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 Sugar prices on the Vashi market showed a mixed trend on Wednesday (31 October 2012). Prices in spot ruled steady on routine demand - supply while at naka level it improved by Rs 5 for M grade and declined by Rs 10-15 for S grade. Mill tender rates rose by Rs 10-15 on higher festival demand and firm futures markets.

According to the Bombay Sugar Merchants Association, the spot sugar rates were: S-grade Rs 3,492-3,561 (Rs 3,492-3,561) and M-grade Rs 3,552-3,701 (Rs 3,550- 3,701). Naka delivery rates were: S-grade Rs 3,440-3,480 (Rs 3,450-3,500) and M-grade Rs 3,500-3,650 (Rs 3,500-3,650).

Ncdex Updates

As per the latest release from Vietnam Food Association's (VFA's), Vietnam's rice exports from the beginning of the year to October 16 have reached over 6.1 million tonnes, closer to the new export target of a record 7.5 million tonnes, up about 5% or 400,000 tonnes from last year.

After a slow start this year, Vietnam's rice exports have been steady helped by increased exports to China, and also to Indonesia and the Philippines, in part due to its competitiveness compared to more expensive Thai rice. However, increasing exports and lower supplies are now pushing average prices of Viet rice higher.

NCDEX Chana News

Chana futures gained on fresh buying lead by festive demand against the restricted arrivals. The NCDEX Chana November contract ended the day at Rs 4820, up Rs 94 or 2% from the last day close.

According to the first advance estimates, Kharif pulses output is estimated lower by 14.6% at 5.26 million tonnes compared with 6.16 mn tn last year. However, higher sowing hopes due to late revival of monsoon rains in producing regions restricted the rise.
The spot prices of Akola mix were reported at Rs 4850 per quintal and Chapa quality were at Rs 4950 per quintal in the early trades, down Rs 50 from the previous day. The total daily arrivals were hovering at the levels of around 30,000 bags, against 35000 bags in last day.

Chana futures slipped in the previous two sessions on profit taking of the earlier gains. The counter bounced back from the session low at Rs 4682 and ended the day at Rs 4820, up Rs 94 or 2% from the last day close. The open interest added 20% to 96,720 tonnes, indicating short selling.

Weekly Report CHANA

Chana futures trade with smart gains on appearance of fresh order. Strong millers off take ahead of upcoming festival demand spur strong gains in both spot and futures market in the last few session. The NCDEX Chana most active November contract ended the day at Rs 4805, up Rs 169 or 3.65% from the last close.

The spot prices of Akola mix were reported at Rs 4750 per quintal and Chapa excellence were at Rs 4800 per quintal, up Rs 50 from the previous day. The total daily arrivals were balanced at the levels of around 40,000 bags over 30000 bags in the entire major mandis.

Most of the millers of North India have witness active buying interest in local mandies. Moreover, poor moisture content in some parts of the chana growing states might also add speculative demand in local mandis. According to the first advance estimates, Kharif pulses output is estimated lower by 14.6% at 5.26 million tonnes compared with 6.16 mn tn last year.

Chana hit one month high at Rs 4819 level and ended the day up at Rs 4805, up Rs 169 or 3.65% from the last close. The open interest added 3% to 71,040 tones, indicating fresh buying.chana