India chana seen down on imports; guar on rainfall

MUMBAI, July 3 (Reuters) - India chana futures are likely to open steady with a negative bias on Friday due to higher stocks at exchange warehouses and imports of cheaper yellow peas by government agencies, analysts said.

India's National Agricultural Co-operative Marketing Federation (NAFED) on Wednesday floated a tender to sell 66,400 tonnes of imported Canadian yellow peas to Indian buyers, the state-run company said on its website (www.nafed-india.com).

Indian traders are using imported yellow peas as a cheap substitute for chana.

Stocks at the National Commodity and Derivatives Exchange warehouses have more than doubled in past two months to 81,447 tonnes, according to the latest exchange data.

The July futures contract NCHN9 ended up 0.32 percent at 2,171 rupees per 100 kg in the previous trading session.

But hopes demand will pick up in coming weeks and firm prices of summer-sown pulses due to a delay in sowing may limit the losses, they said.

GUAR:

India guar seed futures may trade lower on rains in Rajasthan, a key producer, analysts said.

However, estimates of a 10 percent fall in acreage may limit losses, analysts said.