Chana futures may trade with a weaker bias tracking selling pressure & fresh arrivals from southern states at the spot markets. Harvesting of rabi Chana is in full pace in Karnataka & AP.
The average new crop arrivals have increased in the past weeks. In a latest update, as on 27th January, pulses have been sown in 145.86 lakh hectare as against 146.76 lakh hectare last year. Significantly, higher area has been reported in Madhya Pradesh, Chhattisgarh, Gujarat and Bihar under gram.
Guar complex may trade downside on extended profit booking & weak tone in the physical markets. Most of the mandies in Rajasthan were closed on account of Strike as the traders are opposing new circular released by state government, in which private traders will not be allowed to store food grains without having facility of their own warehouses.
If the circular is not revoked traders may continue on current strike. Wheat futures may trade with a negative bias.
According to the latest information, wheat has been shown in 295.30 lakh hectare against 291.63 lakh hectare last year on this date, which is 3.67 lakh hectare higher than the area sown during the corresponding period last year.
Courtesy: SMC Global
