AGRI BUSINESS/ECONOMY UPDATES:
- Sugar output next season will be higher on better yield: Pawar
Sugar output for the 2013-14 season starting October will exceed the current year’s output on higher cane yields, Agriculture Minister Sharad Pawar said on Monday. Sugar production in the current year is estimated at around 25 million tonnes (mt) and the domestic consumption is estimated at 23 mt.
Other Details:
Chilli future fell more than 2% while spot rates too were down by `40-`50 per quintal, mainly due to sluggish demand at daily auctions against adequate stock availability & steady supply on a daily basis.
Average price of small cardamom declined to `612.7 per kg while maximum price offered was down at `834 per kg, as per spice board.
Total inflow of small cardamom crop declined to about 37.5 tons from which 36.5 tons were sold at CPA auction held at Santhanpara.
Arrivals of Soya bean crop increased to more than 5,000 bags at mandis of Indore & were up ~0.9-1lakh bags at MP market while supply increased to 12,000-15,000 bags each across mandis of Maharashtra & Rajasthan, as per local traders.
Chana futures eased from its recent highs on increased selling, after prices failed to breach crucial technical resistance on charts. Price decline was also supported by firm supply at local markets, as against poor off-take among local buyers. Spot rates too were down at `3,050 per quintal.
Mentha oil futures closed slightly lower on profit booking from a strong recovery late last week; however spot rates were steady & quoted at `950-`970 per kg, supported by increase in industrial demand & from supply across major trading centers. Arrivals of mentha oil increased to more than 1,000 drums at Chandousi market
Commodity High Low Close %Chg OI
Mentha oil (`/Kg)
MCX Aug 887.4 869.4 874.9 (0.6) 4,045
Chana (`/Kg)
NCDEX Sept 2,960.0 2,896.0 2,909.0 (1.4) 158,040
Kapas (Apr-14) 1,050.0 1,028.0 1,045.0 0.3 4,270
Oil Seeds
Commodity High Low Close %Chg OI
Soya bean (`/qntl)
NCDEXOct 3,184 3,086 3,170 3.6 82,930
Soya oil (`/10kg)
NCDEXSept 679.2 669.7 676.6 1.5 64,920
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