Maize gained tracking firmness in spot demand despite of weakness in overseas amid improving U.S. weather and ample world supplies.Adequate domestic supplies will likely continue to keep prices on a leash, while export and import activity is rather muted because of price disparities. NCDEX accredited warehouses maize stocks dropped by 31 tonnes to 1618 tonnes. In Nizamabad maize spot prices dropped -3 Rupees to 1518.35 Rupees per 100kgs.
Mustard Seed on NCDEX settled down by -0.34% at 3791 on weak demand and on oversupply woes. India is expected to produce around 6.5-7 million tonnes (mt) of rape mustard seeds in 2016-17 as compared to 5.8 mt produced in 2015-16 due to higher acreage and improving productivity. The carry-forward stock from the previous season was around 0.15 mt. The Ministry of Agriculture expects 8.5 mt of mustard seeds to be produced in the current rabi season against 6.8 mt a year ago, as per its 4th advanced estimates.
Cotton on MCX settled down by -1.09% at 20880 after a recent release from the CAI confirmed the trend of higher arrivals in the market. Normally, cotton prices tend to increase once arrivals from farmers begin to dwindle. This year, though, arrivals are still strong as farmers, who couldn't sell all their produce during November-December due to post-demonetisation cash crunch, are offloading the stock.
Ref Soyaoil settled flat as prices pared gains after gaining earlier tracking firmness in spot demand on buying at lower level. According to market participant import of soybean oil for May is in parity of Rs 30-33 per 10 kilogram. The National Oilseed Processors Association said its members crushed 153.060 million bushels during March, up from 142.792 million bushels in February
Cardamom futures were trading higher during morning trade in the domestic market on Tuesday as investors and speculators extended their positions in the agri-commodity amid rise in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on restricted physical arrivals from the major cardamom producing regions, supported the upwardtrend in the domestic cardamom prices. At the MCX, cardamom futures for May 2017 contract is trading at Rs 1217.30 per kg, up by 0.29 per cent, after opening at Rs 1210, against a previous close of Rs 1213.80. It touched the intra-day high of Rs 1222.10
Mentha oil on MCX settled down by -0.87% at 950 on profit booking and fall in demand in the domestic spot market. Further, ample stocks position on higher supplies from producing regions too influenced mentha oil prices. As per traders, the demand for mentha from both the domestic consuming industries as well as from the export front has not shown any growth or positive result.
Also the farmers are bringing their produce in moderate amount to the market which is limiting the upside movement of prices. The presence and growth of usage of synthetic mentha is also hampering the demand and ultimately the price movement of mentha. Stock positions of Mentha in MCX accredited warehouses were around 6443 drums, which is 12 drums less against previous day while in process were 36 drums, which is same in comparison to the previous day.
Cotton futures on MCX closed higher for the week as the arrivals in the domestic market slow down in April coupled with good physical demand. The arrivals in the first 20 days in April drops by about 70% to 1.19 lakh tonnes (lt) compared to 3.95 lt in March, as per Agmarknet data. Moreover, probability that the El Nino phenomenon may occur during second half of monsoon month which may affect cotton yield. In the third estimate Gujarat Agri Dept has revised down cotton production in Gujarat by 4 lakh bales to 80.50 lakh bales in 2016/17.