March 7, 2014 / 12:57 PM / 4 years ago

Indian chana, oilseeds end up; guar drops on higher output

MUMBAI, March 7 (Reuters) - Chana futures rose more than 2 percent on Friday and are expected to trade higher for the next two sessions on concerns over quality of the new season crop due to rains and hailstorm in top producer Madhya Pradesh state.

* Hail and heavy rain damaged rapeseed and chickpea crops as they ripened in India’s main producing areas in the last 10 days, cutting output and pushing back harvests, government and industry officials said.

* “Chana prices are rising on quality concerns. Local demand is also picking up but sellers are quoting very high prices for good quality supply,” said Anand Sarwade, a trader from Gadag, Karnataka.

* The April chana contract ended 2.43 percent higher at 3,329 rupees per 100 kg on the National Commodity and Derivatives Exchange.

SUGAR

Indian sugar futures ended higher and may remain firm in the next one or two sessions, supported by a rise in the local demand and lower production.

* Indian sugar mills produced 16.86 million tonnes in the first five months of the 2013/14 season that started on Oct. 1, down 10.5 percent from last year.

* The key April contract ended 0.62 percent up at 2,930 rupees per 100 kg on the NCDEX.

CUMIN SEED

Cumin seed, or jeera, futures ended weak due to rising supplies from the new season crop and expectations of higher production.

* The April contract ended 1.02 percent lower at 11,170 rupees per 100 kg on the NCDEX. It hit a contract low of 11,255 rupees on Tuesday.

OILSEEDS & SOYOIL

Indian oilseeds and soyoil futures ended higher, following gains in the international market and on slack soybean supply in the local spot. Rapeseed ended nearly 2 percent higher on concerns over crop damage due to rains.

* The U.S. soybean futures hit a contract high as strong demand for U.S. supplies continued to underpin the agricultural markets.

* The April soybean contract closed 2.05 percent up at 4,304 rupees per 100 kg on the NCDEX while the April soyoil contract rose 0.75 percent at 745.20 rupees per 10 kg.

* The key April rapeseed contract ended up 1.91 percent at 3,632 rupees per 100 kg.

GUAR SEED

Guar seed futures ended weak on large stocks from the old crop, higher production and lower-than-expected export demand.

* The April guar seed contract ended 0.31 percent lower at 4,790 rupees per 100 kg.

TURMERIC

Turmeric futures rose on overseas demand though supplies from the new season crop and large carry-forward stocks restricted the upside.

* The key April contract rose 0.96 percent to end at 7,168 rupees per 100 kg. ================================================ Closing prices (in rupees per 100 kgs) ================================================ Contract Closing price Pct change April wheat NWTJ4 1,562 + 0.84 April corn NMZFJ4 1,209 + 2.20 ============================================== (Reporting by Meenakshi Sharma; Editing by Anupama Dwivedi)

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