March 7, 2013 / 1:27 PM / 4 years ago

AGRI WRAP-Indian chana, pepper rise; sugar steady

MUMBAI, March 7 (Reuters) - Indian soybeans eased from their
highest level in more than 10 weeks on Thursday, tracking
overseas markets and on lack of export demand for meal, while
rapeseed edged higher on short-covering. 
    * India's soymeal exports fell 6.2 percent in February from
a month ago, due to lower crushing as farmers hold back stocks
on hopes of better prices, while the approaching arrival of the
South American crop dampened demand for Indian meal. Soybeans
are crushed to produce soymeal and soyoil. 
    * The soybean contract for April delivery on the
National Commodity and Derivatives Exchange (NCDEX) was 0.06
percent lower at 3,416.50 rupees per 100 kg, easing from the
previous day's high of 3,444.50 rupees, a level last seen on
Dec. 17.
    * The rapeseed contract for April ended 0.62 percent
higher at 3,407 rupees per 100 kg. Soyoil for April delivery
 ended 0.05 percent lower at 674.25 rupees per kg.
    * At the Indore spot market in Madhya Pradesh, soyoil edged
down 2.65 rupees to 683.30 rupees per 10 kg, while soybeans were
up 16 rupees at 3,473 rupees per 100 kg. Rapeseed in Jaipur rose
7.20 rupees to 3,547.60 rupees per 100 kg.
    
    SUGAR
    Indian sugar futures were steady as support from demand
improvement was offset by high stocks.
    * Demand for sugar from ice-cream and beverage makers
typically rises during the summer season.
    * The key April sugar contract on the NCDEX ended up
0.43 percent at 3,063 rupees per 100 kg, after hitting a
contract low of 3,034 rupees on Monday.
    * India is set to consider relaxing controls on the
industry, a minister said on Monday, as the prospect of high
output this year creates the conditions for liberalisation
without a sharp rise in prices. 
    * Spot sugar fell by 8.15 rupees to 3,148.10 rupees per 100
kg in the Kolhapur market in top-producing Maharashtra state.
    
    CHANA 
    Indian chana futures rose on value buying, triggered by some
improvement in domestic demand, though rising spot supplies and
expectations of higher output restricted the upside. 
    * The key April contract on the NCDEX ended up 1.14
percent at 3,348 rupees per 100 kg.
    * Supplies from the new crop have started arriving in Andhra
Pradesh, Karnataka, Maharashtra and Madhya Pradesh, and are
likely to rise further, dealers said.
    * In the New Delhi spot market, chana, or chickpea, rose by
6.25 rupees to 3,265 rupees per 100 kg.
    
    PEPPER
    Indian pepper futures edged up as labour shortage in key
cultivating states slowed down supplies and due to depleting
stocks, though estimates of a higher output and sluggish exports
weighed on sentiment. 
    * The most-active pepper contract for April delivery 
on the NCDEX ended 0.36 percent up at 34,635 rupees per 100 kg.
    * Pepper output is likely to be higher this season as a good
yield is expected from the top-producing states of Kerala and
Karnataka, traders said. 
    * Domestic supplies have picked up from Karnataka but are
still below expectations because of labour shortage and as
farmers are holding back stocks.
    * Spot pepper fell 298.3 rupees to 37,028.6 rupees per 100
kg in Kochi, a key market in Kerala.  

    JEERA
    Indian jeera futures ended slightly up on export demand
though rising domestic supplies from the new season crop and
expectations of a higher output limited the upside. 
    * The actively traded jeera contract for April delivery
 on the NCDEX ended 0.75 percent higher at 13,042.50
rupees per 100 kg.     
    * Daily supplies from the new season crop rose to
22,000-25,000 bags of 60 kg each from 10,000-14,000 bags last
week at the Unjha market in Gujarat.
    * Jeera is a winter crop, sown from October to December, and
fresh supplies start arriving in February.
    * Jeera fell 11 rupees to 13,355.4 rupees per 100 kg in
Unjha.
    
    TURMERIC
    Indian turmeric futures rose due to overseas inquiries and
concerns over lower output, but a pick-up in domestic supplies
from the new crop and higher carry-forward stocks limited the
upside. 
    * The most-active turmeric contract for April delivery
 on the NCDEX ended 1.66 percent higher at 6,484 rupees
per 100 kg.
    * Around 8,000-10,000 bags of 70 kg each are reaching
Nizamabad in Andhra Pradesh daily.
    * Spot turmeric rose 107.90 rupees to 5,628.90 rupees per
100 kg at Nizamabad. 

 (Reporting by Siddesh Mayenkar; Editing by Subhranshu Sahu)

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