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Week Ahead: Chana may trade firm on increase in seasonal demand

25 Jun 2022 7:41 pm
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MUMBAI, 25 June (Commoditiescontrol): Chana prices traded firm for the week ended on 25th June 2022 due to mills buying to fulfill immediate crushing requirement.

Domestic arrivals pressure remained less as farmers are busy with Kharif sowing.

Further, prices received support from Nafed's decision of not to pass any bids at selected state, such as Madhya Pradesh, Karnataka, Telangana and Andhra Pradesh.

Demand for dal-besan remains subdued. However, there are hopes of revival in demand for besan with the onset of monsoon season.

Pulses exporters and traders have urged the government to reintroduce cash subsidy on exports of pulses to help farmers at a time when chana prices have slipped much below MSP due to a record production. The government had two years back withdrawn a cash subsidy of 7% on pulses exports.

At Indore, Chana prices gained by Rs 100 at Rs 4,750/100Kg.

Similarly, Tanzania Chana traded firm to Rs 4,350/100Kg on millers buying due to steep discount as compared to domestic varieties, following firm cues from domestic markets.

The planting of Chickpeas is over in Canada and US. But some market participants doubt that North American farmers would have stuck to earlier sowing intentions due to adverse weather conditions during the sowing period and intense competition from other crops. Hence market will be closely watching June 30 USDA and July 5 Statistics Canada seeded area estimates.

Trend: Chana prices may get support due to reduced domestic arrivals pressure as farmers are busy with Kharif sowing.There is a limited downside from the current price unless the government decides to dispose of its stock at current low prices. Further going by the trend of loss in the acreage of major Kharif pulses it appears that Chana demand should increase in the near future as it can be used as a substitute for Tur and moong. Seasonal factor also supports an increase in demand for Chana prices are likely to remain firm in the coming months.

(By Commoditiescontrol Bureau; +91-22-40015513)

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