Last Updated : 30 November 2012 at 19:30 IST
India Barley may turn bullish on thin production, imports
Source :Commodity Online
India aims to produce 1.5 mn tons of barley in the current season according to the first advance estimates by the government.Last year's barley production was 1.66 mn tons.
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NEW DELHI (Commodity Online): Barley prices in India are expected to move up in near future due to lower production estimates and poor imports from major Barley producers like Russia and Ukraine.
India aims to produce 1.5 mn tons of barley in the current season according to the first advance estimates by the government.Last year's barley production was 1.66 mn tons.
Barley has been planted on over 3,34,000 hectares so far this rabi season, down from 4,25,500 hectares in the same period a year ago, the latest government data shows. The acreage under barley is highest in Rajasthan at 1,36,000 hectares so far.
Barley futures on India's National Commodity Derivative Exchange (NCDEX) were up by 3.17 percent at Rs.1498 per 100 kilogram for January contract as of 16.45 IST on November, 30.
Reacting to the trend, Milan Shah, Agri Research Manager at Commodity Online has said that, “over all trend is looking bullish, support for short term seen near 1450 level; while 1530 is the resistance for the same.” “Trading above 1530 likely to touch 1590 level.” he noted.
Last week, in the spot market at Jaipur (Rajasthan), barley was quoted higher at Rs. 1,364.75.
Traders say that, strong demand from beer and cattle-feed making industries, thin supplies would push up both spot market and future market pries.
Lower barley exports from the top producers of the world- Russia and Ukraine likely to push up India's barley prices. Severe drought in barley growing areas caused to fall in the production in major barley growing areas of the world.
