Indian chana, or chickpea, futures fell on Friday on slack local demand, favourable weather for sowing and adequate soil moisture. Chickpea is a rabi crop for which sowing starts in October. Key growing areas have received ample rainfall, which is expected to smoothen the sowing process.
Farmers have started sowing chana in the major cultivating regions. There are some concerns over a shift in acreage to wheat in Madhya Pradesh, but in other states the area under cultivation is likely to be higher than in the previous year, spot traders said. "Yields are expected higher because of sufficient soil moisture. Weather is conducive for sowing and overall sowing is expected to be better this season," said Nitin Taori, a trader from Khamgaon, Maharashtra.
The December chana contract was down 1.24 percent at 3,103 rupees per 100 kg at 0940 GMT on the National Commodity and Derivatives Exchange (NCDEX). Spot chana edged down 10 rupees to 3,090 rupees per 100 kg in Delhi. 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.
GUAR Indian guar seed futures were lower on new season supplies amid weak local and overseas demand and expectations of higher production. Supplies from the new harvest have started coming into local markets in small quantities and will increase in the coming weeks. Guar seed production is expected to be higher due to an expanded area under cultivation and good rains, spot traders said. The December contract was down 2.26 percent at 5,200 rupees per 100 kg on the NCDEX.
Comments
Comments are closed.