) tonnes mainly due to increase in production of
rice in the country. Considering such a scenario, the
government has already initiated steps to open up
exports in a few key commodities. Export of cotton
has been put under OGL effective from 1.10.2011. In view
of comfortable stock position of wheat and rice, the
Ministry recommended lifting of ban on export of these
commodities. Export of wheat, prohibited since October
2007, has been allowed under OGL since September 2011.
As per latest release from cargo surveyor SGS (Malaysia)
Bhd, Malaysia's palm oil exports declined to 1.49
million metric tonnes in December, down of 3.3% from
November.
8 Dec 2011:
Indian Oilseeds futures spurted on Wednesday on
short covering triggered by strong global cues. The most
active December contract on NCDEX ended the last day up
by 1.10% or Rs 7.10 at Rs 649.20 per 10 kg and the open
interest dipped 2.09% to 66280 tonnes, indicating short
covering. Despite the strong technical cues, the
domestic oilseed futures may ease on the back of weak
Malaysian CPO futures and weak e-CBOT soya Oil. The
December Soya Oil on NCDEX is likely to find support at
Rs 647.20, Rs 644.50 while resistance is at Rs 651.50,
Rs 653.50 per 10 kg. US soy futures ended slightly
higher on Wednesday, bucking the downward trend in
grains, as dry Argentina forecasts underpin prices. CBOT
January soy ends up 1 1/2c at $11.31/bushel. soyoil
adding 0.26c to 50.24c/pound.The e-CBOT December Soya
Oil is currently quoting lower at 49.75, down 0.49 cents
per pound. The Malaysian CPO futures slipped with the
most active February contract is currently quoting lower
at MYR 3100, down MYR 19 per tonne over the last day.
USDA report is due on Friday.
9 Nov 2011:
Wheat futures surged more than 1% today on the heels
of possible decline in rabi production of wheat crop in
major producing states. As per market sources, the total
wheat production in major producing states, Punjab and
Haryana in is likely to decline marginally by 3% to
273.20 lakh tonnes in 2011-12 rabi season. This is due
to possible decline in total sowing acreage as farmers
were not satisfied with marginal hike in wheat's minimum
support price ( MSP) by government for the current year.
The MSP of wheat for the year 2011-12 has been fixed at
Rs 1,285 per quintal by government compared to Rs 1,170
a quintal fixed in the previous year. But farmers argued
that current hike will not able to meet their rising
input cost. Moreover, Commission for Agricultural Costs
and Prices (CACP) had also recommended MSP of Rs 1,350
per quintal for wheat for the current year. Therefore,
marginal hike in wheat MSP might discourage the strong
sowing acreage of wheat crop in the current year.
Consequently, the future prices of wheat NCDEX December
Benchmark contract increased by Rs 13 per quintal , to
trade at Rs 1187 per quintal today.
7 Sep 2011:
As per latest release from Haryana Food and Supplies
Minister, more than 33.46 lakh metric tonnes of paddy
has so far arrived in the mandis of Haryana on November
6, 2011 as compared to over 27.20 lakh metric tonnes
arrived during the corresponding period last year. The
data revealed that the total arrivals of over 27.58 lakh
metric tonnes of paddy had been purchased by the six
procuring agencies and rest by the millers. Over 9.77
lakh metric tonnes of produce had been purchased by Food
and Supplies Department and over 9.70 lakh metric tonnes
by HAFED and Food Corporation of India procured 160
metric tonnes of paddy.
As per latest release from COOIT (Central Organisation
for Oil Industry Trade ), India's groundnut production
is estimated at 41.75 lakh tonnes in the current year,
up marginally by 1.83% compared to last year. This is
mainly due to weak production estimates from Gujarat and
Andhra Pradesh. As per latest release from COOIT
(Central Organisation for Oil Industry Trade ), India's
soybean production is pegged at 115 lakh tonnes in the
current year, up 21.05% compared to last year. This is
mainly due to strong production estimates from Rajasthan
and Maharashtra.
Moneyline offers highly effective Intraday & Long term Agro trading tips, News on Food grains production and supply, agriculture, agro-commodities, wheat, rice, corn, CBOT, NCDEX, Latest news on oilseeds, edible oil industry, Production, exports and oilseeds acreage, The world of pulses, Agri-commodities, food supply, nutrition, food security, All news on spices like pepper, cardamom, Cumin seed, chilli, turmeric, Plantations. Services in Agro trade advisory include Agro Commodity Trading Tips, NCDEX Tips, NCDEX & MCX Agro Tips, Agro Market Tips, Soybean, Agro News & articles, Spices, Agro Futures & Charts, News on export and import of pulses & Farming Data.
