● Soyabean futures edged up on NCDEX due to higher demand for the new season soybean crop. Meanwhile, the National Agriculture and Cooperative Marketing Federation will shortly commence procurement of soybean in 17 districts of Maharashtra as the Center had allowed market intervention for the oilseed late Tuesday. Most probably, the procurement will start next week when arrivals will rise after Diwali.
● Barley futures edged higher on NCDEX on account of rising demand from consuming industries in the domestic spot market. Further, tight stocks position following lower supply from the producing regions also added support to barley prices’ uptrend.
● Cardamom futures traded higher on MCX as investors build up fresh positions amid increase in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on restricted physical arrivals from the major cardamom producing regions too fuelled the uptrend.
● Cotton futures edged higher on MCX due to good demand from traders and stockists at the spot market. Though, some gains were capped on expectation of higher cotton production in the 2016-17 seasons.
● Crude palm oil futures traded lower on MCX as participants reduced their exposure, triggered by easing demand in the spot market. Besides, adequate stocks position following higher supply from the producing regions too fuelled the downtrend.
● Coriander futures traded higher on NCDEX as speculators enlarged their holdings on the back of improved demand in the spot market. Further, limited arrivals from major producing belts also added support to coriander prices’ uptrend.
● Jeera futures traded lower on NCDEX due to slackened domestic as well as exports demand in the spot market against adequate stocks position. Further, expectations of higher sowing after Diwali too fuelled the downtrend.
● Turmeric futures traded lower on NCDEX on expectation of higher production in coming season. Though, some losses were capped on good demand from the domestic and upcountry buyers at the spot market ahead of Diwali.
The Government agencies have procured 34,546.69 MT pulses- Moong and Urad as on October 25, 2016 during ongoing Kharif Marketing Season (KMS). FCI, NAFED and SFAC are procuring Kharif pulses from the farmers to ensure Minimum Support Price (MSP) for their crops in pulses producing states.
