Wheat futures may remain in bearish zone below 1250 levels. According to latest USDA, India production for 2011/12 is increased 0.9 million tons reflecting the latest government revisions, which increased yields for the crop that was harvested last spring.
Kapas futures may trade sideways with bearish bias owing to lack of export enquiries. India Cotton yarn export registration stood at 79.148 million kg in January, 2011 almost 4.6 percent down from December.
As per latest data of the Directorate General of Foreign Trade, cotton yarn export registration during first ten month of the current fiscal year stood at 702.933 million kg.
Chana futures may test the resistance at 3700 levels. However profit booking at such high levels cannot be denied.
Desi Chana moved up further between Rs 75-100 per quintal in many mandis of Maharashtra, MP, Chhattisgarh, Karnataka, UP and Rajasthan on improved physical buying support & with apprehensions of lower output this year by about 10 % as the crop was affected by adverse weather conditions.
Courtesy: SMC Global
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