India chana futures outlook

India chana futures outlook : India chana futures tumbled this week due to mounting supplies from the new crop and poor demand at home on expectation of further falls. Overall sentiment is weak in chana. Supplies from Maharashtra and Madhya Pradesh are rising continuously and are expected to improve further in coming days, according to a trader from Maharashtra.

On Friday, in the key Delhi spot market, chana fell 16 rupees to 2,584 rupees per 100 kg in. NCDEX March delivery contract opened at Rs 2618 and closed at Rs 2538, down by 3.05 % (High 2641) whereas Chana April contract opened at Rs.2701 and ended at Rs.2656, down by 1.69 % (High 2752).

At Akola market in Maharashtra, daily arrivals have increased to 8,000-10,000 bags of 100 kg each from 4,000-5,000 bags during the beginning of the season. Arrivals of the winter-sown crop start in February and will peak in March.

According to data released by Ministry of Agriculture, Chana acreage as on Jan 28, 2011 has increased by 11.8% to 95.12 lakh hectares (lh) as compared to 85.55 in the same period previous year. Acreage under pulses till February 18, 2011 improved to 15.2 million hectares (mh) as compared to 14 mh the previous year.

Globally, Canadian Chickpeas output is expected to increase during 2010-11 to 1.28 lakh tonnes compared to 0.76 lakh tonnes the previous year. However, concerns of a drop in yield persists on account of the floods in Australia which has reduced the Chana (chickpea) yield there, further lowering the output estimates from the region to 3.79 lakh tones in 2010-11, from 4.45 lakh tonnes in 2009-10. For the latest updates PRESS CTR + D or visit Stock Market news Today

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