Chana Jul Futures Recover On Wednesday

Chana Jul futures recover on Wednesday from the lowest levels since Jan 2015 due to short covering on expectation of improved physical demand. The government will procure around 200,000 t more chana from farmers in Rajasthan under the price support scheme. Recently, Maharashtra government discontinued procurement of the chana under the MSP scheme due to shortage of warehousing space and packaging bags. Government is trying to support prices by removing export restrictions and procuring at MSP. Govt restricted import of yellow peas, an substitute added in the Chana flour, till June end. Earlier, govt has announced of a 7% duty credit incentive on exports.

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