Agri futures begin new year on weak note

AGRI-COMMODIGIES

The first trading session of the year saw agri futures falling on the National Commodity and Derivatives Exchange (Ncdex), exuding the weak sentiment prevalent during the year-end.

Pulses and grains was the worst hit, a clear indication that demand has not gained momentum thus far. The near-month chana fell 4 per cent below Rs 2,400 mark at Rs 2,356 a quintal against last week's close of Rs 2,460. In the pulses category, except Tur desi, all declined. Urad desi and Masoor slipped by 3.5 per cent and 3 per cent, respectively.

Wheat dropped by Rs 20, closing at Rs 1,001 a quintal, whereas maize declined Rs 6 a quintal. Mentha oil, which was hit by sluggish demand, saw no resistance at Rs 600 levels. On Monday, it closed at Rs 570 a kg against last week's close of Rs 589 a kg. Since mentha oil lost its support level at Rs 625 a kg, the downward rally has seen no halt.

Soybean slipped by Rs 8 to Rs 1,386 a quintal. Sugar M grade saw a a marginal drop of Rs 1, while mustardseed fell by Rs 3 at the close of the trading session. 
 

HOW THEY FARED
Commodity Rs per quintal	Monday Close	Previous  close	Decline  in%'
Chana	2,356	2,460	4.23
Guargum	4,790	4,863	1.50
Guarseed	1,945	1,961	0.82
Maize	746	752	0.80
Masoor	1,806	1,873	3.58
Mentha Oil*	570	589	3.23
Soybean	1,386	1,394	0.57
Mustardseed	366	369	0.81
Urad Desi	2,882	2,973	3.06
Wheat	1,001	1,021	1.96
* Per kg
Gainers
Commodity	Monday Close	Previous  Close	Decline  in%'
Jeera	9,190	8,977	2.37
Pepper	11,118	10,725	3.80
Tur Desi	1,920	1,896	1.27

Guargum and guarseed, though during the day were trading above their previous close, could not sustain the trend and closed below their earlier levels. Guargum fell 1.5 per cent to Rs 4,790 and guarseed by Rs 16 to Rs 1,945 a quintal.

Spices futures, however, closed at higher ends. Cumin seed (jeera) closed at Rs 9,190 against Saturday's close of Rs 8,977 a quintal, up over 2 per cent.

Pepper jumped by around 3.8 per cent to close at Rs 11,118 a quintal against its previous close of Rs 10,725 a quintal.