Commodity picks- 1 August 2016

Red Chilli

 

The price of chilli is Rs 12,513 a quintal. Domestic demand is weak and expected to remain subdued in the coming days, which would keep prices under pressure. The price is expected to move lower, towards Rs 12,250 a quintal in the coming days.

Soyabean
Prices of soyabean at the benchmark Indore markets are trading at Rs 3,782 a quintal. For the week ahead, prices are expected to trade with a downward bias and head towards Rs 3,700. A weak outlook for soyameal might slow demand from processors. Further, compared to the corresponding period of last year, sowing so far has been high, and is weighing on prices. The agriculture ministry as on July 21 estimated soyabean sowing at 10.60 million hectares, against 10.48 million hectares during the corresponding period last season.

 

---

Prerana Desai,
Vice-president (research), Edelweiss Agri Services and Credit, Edelweiss Agri Value Chain