Chana
Chana prices weakened on mounting stocks, higher acreage under kharif pulses and fresh arrivals of moong in the spot markets. NCDEX September contract fell from Rs 2242 to Rs 2179 before climbing back to Rs 2196 on bargain hunting on Friday. Traders took advantage of 3% fall in prices to make purchases. Hopes of pickup in demand ahead of festivals such as Ganesh Chathurthi and Diwali also supported prices. Sufficient rains in chana growing regions raised the prospects of sowing in the coming season due to good soil moisture levels. As on August 26, area under Kharif pulses stood at 10.9 mn ha compared to 8.9 mn ha a year ago. NCDEX October contract fell from Rs 2294 to Rs 2243 before climbing up to 2263 on bargain buying in the weekend. Chana prices may continue to trade bearish with only festival demand to support in the near term.

Pepper
India pepper prices continue to trade range bound even as fundamentals are supportive of a bullish trend. Weak supplies and lower stocks provide firm support for black pepper while higher prices of Indian parity has led to weak export demand while Indonesia and Brazil are quoting lower. India’s pepper exports rose 2% to 6750 tonnes from April to July 2010, Spices Board data showed.

NCDEX September contract weakened from Rs 20, 259 to Rs 20,212 before falling to below Rs 19500 levels while October contract fell from 20447 to Rs 20401 before falling to a low of Rs 19,641. Pepper is likely to trade bullish on tight supplies while weak export demand may cap gains even as festive demand provides some support.

Soybean
India’s oil and oilseeds market slumped on higher supplies due to increased imports and rise in soybean crushing. As on August. 26,area under oilseeds in the world's biggest edible oil importer stood at 16.59 million hectares, against 15.92 million hectares a year ago, Ministry of Agriculture said.

Major oilseeds-growing states such as Madhya Pradesh, Maharashtra, Gujarat, Andhra Pradesh and Rajasthan received good rains in the current monsoon season.

In US markets soybean prices rose towards weekend on speculation that Chian, world’s largest consumer will import more in the coming marketing year. China is expected to import 55 mn MT in themarket year that begain in October 1 up from 52 mn MT last year. Industrial feed output is expected to double in 10 years. US soybean futures for November rose to $10.35 per bushel rising 0.9% this week.

At India’s NCDEX, September soybean fell from Rs 2058 to RS 2017 before climbing back to Rs 2046 on bargain buying while September soyoil contract fell from RS 490.9 to Rs 480 before climbing back to Rs 486.35 and September Rapeseed closed marginally lower at Rs 535 after hitting a low of Rs 527. Indore soybean spot market prices rose to Rs 2012 on Friday.

Rubber
India’s spot rubber prices have fallen from a high of Rs 186 recorded on August 6 to Rs 163 thanks to a jump in production in August and on hopes that farmers will harvest more in view of higher prices. Spot prices for RSS 4 grade have climbed back to Rs 165 levels during the weekend on fresh buying and short covering. Traders expect tyre manufacturers to re-enter the market soon, there by creating positive sentiments.

Rubber prices have declined over fears that the government will cap the import duty on the commodity. The proposal for capping the import duty on rubber had led to a sharp decline in rubber prices in the domestic market.

An expert panel had earlier recommended that the import duty should be retained at 20 per cent, but a maximum ceiling of Rs 20.46 should be fixed, based on the average domestic price of rubber for the last three financial years. The recommendation was made after hearing the views of consumer industries and submissions by the grower organisations. At NMCE, September futures weakened from Rs 16817 to Rs 16,496 while October contract weakened from 16417 per 100 kg to Rs 16279.

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