Chana futures wilted by almost Rs 40 per quintal today due to restricted buying by millers ahead of new supplies from major producing states along with mounting supplies of imported chana in local mandies.
Market sources mentioned that millers have reduced their buying with the anticipation of fresh supplies of chana in the local mandies of Andhra Pradesh and Maharashtra from 20th January onwards. As per latest data compiled by Ministry of Agriculture, the total sowing acreage of chana as on 11th January 2012 stood at 86.90 lakh hectares, up almost 5 lakh hectares from the last year in the same period. This was mainly on the account of strong sowing in Karnataka, Andhra Pradesh and Chhattisgarh.
Moreover, steady imports of chana from Australia and Tanzania also added some selling in chana market. Sources suggested that around 562 containers of imported chana arrived in Mumbai port in the last week. The spot prices of both Australia and Tanzania chana declined by almost Rs 25-30 per quintal in the last week to trade at around Rs 3600and Rs 3650 per quintal respectively.
The NCDEX Soyabean Chana futures for April expiry decreased by Rs 38 per quintal to close at Rs 3487 per quintal. The NCDEX contract added by almost 1500 positions in open interest indicating short position by traders.
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