January 10, 2013 / 1:11 PM / 5 years ago

AGRI WRAP-Indian jeera hits contract low for 2nd day; sugar flat

MUMBAI, Jan 10 (Reuters) - Indian jeera, or cumin seed,
futures hit a contract low for a second consecutive day on
Thursday, weighed by weak demand in spot markets, higher area
under cultivation and favourable weather conditions. 
    * Jeera is a winter crop for which sowing starts from
October and extends until December.
    * The March jeera contract on the National Commodity
and Derivatives Exchange (NCDEX) ended down 1.66 percent at
13,882.50 rupees per 100 kg after hitting a contract low of
13,850 rupees earlier in the session. 
    * At Unjha, a key market in Gujarat, jeera fell 125 rupees
to 14,402.3 rupees per 100 kg.
    * India is the world's top producer of jeera followed by
Syria and Turkey.
    
    OILSEEDS
    Indian soyoil reversed early gains from the highest level in
more than three weeks, in line with overnight leads from
overseas markets and declining demand for soymeal. 
    * March soybeans in the U.S. shed 1 cent, or 0.1
percent, to $13.85-1/2 a bushel on Wednesday, pressured by
forecasts of bumper production in South America and expectations
of a slowdown in Chinese imports following the second-largest
monthly purchases on record in December.   
    * The actively traded soyoil for February delivery 
on the NCDEX ended 0.13 percent lower at 695.45 rupees per 10
kg, after hitting a high of 701.80 rupees, a level last seen on
Dec. 18.
    * Soymeal exports by India, Asia's leading supplier of the
commodity, fell in December from a month earlier as the peak
season for soybean crushing ended, a top trade body said.
Soybeans are crushed to produce meal and oil.   
    * Rapeseed for April ended 0.96 percent lower at
3,516 rupees per 100 kg. The actively traded soybean contract
for February delivery on the NCDEX ended 0.13 percent
lower at 3,177 rupees per 100 kg.
    * At the Indore spot market in Madhya Pradesh, soyoil closed
8.80 rupees higher at 735 rupees per 10 kg, while soybeans ended
16 rupees up at 3,224 rupees per 100 kg. At Sri Ganganagar in
Rajasthan, rapeseed was flat at 4,250 rupees. 
    
    CHICK PEAS
    Indian chana futures fell on fresh supplies from parts of
southern India, expectations of better output and the likelihood
of higher imports due to low stocks and a drop in kharif output.
    * The most-active chana contract for April delivery 
on the NCDEX ended 1.18 percent lower at 3,532 rupees per 100
kg.
    * In the New Delhi spot market, chana, or chickpea, fell
3.35 rupees to 4,039.30 rupees per 100 kg. 
    * India's efforts to encourage farmers to plant pulses, used
in staple dishes like dal, will still leave output short of
demand in the year to March 2013, a poll of importers and
traders showed. 
       
    TURMERIC    
    Indian turmeric futures ended higher on short-covering after
falling for two consecutive days. 
    * The April turmeric contract on the NCDEX ended
0.36 percent higher at 6,662 rupees per 100 kg. At Nizamabad, a
key market in Andhra Pradesh, spot turmeric rose 7.15 rupees to
5,692.85 rupees per 100 kg.
    * "It should come down to 6,400 rupees as prices have gone
up very fast," said Chowda Reddy, a senior analyst with JRG
Wealth Management.
    * The area under turmeric cultivation is lower this year due
to scant rainfall during the planting season and a shift in
acreage to other crops, but higher carry-forward stocks are
expected to keep supplies firm.   
    
    PEPPER    
    Indian pepper futures rose on firm cues from spot markets
where winter demand was good, though an estimated rise in output
and weak exports kept the upside limited. 
    * Supplies from the new season crop start from
January-February.   
    * The most-active February pepper contract on the
NCDEX ended up 1.98 percent at 35,800 rupees per 100 kg. Spot
pepper rose 93.7 rupees to 38,363.1 rupees per 100 kg in Kochi. 
    * Pepper output is likely to be higher this season due to
expectations of good yields in the top producing states of
Kerala and Karnataka, traders said. 
    
    SUGAR
    Sugar futures ended flat, reversing losses from a contract
low, weighed by higher selling from mills which are looking to
raise cash to pay farmers for their cane amid lacklustre
consumer demand. 
    * The key sugar for February contract on the NCDEX
ended flat at 3,258 rupees per 100 kg. It had earlier hit a
contract low of 3,237 rupees. 
    * Sugar ended steady at 3,250 rupees per 100 kg in the
Kolhapur spot market in top producing Maharashtra state. 
    * The cold wave-like conditions in north India are good for
sugar production as low temperatures help sugarcane retain
moisture and thus boost sugar recovery and this is also weighing
on sentiment, traders said.

 (Reporting by Siddesh Mayenkar; Editing by Subhranshu Sahu)

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