NCDEX LIVE MARKET UPDATE

SOYABEAN

Soyabean settled down by -1.1% at 3158 on weak demand in export market and on higher supply of the crop from United States. Prices of the bean were under pressure after India soymeal exports in the month of August dropped 72.35% from a year earlier on higher prices of the soybean in the local market, data released from Solvent Extractors Association of India (SEA) showed. Soybean oilmeal exports dropped to 768 tons in August compared to 2,778 tons for the corresponding period a year earlier, data from SEA of India showed. Meanwhile, the export of soybean meal is at a historical low during current year and reduced month by month and reported 18,017 tons in April, 14,046 tons in May, 2,098 tons in June, just 928 tons in July 2015. China August soybean imports fell 18% to 7.78 million on year, the government data showed.
Soyabean trading range for the day is 3112-3238.

CHANA

Chana settled down by -5.41% at 4583 due to sluggish demand in the spot market. Further, impositions of additional margin in Chana provided some more selling pressures as moderate corrections were noted across most agricultural sectors, too weighed on chana prices. With new crop arrivals still some time away in India, some more firmness cannot be ruled out. With favorable weather condition and increased MSP Tur farmers started early sowing and area was expected to increase in the beginning. But deficit rainfall started affecting production.
Chana trading range for the day is 4371-4951.

TURMERIC

Turmeric settled down by -1.45% at 8306 as heavy rainfall in Andhra Pradesh and other major growing regions weighed on prices. Turmeric sowing area reported high in Maharashtra and Tamil Nadu state during the current sowing period. However, deficient monsoon in August may affect turmeric production in rainfed areas. As on 2nd Sep 2015, turmeric sowing In AP, is recorded at 12,322 hectares increase over last years’ acreage and almost same as normal sowing area progress while in Telangana, only 82 per cent sowing is completed which normally should be completed as per normal schedule. At Warangal market estimated market supply was at 150 bags, steady as against previous day’s arrival. At Salem market arrivals were reported at 1 quintals, steady as against previous day’s arrival.
Turmeric trading range for the day is 8104-8680.

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