Soybean futures fell over 1% at NCDEX tracking profit booking after reaching seven months high amid bearish report by USDA for April month. CBOT futures ended higher on worries of tightening supply in U.S A. Strong demand from Soya crushers is reflective of strong domestic and export demand of Soymeal.
USDA projected that world Soybean stockpiles at the end of crop year will be 62.62 MMT up from 60.2 MMT forecasted in March with increased production in Uruguay, Paraguay and unchanged production from Brazil & Argentina while decreased ending stock from USA. China’s demand is expected to be lower on account of bird flu concerns.
Jeera future prices ended slightly down on profit booking. Jeera arrivals from Rajasthan are expected to increase in future.
Jeera is looking to trade with weak bias amid expected higher arrivals and profit booking at higher levels.
NCDEX May contract of Chana traded down amid profit booking. Spot price of Chana was quoted at 3500-3525/100 Kg compared to 3550-3600 of previous day.
Moderate arrivals are coming from Maharashtra and M.P but supplies from Rajasthan are increasing day by day. However, there are some concerns over loss of acreage in M.P and crop damage concerns amid unseasonal rainfall.
Chana is likely to trade in range with weak bias on expected profit booking amid higher arrivals expected from Rajasthan. Festive demand could limit the downside movement.
USDA projected that world Soybean stockpiles at the end of crop year will be 62.62 MMT up from 60.2 MMT forecasted in March with increased production in Uruguay, Paraguay and unchanged production from Brazil & Argentina while decreased ending stock from USA. China’s demand is expected to be lower on account of bird flu concerns.
Jeera future prices ended slightly down on profit booking. Jeera arrivals from Rajasthan are expected to increase in future.
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Spot demand in Jeera has increased but due to increasing arrivals the prices are under pressure. Jeera old stocks were reported at around 8 – 9 lakh bags all over India. Production expected 40 – 45 lakh bags during the current period.
Jeera is looking to trade with weak bias amid expected higher arrivals and profit booking at higher levels.
NCDEX May contract of Chana traded down amid profit booking. Spot price of Chana was quoted at 3500-3525/100 Kg compared to 3550-3600 of previous day.
Moderate arrivals are coming from Maharashtra and M.P but supplies from Rajasthan are increasing day by day. However, there are some concerns over loss of acreage in M.P and crop damage concerns amid unseasonal rainfall.
Chana is likely to trade in range with weak bias on expected profit booking amid higher arrivals expected from Rajasthan. Festive demand could limit the downside movement.