Lower Demand Put Cap on Cardamom Prices
Lower demand from domestic buyers and exporters in the spot market drag cardamom prices. Cardamom March future market down to Rs.654.50/- per kgs on Wednesday. Cardamom markets reported inactive as picking continued in fifth phase, lower quality material coming to the market during last picking; planters revealed.
Agriwatch Cardamom (Continuous chart, C1) Monthly call target achieved. As per Monthly Technical analysis, cardamom sell below Rs.650/- per kgs with target1 Rs.610/- per kgs and target2 is Rs.600/- per kgs. Cardamom lower prices reported Rs.579.9/- per kgs. this month till date.
Rajkot Castor Futures Eased On Profit Booking
Rajkot Castor seed Futures Closed slightly lower on profit booking and increasing expectation for higher arrivals with rising temperature in Gujarat maturity process would increase. Castor seed future March-June contracts eased from Rs3101 to Rs 2995 per qtl.Castor Seeds ready price quoted at 3,062.50 per quintal compared to the previousclosing price of 3,050.00 per quintal.
Red Chilli Reported High in Warangal Market, New Crop Started Coming
At Warangal market, Red Chilli Teja is trading high at Rs. 12000-13100 per quintal, higher by 0.77 per cent from previous trading day. Red Chilli Wonder Hot is offered firm at Rs. 12500-13100 per quintal, higher by 3.97 per cent against previous trading day. Red Chilli 341 at Warangal market is quoted lower at Rs. 13000-14400 per quintal, down by 2.04 per cent from previous day’s price level.
Red Chilli Denvor Delux at Warangal market is offered lower at Rs. 13000-13800 per quintal, lower by 6.76 per cent against previous day. Red Chilli Fatki at Warangal market is trading at Rs. 7000-9500 per quintal, unchanged from previous close.
Gujarat Provides Fund Allocation For Subsidized Wheat & Rice
Gujarat Finance Minister presented a Rs. 1,51,852 crore budget for 2016-17 while announcing a scheme for wheat and rice for the poor at Rs.2 and Rs.3 a kg respectively.The state would now provide 35 kg of foodgrains per family living below poverty line. The lower middle class too would get the benefit of the scheme and can avail up to 5 kg of foodgrains every month.
NCAER Pegs Wheat Production At 85 MMT
National Council for Applied Economic Researchhas estimated85 MMT wheat production this year from 2015-16 crop,lower by 1.5 MMT from 2014-15 crop.It is almost 8.5 MMT lower than estimate of 93.82MMT published in Second Adv Estiamte on 15.02.2016.The NCAER report released in January also said that India might not export any wheat in 2016-17 marketing year. However, because of lower procurement and strong purchases by private traders from October 2015 to March 2016, the total wheat stock in the Central pool might fall to 15 mt by April, which would be 2 mt less than the stocks during the year-ago period.