A significant feature of trading on the Mumbai grains market last week was the easier tendency in pulses. New wheat and gram crop inflow has started in Gujarat. Wheat in Gujarat was quoted at Rs 700-750 per quintal. Inflow would commence after January 15. Supplies of new gram crop have commenced in Gujarat. Demand was affected due to steep rise in prices. New rice ruled better on moderate demand; coarse grains were steady.
In wheat, the announcement of permitting 5 lakh tonne of wheat products had no impact on the price levels due to the fact that prices of Indian products were not on par with those ruling on overseas markets. Wheat Punjab inferior was offered at the steady rate of Rs 800-825 and Maharashtra at Rs 850-950 per quintal. Madhya Pradesh-147 was demanded at Rs 850-1,000 and Shihori pissi at Rs 900-1,400. The demand was at a low ebb.
In rice, new crop was in good demand and prices were up by Rs 25-50 per quintal. SLO ruled at Rs 965-1,100. Gujarat-17 new was offered at Rs 1,150-1,350 and old at Rs 1,600-1,650. Kolam new ruled at Rs 1,700-2,000 and old at Rs 1,700-2,200.
In coarse grains, jowar ruled steady with Sholapur variety at Rs 700-1,000 and H-5 at Rs 450-500. H-9 fetched Rs 500-550.
Maharashtra bajra was offered between Rs 500 and Rs 1,000 and Gujarat at Rs 550-650. Maize was traded at Rs 475-625 per quintal.
Among pulses, gram ruled quiet at Rs 1,750-1,850 and gram dal at Rs 2,000-2,500. Moong polished and unpolished changed hands between Rs 1,750 and Rs -2,400. Moong dal ruled at Rs 2,400-2,600. Urad and urad dal ruled at Rs 1,350-1,400 and Rs 1,900-2,000, respectively. Peas green were offered at Rs 1,300 and white at Rs 1,100. Tur was quiet at Rs 1,350-1,450 and tur dal at Rs 2,500-2,800. Masoor ruled at Rs 1,800-2,000 and dal at Rs 2,000-2,200.
Oilseeds weekly: After the initial lull, castorseed futures ruled better on the Mumbai oilseeds market last week. With the end of the December contract virtually without offering any deliveries, interest was in distant contract. However, it was indicated that the Ahmedabad contract was ruling Rs 25 lower than here and many traders from here had been doing business there because of the hectic activity. On the other hand, business here had been declining. In the spot section, after initial weakness, castorseed and castor oils recovered but were still below the previous weekend levels.
According to reports from Gujarat, the inflows were already on the rise with arrivals touching 22,000 bags a day. The inflow would go up further after January 15 when the marketing of new crop would be in full swing. At the same time prices of castorseed in Gujarat, Hyderabad and Maharashtra had been on the decline, dropping below Rs 1,200 per quintal.
In edible oils, groundnut and palmolein after initial firmness ruled quiet as the demand was weak. Supply of groundnut in Saurashtra slowed down but at the same time demand for groundnut oil at higher level had been affected due to the availability of cheaper imported oils.
There was no trading activity in the maturing December contract. March castorseed commenced at Rs 1,163 against the previous close of Rs 1,167.50 and dropped to Rs 1,160 but later went up to Rs 1,169.
Groundnut oil after early start at Rs 377 lacked good demand and dropped to Rs 368 per 10 kg.
Bullion Weekly: A stiff fall in silver provided the main feature of trading on the Mumbai bullion market last week. Gold, too, dropped but only marginally and was offered below the Rs 4,000-mark. Demand was limited in view of the declining prices on the world markets.
Silver suddenly turned bearish on account of reports of increase in silver stocks at Comex New York market. Silver, after a recent high of $6.39 per ounce, dropped below $6 per ounce. Gold weakened from $295.50 per ounce to below $289 per ounce.
Standard mint gold commenced last week Rs 10 higher at Rs 4,050 per 10 grammes and, on poor demand along with weaker overseas advices, started declining to touch the level of Rs 397 on Friday last. Gold 22 carats fluctuated between Rs 3,745 and Rs 3,670 till Friday.
Silver .999 fineness resumed last week Rs 20 lower at Rs 8,400 and dropped to Rs 8,145 per kg. Silver .916 fineness fluctuated between Rs 8,300 and Rs 8,050.
