Wednesday, 30 July 2014

Daily Agricommodity Market Trading Tips

Chana futures traded on a positive note on Monday extending gains of the previous session on account of festive demand coupled with buying from the millers and declining arrival pressure and settled 0.88% higher. However, a revival of monsoon, a sharp increase in the sowing of kharif pulses and comfortable supplies capped sharp gains.

Soybean futures traded on a negative note on Monday on a pickup in the sowing of soybeans on the back of revival of monsoon and settled 1.77% lower. However, tight supplies of the old crop coupled with lower sowing till date supported prices in the spot markets. The Ministry of Agriculture in its 3nd Advance Estimates, projected  2013-14 soybean output at 11.9 mn tn as against 14.67 mn tn in 2012-13. Soy meal exports in June ’14 have declined to 2,367 tn down from 213,564 tn on poor demand and lower availability for crushing due to higher Indian quotes for foreign buyers.

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