Chana

Futures contracts of chana erased earlier losses and rose slightly on NCDEX as the government restricted import of peas. September contract chana on NCDEX was up 9 rupees at 3,900 rupees per 100 kg. Peas are largely used as substitute for chana. The chana contract had hit a seven-week low of 3,754 rupees. The government had lifted the 100,000-tn import cap on peas that was in place till Sep 30, following the order of Madras High Court. Chana prices in Delhi were up 50 rupees at 4,225 rupees per 100 kg, Vikas Gupta, local pulses trader said adding that if NAFED sells chana below 4,000 rupees it will create selling pressure.

Prices of chana rose today due to a fall in arrivals amid expectation of a rise in demand ahead of festival season. In Delhi, the benchmark market, chana was sold at 4,425 rupees per 100 kg, up 50-70 rupees. Arrivals of chana in Delhi were estimated at 375 tn. In Indore, a key market in Madhya Pradesh, prices were unchanged .

Prices of chana were down in Delhi due to a rise in arrivals amid sluggish demand from dal millers and stockists. Expectation of higher export demand from Bangladesh and Dubai are seen supporting prices.

Canada’s farm agency has said the average domestic prices of chana for 2018-19 is likely to be at $475-$505 per tn, down 23% from July estimate. In its August report, Agriculture and Agri-Food of Canada said the prices are likely to fall because of an expectation of a rise in supply. Chana or chickpeas output in Canada in 2018-19 is estimated higher at 335,000 tn compared with 92,000 tn in the previous year.

Chana prices in Delhi rose because of improved demand from dal millers. In Delhi, the benchmark market, chana was sold at 4,450 rupees per 100 kg, up 20-25 rupees. Arrivals of chana in Delhi were unchanged at 750 tn. Expectation of higher export demand from Bangladesh and Dubai are seen supporting prices. September contract of chana on NCDEX was up 48 rupees at 4,379 rupees per 100 kg.

Globally chana stocks are limited as Australia, the second largest producer of the pulse after India, is facing a severe drought this year which may see the output falling below 500,000 tn. In June, the Australian Bureau of Agricultural and Resource Economics and Sciences had forecast that the chana crop in the country in 2018-19 (Apr-Mar) may fall to 616,000 tn, down 40% from 1.03 mln tn seen in 2017-18. Currently, the price of the Australian chana is around $700 per tn for the old crop and $720 for the new crop that will be harvested soon.

India is exporting 2,500 tn of chana to Bangladesh, in a first deal since the government approved the export incentive on chana. Government had announced a 7%-export incentive on chana or Bengal gram in March under the Merchandise Exports from India Scheme. The deal (to export a total 2,500 tn chana) were contracted by a global grain company in a range of $640-$690 per tn, cost & freight basis, to be transported via rail.

Good buying emerged in chana prices due to limited supplies. The spot prices were trading in the range of Rs 4350-4400 per quintal with total arrivals of 20 motors. As per latest data compiled by Ministry of Agriculture, the pulses area lagged by 3.90% to stand at 115 lakh hectares.

Futures contracts of chana hit the 3% lower circuit on the NCDEX, owing to subdued demand from dal millers and domestic stockists. Futures contracts of chana hit the 3% lower circuit on the NCDEX, owing to subdued demand from dal millers and domestic stockists. The most active August contract was at 4,100 rupees per 100 kg, down 140 rupees. Fall in chana prices in key spot markets due to rise in arrivals also weighed on chana contract.

Chana prices fell in Delhi, the benchmark market, and Bikaner, a key market, as seasonal demand for the dal remains weak. In Delhi, chana was quoted at 4,450 rupees per 100 kg, down 50 rupees.

Chana prices fell in Delhi as the recent rise in prices have hit demand. In Delhi, the benchmark market for chana, prices were at 4,500-4,550 rupees per 100 kg, down 20-30 rupees. Arrivals of chana in Delhi were unchanged at 225-300 tn. There is some selling pressure in the local market on talk that NAFED may sell chana. The chana August contract on the NCDEX was down because market participants booked profits after the contract rose to one-week high of 4,248 rupees per 100 kg.

Chana prices rose in Delhi because of demand from dal millers along with lower supplies. In Delhi, the benchmark market for chana, prices were up at 4,500 rupees per 100 kg, up 50 rupees. Arrivals of chana in Delhi were down at 225-300 tn as against 450-525 tn. Demand is likely to improve in the coming weeks due to upcoming festivals. Chana August contract on NCDEX was up 1.3% at 4,226 rupees per 100 kg, tracking gains in the spot market.

Chana prices went up by 1.17 per cent to Rs 4,219 per quintal in futures trade as participants created fresh positions, driven by rising demand from dal mills in the spot market. Besides, tight stocks positions following drop in arrivals from producing regions fuelled the uptrend. At the National Commodity and Derivatives Exchange, chana for delivery in September went up by Rs 49, or 1.17 per cent. The rise in chana prices to surging demand in the spot market against restricted supplies from producing regions.

August contract of chana on NCDEX hit a seven-month high of 4,390 rupees per 100 kg as demand from dal millers improved amid limited supply. The August contract of chana was up 49 rupees at 4,363 rupees per 100 kg. In benchmark Delhi market, prices of chana rose by 50 rupees to 4,650 rupees per 100 kg. Demand is expected to increase due to seasonal factors.