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AGRI MARKET DATA :-
TURMERIC
Indian turmeric futures rose, tracking positive cues from the spot market that helped offset mounting carry-forward stocks and lower-than-expected exports. Turmeric were up on some improvement in demand from northern part of the country, though large carry-forward stocks limited the upside. Local supplies would increase with the arrival of the new crop from February.
TURMERIC (DEC.) WEEKLY CHART
CHANA
Indian chana, or chickpea, rose on concerns farmers in top producing Madhya Pradesh may divert area under chana to wheat. Chickpea is a winter-sown crop, sowing for which starts in October. Key growing areas have received ample rainfall, which is expected to smoothen the sowing process. Some area may shift to wheat from chana because winter is expected to be strong and chana crop cannot sustain heavy cold conditions. Also, cost of fertilisers would be less for wheat. India has raised the price the government must pay to farmers for buying next year's chana to 3,100 rupees per 100 kg from 3,000 rupees a year earlier.
CHANA (DEC.) WEEKLY CHART
SOYABEAN
Indian soyoil futures were down this past week, following losses in overseas edible oil prices and on gains in the local currency, while soybeans fell on profit-taking due to a decline in demand from millers in spot markets. A gain in the rupee makes edible oil imports cheaper, and promises lower returns from oilmeal exports. US soybean futures also eased, dropping for the first time in seven sessions after Chinese demand pushed the market to its highest in six weeks. For the US soybean crop, Lanworth lowered its outlook to 3.287 billion bushels from 3.293 billion due to the USDA's 900,000 acre cut to soybean plantings in "minor production states". The soybean market, which climbed to a six-week top of $13.19-3/4 a bushel on Tuesday, is also facing pressure from rising supplies. The story around the bean market is of strong demand but at the same time production prospects look very good globally.
SOYABEAN (DEC.) WEEKLY CHART
JEERA
Indian jeera futures rose on Thursday on some fresh export demand, while ongoing sowing operations and conducive weather capped the gains. Sowing of jeera has started in the key cultivating areas. Jeera, or cumin seed, is a winter crop sown from October and farmers mainly depend on rains to moisten the land for sowing.
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