Chana futures after trading weak in the early part of the trading session bounced back from the support levels on account of short coverings by the market participants and settled 0.57% higher on Wednesday. Spot prices however ended 3.28% down owing to reports of better sowing in Rajasthan.
Government announced Support price for Rabi crops on 25th October 2011. Chana MSP has been raised by Rs.700/qtl to Rs.2,800/qtl a rise of 38%. Higher base price coupled with remunerative returns earned by the farmers during the last year is likely to boost area under Chana cultivation in 2011-12 season.
As per the latest release of the Rajasthan Agriculture department, 12.21 lakh hectares has been covered under Chana cultivation as on 08th November 2011 as compared to 8.21 lakh hectares in the same period previous year. The government has set the target of 17 lakh hectares for 2011-12. In Maharashtra area sown under Chana cultivation stands around 2.18 lakh hectares till 08th November 2011. Area under Chana in M.P. is up 23%.
Pulses Imports
Imports have declined dramatically in the current FY 2011-12 with India's state-owned trading agencies having contracted imports of only 121,660 tn pulses since the beginning of the current financial year till September 12, 2011 compared with 596,700 tn during the same period last year.
Imports have been weak because domestic pulses output in 2010-11 (Jul- Jun) was at an all time high of 18.09 mln tn, up 23percent from a year ago. Also, the Centre has abolished one of the reimbursement schemes for the state-owned importing agencies.
Sowing progress and Production
Indian government is targeting total pulses output of 17 mln tn in the current crop year that started July 2011, down marginally from last year's record production of 18.09 mln tn.
According to the Indian Agricultural department production of Rabi pulses is projected 4.8% lower to 10.27 mt as compared to 10.79 mt in the previous year. Chana is the main Rabi Pulse crop grown in India, sowing of which is done during October-December, and harvesting begins in January.
According to the first advance estimates, Kharif Pulses output for 2011- 12 season is down by 9.6% at 6.43 mt. Tur output estimates is up by 0.35% while moong & Urad is down by 21% & 16% respectively. Kharif Pulses sowing is down by 9% as on 23rd September, 2011. 109.41 lakh ha has been covered against 120.3 lakh ha in the last year.
Courtesy: Angel Commodities
Government announced Support price for Rabi crops on 25th October 2011. Chana MSP has been raised by Rs.700/qtl to Rs.2,800/qtl a rise of 38%. Higher base price coupled with remunerative returns earned by the farmers during the last year is likely to boost area under Chana cultivation in 2011-12 season.
As per the latest release of the Rajasthan Agriculture department, 12.21 lakh hectares has been covered under Chana cultivation as on 08th November 2011 as compared to 8.21 lakh hectares in the same period previous year. The government has set the target of 17 lakh hectares for 2011-12. In Maharashtra area sown under Chana cultivation stands around 2.18 lakh hectares till 08th November 2011. Area under Chana in M.P. is up 23%.
Pulses Imports
Imports have declined dramatically in the current FY 2011-12 with India's state-owned trading agencies having contracted imports of only 121,660 tn pulses since the beginning of the current financial year till September 12, 2011 compared with 596,700 tn during the same period last year.
Imports have been weak because domestic pulses output in 2010-11 (Jul- Jun) was at an all time high of 18.09 mln tn, up 23percent from a year ago. Also, the Centre has abolished one of the reimbursement schemes for the state-owned importing agencies.
Sowing progress and Production
Indian government is targeting total pulses output of 17 mln tn in the current crop year that started July 2011, down marginally from last year's record production of 18.09 mln tn.
According to the Indian Agricultural department production of Rabi pulses is projected 4.8% lower to 10.27 mt as compared to 10.79 mt in the previous year. Chana is the main Rabi Pulse crop grown in India, sowing of which is done during October-December, and harvesting begins in January.
According to the first advance estimates, Kharif Pulses output for 2011- 12 season is down by 9.6% at 6.43 mt. Tur output estimates is up by 0.35% while moong & Urad is down by 21% & 16% respectively. Kharif Pulses sowing is down by 9% as on 23rd September, 2011. 109.41 lakh ha has been covered against 120.3 lakh ha in the last year.
Courtesy: Angel Commodities