Capital stroke NCDEX Update : CHANA 19 MAY 2014

Chana June futures recovered from lower levels on short coverings and lower level demand and settled 0.52% higher w-o-w. Also, the third advance estimates pegged total pulses production for 2013-14 at 19.6 mn tn, marginally lower from 19.8 mn tn earlier. Prices have declined on account of increased sowing of summer pulses and rising stocks on the exchange warehouses.

As per the data released by the ministry of Agriculture, area under Rabi Pulses stood at 161.9 lakh ha as against 152.65 lakh ha last year. Chana sowing is reported at 10.21 mn ha compared to 9.51 mn ha during the same period last year. Sowing of summer pulses is reported at 1.11 mn ha as against 559,000 ha last year.
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