Stockiest selling was seen in barley futures from higher levels in the wake of strong production scenario along with comfortable stocks in local mandies. The NCDEX futures pared almost 4% today.
As per latest data compiled by commodityinsights.com, the total domestic barley production at around 19-20 lakh tonnes for the current year is up almost 15-20% from the last year. This is mainly due to strong production in Rajasthan.
The total production of Rajasthan is likely to augment by 20-25% to 12-13 lakh tonnes in the current year on the account of strong strong sowing acreage. While the overall sowing acreage declined by almost 0.65% to reach 7.74 lakh hectares as on 14th January 2013 against 7.79 lakh hectares of the last year.
The NCDEX Barley April futures decreased by almost Rs 60 per quintal today to close at Rs 1433 per quintal. The NCDEX contract shrugged off almost 300 positions in open interest indicating long liquidation by traders.
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