March 14, 2012 / 1:32 PM / 5 years ago

AGRI WRAP- India soybean hits record high;pepper falls

MUMBAI, March 14 (Reuters) - India's soybean futures hit a record high on Wednesday tracking a rally in overseas markets, and surging physical demand for the bean with lower stocks in warehouses, analysts said.

* Soybean for April delivery on India's National Commodity and Derivatives Exchange ended 0.8 percent higher at 2,916.50 rupees per 100 kg, after hitting a record high of 2,944 rupees.

* Rapeseed for April delivery edged up 0.11 percent to end at 3,676 rupees per 100 kg, while April soyoil rose 0.23 percent to end at 729.20 rupees per 10 kg.

* India has crushed more than half of its 2011/12 soybean crop to meet aggressive export demand for soymeal and is likely to start the new marketing year in October with meager carry forward stocks of beans, a senior industry official said on March 9.

* In the Indore spot market in Madhya Pradesh, soyoil edged up 4.70 rupees to be at 727.20 rupees per 10 kg, while soybean rose 31 rupees to 2,839 rupees per 100 kg. At Sri Ganganagar in Rajasthan, rapeseed jumped 23.75 rupees to 3,568.75 per 100 kg.

CHANA

Indian chana futures ended higher for the second straight session tracking the firm trend in spot markets due to delayed and lower-than-expected arrivals in Rajasthan, a major grower, analysts said.

* The chana April contract on the NCDEX closed up 1.01 percent at 3,765 rupees per 100 kg.

* In the Delhi spot market, chana rose 41 rupees to 3,596 rupees per 100 kg.

GUAR SEED

Indian guar seed futures rose 4 percent, the maximum daily permissible limit, to hit a record high on lower availability of commodity amid good overseas demand.

* The April guar seed contract on the NCDEX closed up 2.24 percent at 23,200 rupees per 100 kg after hitting a record high and the 4 percent upper circuit at 23,600 rupees per 100 kg earlier in the day.

* In the Jodhpur spot market, guar seed rose 1,012 rupees per 100 kg.

SPICES

Jeera, or cumin seed, futures in India rebounded from a fresh contract low hit for the fourth straight session early on Wednesday on some bargain buying triggered by firm spot market, analysts said.

* The most-traded jeera for April delivery rose 0.80 percent to 13,245 rupees per 100 kg after hitting a contract low of 12,877.5 rupees. It has fallen 5 percent in the last four sessions.

* In Unjha, jeera gained 238 rupees to 13,496 rupees per 100 kg.

* About 27,000-28,000 bags of 60 kg each from the new crop have been arriving daily in the Unjha spot market in Gujarat, of which 20,000-22,000 gets traded.

* "Some bargain-buying was seen in jeera futures at the end but the trend still remains weak because of rising fresh supplies," said Nalini Rao, analyst at Angel Commodities.

TURMERIC

Turmeric futures gained on short-covering after prices fell more than 10 percent this month although increasing domestic supplies in the spot market from the new season crop weighed on appetite.

* Daily arrivals have reached about 15,000 bags of 70 kg each at the Nizamabad market in Andhra Pradesh, and are expected to rise further, traders said.

* The turmeric for April contract ended up 1.69 percent at 4,332 rupees per 100 kg.

* At Nizamabad, a key market in Andhra Pradesh, turmeric gained 72 rupees to 4,106 rupees per 100 kg.

* Turmeric output in Andhra Pradesh, India's top producer of the spice, is likely to rise 36 percent on year to 83,000 tonnes in 2012 due to an expansion in acreage.

PEPPER

Pepper futures ended lower on profit-taking but a squeeze in daily supplies due to lower output and dwindling stocks restricted the downside.

* Supplies are low in the domestic market as farmers have been holding back stocks anticipating further price increases.

* The most-active pepper for April delivery fell 1.59 percent at 41,545 rupees per 100 kg. It has risen 4 percent since the start of the month.

* Industry officials estimate 43,000-45,000 tonnes of domestic pepper output for 2012, compared with 49,000 tonnes last year.

* In the Kochi spot market in Kerala, pepper gained 254 rupees to 40,132 rupees per 100 kg.

Reporting by Mumbai Commodity Team; Editing by Subhadip Sircar

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