WEEKLY AGRI REPORT-18 Aug 2014 To 23 Aug 2014
Chana arrivals improved in the domestic markets on Tuesday and capped gains. Stock position of Chana at NCDEX approved warehouses as on 12th August 2014 to 117,944 MT. As per latest reports of sowing of crops, Kharif sowing area stands at 803.32 lac hectares with Kharif Pulses been sowed in 76.09 lac hectares. As per the 3rd Advance estimates from Ministry of Agriculture production of Gram (Chana) is forecasted to be 9.93 million MT in 2013-14 compared to 9.79 million MT (2nd Advance estimates) and 8.83 million MT in 2012-13. They added that total Pulses production is forecasted to be 19.57 (3rd Advance estimates) vs. 19.77 million MT (2nd Advance estimates) and 18.34 million MT in 2012-13. According to Directorate General of Commercial Intelligence and Statistics (DGCIS), Indian imports of Pulses were 469,541 MT during April-May 2014. This is slightly lower compared 488,930 MT during April-May 2013. Imports were 290,826 MT in May 2014 compared 178,715 MT in April 2014 and 298,336 MT seen during May 2013.According to Stat pub, Dry Edible Bean production in the United States is forecast at 1.302 million MT, up 17% from last year. Planted area is estimated at 1.67 million acres, up 23% from 2013. Harvested area is forecast at 1.61 million acres, 23% above the previous year. The average United States yield is forecast at 1,784 pounds per acre, a decrease of 83 pounds from a year ago. According from the latest state level crop progress reports from USDA NASS reporters, Dry Edible Bean crops growing in the United States remain in mostly good conditions,though crop reporters in some states think weather in their regions is starting to negatively affect field crops in general.
Turmeric Sept futures recovered from lower levels on short coverings at lower levels.Prices have declined earlier this week on weak demand as well as higher sowing in Telangana.Huge carryover stocks also pressurized prices. Prices gained last week on reports of crop damage in Sangli due to heavy rains. Higher sowing in Telangana coupled with sluggish demand as well as huge carryover stocks may pressurize prices. However, crop damage in Sangli and overall lower acreage support prices at lower levels.
SOYBEAN & SOY COMPLEX
Indian soy oil, soybean and rapeseed futures fell on Thursday, in line with the overseas markets where benchmark palm oil futures slipped to a five-year low. Malaysian palm oil futures slid to touch a near five-year low on Thursday, following losses in overseas soy markets, and further dragged by forecasts of abundant supply of competing oilseeds alongside an expected surge in Southeast Asian palm output.CBOT Soybean Nov futures traded on a negative note as USDA report forecast higher soybean output. Rains in the Midwest coupled with favorable weather and record high sowing also pressurized prices. The USDA monthly crop report in August forecast 2014-15 output 3.816bn bsh against 3.8 bn bsh last year while end stocks are forecast at 430 mn bsh against 415 mn bsh forecast in July. 2013-14 end stocks are forecast at 140 mn bsh. The report forecast Brazil output at 91 mn tn against of 87.5 mn tn and Argentina output unchanged at 54 mn tn.Planting in the US is complete at 84.839 mn acres, higher than the planting intention forecast record high 81.493 mn acres. Good to excellent condition stood at 70% against 71% last week.
Mentha oil traded steady this week. Subdued demand from the physical front kept the prices under pressure amidst ample supplies in the market. However, expectation a recovery in the mentha prices in the near term as the arrivals are likely to decline with the end of harvesting season whereas likely demand from export front may drive the mentha oil prices higher. In addition, the trading volumes have been better than the last few days’ average suggesting the prices of Mentha might rise in the near term may as part of fresh buying.
Get Free Share Market Tips, MCX Tips Free Trial, NCDEX Tips, Commodity Tips, Nifty Futures Tips with profitable calls and tips..