Chana future is expected to trade higher today. Good demand, increased MSP, and declining arrival pressure may continue to lend support to the prices .
Yesterday NCDEX Chana futures traded on a positive note almost 0.79% up on good demand from physical market due to starting of marriage seasons. Prices have gained over the last few days on slow start to the rabi pulses sowing.
supplies of chana, imports of yellow peas and arrival pressure of kharif pulses capped sharp upside movement in the prices. Sowing of Chana has begun but on very slow pace (on 7th Nov 2014). As per the acreage data under the crop has reached 16.15 lakh hect., Which is -32.09% lower than the same period previous year.
The CCEA has set MSP for 2014-15 at Rs. 3175/qtl from Rs. 3100 last year According to the Ministry of Agriculture, sowing of rabi pulses as on 31st October stands at 7.84 lakh ha as against 6.66 lakh ha last year. Sowing of kharif pulses stood at 10.23 mn ha as against 10.91 mn ha last year.
CCEA increased the MSP of tur and urad by Rs.50 to Rs.4,350 each, while the MSP of moong was increased by Rs.100 to Rs.4,600/qtl. The 4th Advance Estimates pegged total pulses output for 2013-14 at 19.27 mn tn, up from 18.34 mn tn earlier.
1st advance estimates have pegged kharif pulses output at 5.2 mn tn, down from 6.02 mn tn last year. Total area covered under Rabi Pulses 2013-14 stood at 161.9 lakh ha as against 152.65 lakh ha last year. Chana sowing stood at 10.21 mn ha compared to 9.51 mn ha in the previous year.
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