Chana Under Pressure, Supply Seen Rising 11-Feb-2014

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Chana supplies from MP are likely to increase in coming days. Chana is trading in a tight manner amid excellent sowing amid persistent weak bias. Prices have recovering on the back of poor arrivals and bargain buying but not much upside is emerging. Prices had plummeted to lows near Rs 2800 per quintal earlier this week-their three year lows. The arrivals in Delhi stayed at just 25 trucks today and there is a possibility that the supplies would ease in coming days in accordance to the seasonal pattern. The prices are lingering at Rs 2890 per quintal, up Rs30 on the day.

Spot prices have been under pressure amid good sowing progress in rabi season and thin trading activity owing to quality issues. However, stockists are entering in the market on ideas that these are very attractive levels given the supply squeeze seen in the markets every year around late December till mid February.

The seasonally weak supplies period is about to start and further gains could be seen in the prices in coming days. After a good start to the sowing, the acreage under pulses is stabilizing now. The area under pulses has gone up to 155.16 lakh hectares this season from – up 5.30% on the year. The total output of Chana is likely to have hit 8.57 million tonnes in the last season. This marks a gain of 11.29% compared to the last year’s production of 7.57 million tonnes.

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