Chana

Agriculture and Agri-Food Canada has scaled up its estimate for prices of chana or chickpea in Canada in 2017-18 (Aug-Jul) by 4% to an average of $1,000-$1,030 a tonne, as supply is seen declining due to lower carryover stocks and imports. The agency scaled down its forecast for chana production in Canada in 2017-18 by 22% to 81,000 compared to its estimate in August. The outlook for production of peas in 2017-18 was scaled down by 5% to 3.79 million tonne because of a sharp decline in yields and a small fall in the harvested area. The agency kept its 2017-18 average price forecast for peas unchanged at $280-$310 per tonne due to lower supply and higher carryover stocks. Exports are seen falling 9% from the previous forecast to 2.9 million tonne, with India, China and Bangladesh continuing to be Canada’s top markets. Average prices of masur for the year ending July are seen unchanged at $720-$750 per tonne compared to the previous estimate, owing to high carryover stocks.

Prices of chana fell in Delhi due to a decline in demand from dal millers and a rise in arrivals. On the NCDEX, the most-active October contract traded down 2.4% from previous close. Gram and tur declined sharply in Nagpur on poor buying support from local millers amid increased arrival from producing belts.

Prices of chana fell in Bikaner, Rajasthan due to a fall in demand from dal millers. On the NCDEX, the most-active October contract was down 0.4% from previous close.

Prices of chana fell in Delhi despite a decline in arrivals as demand from dal millers weakened. On the NCDEX, the most-active October contract was down 0.72% from previous close.

Gram and tur prices firmed up again in Nagpur Agriculture Produce and Marketing Committee (APMC) here on good buying support from local millers amid weak supply from producing regions. Fresh rise on NCDEX, upward trend in Madhya Pradesh pulses and enquiries from South-based millers also jacked up prices.

Prices of chana rose in Delhi despite the fact that arrivals nearly doubled, as demand from dal millers improved. On the NCDEX, the most-active October contract was up 1.04% from previous close.

Chana prices were down in Delhi as buying of the commodity was affected due to confusion over new amendment in the goods and services tax. Traders were uncertain about the terms on which branded and non-branded items will be distinguished for the purpose of determining the applicable GST rate.

Australia chana production is seen declining 36% on year to 1.19 million tonne in 2017-18 due to a fall in average yield. Although area under chana cultivation is estimated to increase by 4.5% to 1.1 million ha in 2017-18, production is expected to fall as rainfall was below average in the most cropping regions in June and was highly variable in July and August. Most of Australia’s chana is exported to India. In the year ended June, Australia sold a record 1.1 million tonne chana to India. The country’s chana exports to India are likely to fall to 0.8-1.0 million tonne in 2017-18 (Jul-Jun), as Australia’s chana crop is expected to be much smaller on year.

Prices of chana rose slightly in Delhi because of demand from dal millers ahead of festivals. Gains were limited due to a rise in arrivals. Futures contracts of chana on the NCDEX were also up tracking gains in the spot market.

Futures contracts of chana rose 1% on the NCDEX because of a rise in demand from millers. The most active October contract traded at 6,207 rupees per 100 kg, up 1.2% from the previous close.

Gram and tur prices declined further in Nagpur Agriculture Produce and Marketing Committee (APMC) here on lack of demand from local millers amid increased arrival from producing belts. Fresh fall in gram on NCDEX, weak trend Madhya Pradesh pulses and high moisture content arrival also pulled down prices. Desi gram reported down in open market in absence of buyers amid good supply from producing regions. Tur varieties ruled steady in open market but demand was poor.

Prices of chana rose in Delhi tracking NCDEX and also due to a slight increase in demand from dal millers. NCDEX chana contracts rose because of short covering by market participants. Open interest in the most-active October contract fell to 30,720 tonne from 30,810 tonne, which indicates short covering by investors.

Chana prices were down in key markets of Delhi and Bikaner because of lower demand from dal millers. Futures contracts were also weak with most-active October contract down 1.7%.

Futures contracts of chana rose over 1% on NCDEX due to bargain buying by investors after prices hit a one-week low. The most-active September contract was up 1.1% from previous close.

Futures contracts of chana on NCDEX were down for the third straight day as the exchange has imposed 5% additional margin on buy and sell positions. The most active September contract traded down 2.7% from the previous close. According to traders, speculators have reduced their positions as well as exposure which is the result of easing demand due to adequate stocks present in the spot market.

As of Wednesday, the National Agricultural Cooperative Marketing Federation of India had procured 60,259 tonne of chana from the 2016-17 (Jul-Jun) rabi crop from four states. The slowdown in the pace of procurement was due to rising prices in spot markets ahead of festivals.

Chana prices were traded lower by 2.48 per cent in futures market as speculators reduced their exposure, driven by easing demand in the spot market against adequate stocks. At the National Commodity and Derivatives Exchange, chana for delivery in September moved down by Rs 157, or 2.48 per cent. Cutting down of positions by traders owing to subdued demand in the physical market against enough stock position primarily led to the decline in the chana prices.

Futures contracts of chana fell on the NCDEX because of weak demand from millers. The most-active September contract traded down 0.3% from the previous close.

The National Commodity and Derivatives Exchange impose a 5% additional margin on chana on both buy and sell positions from Friday. The margin imposed on all running and yet to be launched contracts. The most active September contract of chana on NCDEX ended down 1.3% from the previous close.

The National Agricultural Cooperative Marketing Federation of India has procured over 60,119 tonne of chana from the 2016-17 (Jul-Jun) rabi crop as of Saturday from four states. Procurement drive in Madhya Pradesh, Uttar Pradesh, Rajasthan, and Haryana. Procurement operations have been reined in as prices have risen above minimum support price in most key spot markets. NAFED has been buying chana under the price stabilization fund since June when prices fell below the minimum support price of 4,000 rupees per 100 kg. The highest quantity–44,094 tonne–has been procured from Rajasthan, where NAFED has 33 procurement centres, while in Madhya Pradesh 14,572 tonne has been bought from 25 centres set across the state.