23-Feb-15 Item Open High 35490 35500 Low Close % Cng OI 34945 -1.34 41 Comments Spices Pepper Turmeric Jeera 34420 Agro Market 8900 9196 8786 9088 2.34 15250 15350 15010 15290 -0.10 17547 6630 6698 6391 6424 -2.74 25840 Coriander 32570 Cardamom 1141 1152 1138.3 1143.7 -0.24 1662 Sugar m 2716 2719 2652 2655 -2.10 23080 Wheat 1575 1600 1544 1589 0.57 5020 Maize 1257 1257 1227 1240 -0.80 5770 Barley 1165 1177.5 1159 1171 0.47 9180 Chana 3690 3691 3650 3672 -0.60 174130 Kapas 766 769 756 758.5 -0.78 8635 Cotton 15130 15210 14920 15000 -0.73 2731 Mentha Oil 745.4 752.5 742.2 750.8 0.70 7840 Soya Bean 3415 3422 3384 3390 -0.15 78730 Ref.soya oil 606.1 607.5 598 598.55 -1.32 106895 465 465.8 461.7 462.1 -0.56 1677 Rmseed 3366 3389 3351 3375 0.48 45870 Castorseed 3797 3816 3742 3764 -0.76 103600 Cereals Most of the spices counter on the NCDEX yesterday ended with losses. Dhaniya prices ended with more than two percent losses followed by losses in jeera prices whereas turmeric prices ended with more than two percent gains. Turmeric prices ended with gains on seasonal demand from north India and crop damage reports from south India. Jeera prices ended with losses on profit booking after prices recovered on lower sowing area and export demand. Others Cpo DAILY MARKET LEVEL COMMODITIES CARDAMOM WHEAT MENTHA OIL CHANA TURMERIC JEERA SOYABEAN R.SOYA OIL CLOSE 1143.7 1589 750.8 3672 9088 15290 3390 598.6 1164.8 1668 765.1 3733 9672 15760 3452 613.0 1158.4 1634 758.8 3712 9434 15555 3437 610.0 1151.1 1612 754.8 3692 9262 15420 3414 604.0 1144.7 1578 748.5 3671 9024 15215 3399 601.0 1137.4 1556 744.5 3651 8852 15080 3376 595.0 1131.0 1522 738.2 3630 8614 14875 3361 592.0 1123.7 1500 734.2 3610 8442 14740 3338 586.0 OI 1662 5020 7840 174130 32570 17547 78730 106895 OI (%) -0.12 -5.46 -6.24 4.23 -1.51 0.50 1.26 -1.24 RESISTANCE P. POINT SUPPORT SPOT MARKETS UPDATE CORIANDER SUGAR SOYABEAN CHANA TURMERIC JEERA R.SOYA OIL WHEAT RM SEED COTTON 6424 2655 3390 3672 9088 15290 598.6 1589 3375 15000 -2.74 -2.10 -0.15 -0.60 2.34 -0.10 -1.32 0.57 0.48 -0.73 SOYABEAN OPEN HIGH LOW CLOSE % CNG RE CNG OI VOLUME 3415 3422 3384 3390 -0.15 -5.00 78730 23510 MARKET MOVER Soyabean trading range for the day is 3361-3437. Soyabean settled flat on profit booking after gaining as USDA trimmed US soybean production forecast India soymeal exports in the month of January dropped 71.34% from a year earlier on higher prices. Arrivals across Madhya Pradesh were about 90,000-100,000 bags of 90 kilograms compared to 50,000-75,000 of 90 kilograms. At the Indore spot market in top producer MP, soybean dropped -17 rupee to 3410 rupee per 100 kgs. BUY SOYABEAN APR @ 3375 SL 3345 TGT 3410-3460.NCDEX MARKET COMMENTARY Soyabean settled down -0.15% at 3390 on profit booking after gaining as United States Department of Agriculture (USDA) trimmed US soybean production forecast, which indicating tight supply in the world's top bean producer. Furthermore, higher demand in international market too supported soyabean prices uptrend. India soymeal exports in the month of January dropped 71.34% from a year earlier on higher prices of the soybean in the local market, data released from Solvent Extractors Association of India (SEA) showed. Investors expects higher arrivals from South America, the biggest rival of US, after United States Department of Agriculture (USDA) trimmed bean output from United States, the biggest bean producer. Argentina, world's third biggest soybean producer, 2014-15 crop output may increase to 56 million tons compared to 55 million tons in the previous month and 54 million tons a year ago. Arrivals across Madhya Pradesh were about 90,000-100,000 bags of 90 kilograms compared to 50,000-75,000 of 90 kilograms. Conab has cut trimmed its Brazilian forecast for the 2014/15 soybean crop, which is under harvest, to 94.6 million tonnes from its earlier estimate of 95.9 million tonnes. This is due to the decline in yield potential due to dry weather. The Conab also estimated Brazil’s likely soybean shipments to 47.8 million tonnes, which lower from 49.6 million tonnes in January 2015. Technically market is under fresh selling as market has witnessed gain in open interest by 1.26% to settled at 78730 while prices down -5 rupee, now Soyabean is getting support at 3375 and below same could see a test of 3361 level, And resistance is now likely to be seen at 3413, a move above could see prices testing 3437. RM Seed OPEN HIGH LOW CLOSE % CNG RE CNG OI VOLUME 3366 3389 3351 3375 0.48 16.00 45870 41220 MARKET MOVER Rmseed trading range for the day is 3334-3410. Mustard seed ended with gains as demand remains good in the domestic markets. Trade sources anticipate mustard seed output around 520,000‐550,000 tons compared to 650,000 tons last year. Rapeseed meal exports from India dropped 20.69% on year to 44,361 tons in January on weak demand from South Korea, Iran and Thailand. In the Alwar spot market in Rajasthan the price remains unchanged at0 rupee to 3650.55 rupees per 100kgs. BUY RMSEED APR @ 3360 SL 3340 TGT 3385-3410.NCDEX MARKET COMMENTARY Rmseed settled up 0.48% at 3375 as demand remains good in the domestic markets. Mustard new crop is expected to hit the markets very soon. Trade sources anticipate mustard seed output around 520,000‐550,000 tons compared to 650,000 tons last year. Prices of the rm seed were also under pressure after rapeseed meal exports from India dropped 20.69% on year to 44,361 tons in January on weak demand from South Korea, Iran and Thailand. For the record, production of mustard/rapeseed, a winter crop cultivated in the northern States. was 8.028 million tonnes last year with the crop sown on 6.362 million hectares. Rajasthan is the major producer contributing up to 47 per cent of the domestic production, followed by Madhya Pradesh (11.44 per cent), Haryana (12 per cent) and Uttar Pradesh (10.41 per cent). Once the rains recede, markets are likely to pick up as demand for Mustard Oil remains strong in Indian markets. Mustard area coverage in All over India is 63.79 lakh Ha during Rabi 2014-15 and 67.00 lakh ha in 2013-14, area coverage during Rabi 2014-15 is lower.As per latest reports from Oil World, the output of mustard in Europe is expected to decline near 15% to 205 lakh tons, the lowest level in past 30 years, while it was 240 lakh tons last year. There is outbreak of insects on the mustard cops in Europe, as per the Oil World report, which may reduce the yield. Technically market is under fresh buying as market has witnessed gain in open interest by 2.71% to settled at 45870 while prices up 16 rupee, now Rmseed is getting support at 3354 and below same could see a test of 3334 level, And resistance is now likely to be seen at 3392, a move above could see prices testing 3410. MENTHA OIL OPEN HIGH LOW CLOSE % CNG RE CNG OI VOLUME 745.4 752.5 742.2 750.8 0.70 5.20 7840 1844 MARKET MOVER Menthaoil trading range for the day is 738.2-758.8. Menthaoil spot is at 850/-. Spot market is up by Rs.2/-. Mentha oil prices gained due to higher demand from pharmaceutical Industries. But, some gains were capped by the reports of rains in some areas in growing state of UP as the sowing is set to start in coming days. Rains at this time would be beneficial for the crop sowing. BUY MENTHA OIL FEB ABV 745.50 SL 736 TGT 752-759-766. MCX (BTST) MARKET COMMENTARY Menthaoil settled up 0.7% at 750.8 due to higher demand from pharmaceutical Industries. But, some gains were capped by the reports of rains in some areas in growing state of UP as the sowing is set to start in coming days. Reports of rains in some areas in growing state of UP kept trend slight weak for Mentha Oil as the sowing is set to start in coming days. Rains at this time would be beneficial for the crop sowing. Mentha oil production is expected to fall this year by 30 per cent to 40,000 tonnes from 55,000 tonnes a year ago, with acreage under the commodity declining as farmers sentiment were dampened due to lower prices. Mentha oil arrivals to the spot market, especially from the Chandausi in Uttar Pradesh, have increased substantially. The resulting fall in prices was capped due to lower production of the commodity this season. Acreage is expected to fall by 20 per cent this year, to 17,500 hectare on the back of a large carry-over stock from last year, which also had an impact on prices. However, export demand for the spice is expected to go up in the coming weeks. Last year, the total production of mentha oil stood at 55,000 tonnes, out of which 40 per cent of the crop is carry forwarded for the current year. Technically market is under short covering as market has witnessed drop in open interest by -6.24% to settled at 7840 while prices up 5.2 rupee, now Menthaoil is getting support at 744.5 and below same could see a test of 738.2 level, And resistance is now likely to be seen at 754.8, a move above could see prices testing 758.8. CHANA OPEN HIGH LOW CLOSE % CNG RE CNG OI VOLUME 3690 3691 3650 3672 -0.60 -22.00 174130 104560 MARKET MOVER Chana trading range for the day is 3630-3712. Chana prices ended with losses due to profit booking after prices gained on expected lower output due to a drop in area. In 2014-15, the Production of pulses estimated at 18.43 million tonnes is lower by 4.36% from 19.5 million tonnes produced in 2013-14. NCDEX accredited warehouses chana stocks gained by 892 tonnes to 39873 tonnes. In Delhi spot market, chana dropped by -31.95 rupee to end at 3535 rupee per 100 kgs. SELL CHANA APR @ 3700 SL 3748 TGT 3665-3630. NCDEX MARKET COMMENTARY Chana settled down -0.6% at 3672 due to profit booking after prices gained on expected lower output due to a drop in area. In 2014-15, the Production of pulses estimated at 18.43 million tonnes is lower by 4.36% from 19.5 million tonnes produced in 2013-14. India is likely to harvest 16% lower chana in 2014-15 from last year on lower planted area (down 16% Y-O-Y). Meanwhile, the decline in tur production due to erratic rainfall conditions during the monsoon season-2014. The 2nd Advance Estimates of production of major crops for 2014-15 and Final Estimates for 2013-14 have been released by the Department of Agriculture Cooperation on 18th February, 2015. Chana prices are sustaining at higher levels on expected drop in output caused due to lower sowing. Chana sowing operations are complete across India and harvesting of early sown crop has already begun. As per the latest data available with the government, area under Chana as on 13 February 2015 stands at 85.91 lakh ha compared with the 102.25 lakh ha area planted last year. Although acreage remains lower 16 percent year on year and has crossed the normal area of 84.14 lakh hectares. As per market sources, new crop arrivals from major producing belts is reported at 55-60 thousand bags including 25 thousand bags from Karnataka/AP and 30 thousand bags from Maharashtra. Technically market is under fresh selling as market has witnessed gain in open interest by 4.23% to settled at 174130 while prices down -22 rupee, now Chana is getting support at 3651 and below same could see a test of 3630 level, And resistance is now likely to be seen at 3692, a move above could see prices testing 3712. TURMERIC OPEN HIGH LOW CLOSE % CNG RE CNG OI VOLUME 8900 9196 8786 9088 2.34 208.00 32570 28500 MARKET MOVER Turmeric trading range for the day is 8614-9434. Turmeric prices ended with gains on seasonal demand from north India and crop damage reports from south India. At Nizamabad market sources reported arrivals at 10000 quintals, lower by 3000 quintals as compared to previous day. NCDEX accredited warehouses turmeric stocks gained by 120 tonnes to 1563 tonnes. In Nizamabad, a major spot market in AP, the price ended at 8264.7 rupees gained 164.7 rupees. BUY TURMERIC APR @ 9000-9040 SL BELOW 8850 TGT 91509320. NCDEX (BTST) MARKET COMMENTARY Turmeric settled up 2.34% at 9088 on seasonal demand from north India and crop damage reports from south India. Telangana and Andhra Pradesh produce the crop that gives farmers very high returns. There has been an increase in cultivation of turmeric in both the States. The acreage has gone up to 50,207 hectares from 43,124 hectares in Telangana and to 18,749 hectares from 10,240 hectares in a span of two years. The productivity stands low despite an increase in acreage due to a continuous dry spell in the region. At Nizamabad market sources reported arrivals at 10000 quintals, lower by 3000 quintals as compared to previous day. At Erode market sources reported arrivals at 2000 quintals, down by 2000 quintals as against previous day. Following a spike, prices of spot turmeric too increased at Erode markets. The hybrid finger turmeric sold at Rs. 9,759 a quintal – Rs. 1,600 more than previous day. The hybrid root variety was also up Rs. 1,500 and went for Rs. 8,923. This was due to the increase in price it the futures market and good increase in price at other turmeric sale centres of Nizamabad and Sangli. 1,500 bags of new turmeric arrived for sale and all were sold at Rs. 8,309 –up Rs. 300. At the Regulated Market Committee, the root turmeric gained Rs. 400 a quintal while the finger turmeric by Rs. 100 a quintal. Technically market is under short covering as market has witnessed drop in open interest by -1.51% to settled at 32570 while prices up 208 rupee, now Turmeric is getting support at 8851 and below same could see a test of 8613 level, And resistance is now likely to be seen at 9261, a move above could see prices testing 9433. JEERA OPEN HIGH LOW CLOSE % CNG RE CNG OI VOLUME 15250 15350 15010 15290 -0.10 -15.00 17547 12495 MARKET MOVER Jeera trading range for the day is 14875-15555. Jeera prices ended with losses on profit booking after prices recovered on lower sowing area and export demand. Lower production expected this time but improved climate in growing states are reportedly good for the standing crop. NCDEX accredited warehouses jeera stocks dropped by 51 tonnes to 12451 tonnes. In Unjha, a key spot market in Gujarat, jeera edged down by 198.8 rupees to end at 15341.2 rupee per 100 kg. BUY JEERA APR ABV 15160 SL 15000 TGT 15320-1556015720. NCDEX (BTST) MARKET COMMENTARY Jeera settled down -0.1% at 15290 on profit booking after prices recovered on lower sowing area and export demand. Lower production expected this time but improved climate in growing states are reportedly good for the standing crop. According to the data, jeera, a rabi crop, has been sown on 2.64 lakh hectares (lh) this year in Gujarat compared with 4.54 lh during the same period a year ago. In Rajasthan, it has been sown on 3.39 lh this year against 3.90 lh last year. According to trade sources, sowing of jeera in Gujarat and Rajasthan has been affected due to erratic monsoon and farmers fetching low prices in the last two years. Jeera is sown from October till the beginning of December and harvesting starts in February. March-April will be the months of peak arrivals. Meanwhile, late withdrawal of South-West monsoon this season resulted in increased soil moisture, which is not beneficial to cumin seeds. At Rajkot market arrivals were reported at 842 quintals, down by 38 quintals from previous trading day. At Unjha market in Mehsana arrivals were reported at 10000 quintals, steady as against previous day’s arrival. At New Delhi market estimated market supply was at 10000 quintals, up by 5000 quintals as compared to previous day. At Jodhpur market estimated market supply was at 250 quintals, unchanged as compared to previous day’s arrival. Technically market is under fresh selling as market has witnessed gain in open interest by 0.5% to settled at 17547 while prices down -15 rupee, now Jeera is getting support at 15083 and below same could see a test of 14877 level, And resistance is now likely to be seen at 15423, a move above could see prices testing 15557. CASTORSEED OPEN HIGH LOW CLOSE % CNG RE CNG OI 3797 3816 3742 3764 -0.76 -29.00 103600 VOLUME 38350 SUP-3 3658 SUP-2 3700 SUP-1 3732 P.P. 3774 RES-1 3806 RES-2 3848 RES-3 3880 OI (%) -0.04 MARKET COMMENTARY Castorseed settled down -0.76% at 3764, technically market is under long liquidation as market has witnessed drop in open interest by 0.04% to settled at 103600 while prices down -29 rupee, now Castorseed is getting support at 3732 and below same could see a test of 3700 level, And resistance is now likely to be seen at 3806, a move above could see prices testing 3848. Castorseed trading range for the day is 3700-3848. BUY CASTORSEED JUNE @ 3160 SL 3135 TGT 3185-3210.NCDEX The spot prices of castorseed in Disa mandi dropped -15.65 rupee to 3800 rupees per kg. MAIZERABI OPEN HIGH LOW CLOSE % CNG RE CNG OI 1257 1257 1227 1240 -0.80 -10.00 5770 VOLUME 2060 SUP-3 SUP-2 SUP-1 P.P. RES-1 RES-2 RES-3 OI (%) 1195 1211 1225 1241 1255 1271 1285 -6.63 MARKET MOVER Maize trading range for the day is 1211-1271. Maize prices ended with losses tracking weakness in spot demand and overseas prices. Maize have been sown in 15.37 lakh hectares as of now during Rabi season, lower by 0.16 lakh hectares as compared to last year. At Nizamabad market in Andhra Pradesh sources reported arrivals at 1500 Qtl, up by 1000 Qtl as compared to previous day. In Nizamabad maize prices gained 0.85 rupee to end at 1250.4 rupees per 100 kg. SELL MAIZE MAR @ 1255 SL 1275 TGT 1235-1215.NCDEX MARKET COMMENTARY Maize settled down -0.8% at 1240 tracking weakness in spot demand and overseas prices. As per ministry of agriculture, maize have been sown in 15.37 lakh hectares as of now during Rabi season, lower by 0.16 lakh hectares as compared to last year. Lower acreage reported in A.P, Bihar, Gujarat and Jharkhand. Use of U.S. corn in ethanol production increased 5 percent in December, the U.S. Department of Agriculture said in a new monthly report. In December, the new report showed 510.1 million bushels of corn were used in dry and wet corn milling for fuel and beverage alcohol. That is up from 485.1 million bushels in November and 476.5 million bushels in October. At Davanagere market arrivals were reported at 2000 Bags, unchanged as compared to previous day’s arrival. At Nizamabad market in Andhra Pradesh sources reported arrivals at 1500 Qtl, up by 1000 Qtl as compared to previous day. At Ahmedabad market in Gujarat estimated market supply was at 6000 bags, up by 1000 bags as compared to previous day. As per IBIS data, exports of corn were reported around 0.044 million tons for the period of 9th Feb to 15th Feb’15 mainly to Indonesia, Malaysia and Vietnam. Technically market is under long liquidation as market has witnessed drop in open interest by -6.63% to settled at 5770 while prices down -10 rupee, now Maize is getting support at 1226 and below same could see a test of 1211 level, And resistance is now likely to be seen at 1256, a move above could see prices testing 1271. MONTH OPEN HIGH LOW CLOSE OPEN INT CHANGE IN RS. CHANGE IN % VOLUME OI (%) 1466 -0.12 OTHER COMMODITY ITEMS TRADING LEVEL MCX CARDAMOM Mar 2015 INTRA-DAY LEVEL FOR Mar 2015 MONTH 1141.0 Support Resistance 1152.0 1138.3 1143.7 Sup-1 Sup-2 Sup-3 1137 1131 1124 Res-1 Res-2 Res-3 1151 1158 1165 607.5 598.0 598.6 Sup-1 Sup-2 Sup-3 595 592 586 Res-1 Res-2 Res-3 604 610 613 465.8 461.7 462.1 Sup-1 Sup-2 Sup-3 460.6 459.1 456.5 Res-1 Res-2 Res-3 464.7 467.3 468.8 1177.5 1159.0 1171.0 Sup-1 Sup-2 Sup-3 1161 1151 1143 Res-1 Res-2 Res-3 1179 1187 1197 3389 3351 3375 Sup-1 Sup-2 Sup-3 3355 3334 3317 Res-1 Res-2 Res-3 3393 3410 3431 3422.0 3384.0 3390.0 Sup-1 Sup-2 Sup-3 3376.0 3361.0 3338.0 Res-1 Res-2 Res-3 3414.0 3437.0 3452.0 1600 1544 1589 Sup-1 Sup-2 Sup-3 1556 1522 1500 Res-1 Res-2 Res-3 1612 1634 1668 2719 2652 2655 Sup-1 Sup-2 Sup-3 2631 2608 2564 Res-1 Res-2 Res-3 2698 2742 2765 1662 -2.7 -0.24 P.POINT Weak 1145 NCDEX REF.SOYA OIL Apr 2015 INTRA-DAY LEVEL FOR Apr 2015 MONTH 606.1 Support Resistance 106895 -8 -1.32 30680 -1.24 P.POINT Weak 601 MCX CRUDE PALM OIL Feb 2015 INTRA-DAY LEVEL FOR Feb 2015 MONTH 465.0 Support Resistance 1677 -2.6 -0.56 695 -14.35 P.POINT Weak 463.2 NCDEX BARLEY Apr 2015 INTRA-DAY LEVEL FOR Apr 2015 MONTH 1165.0 Support Resistance 9180 5.5 0.47 3530 19.84 P.POINT Positive 1169 NCDEX RMSEED Apr 2015 INTRA-DAY LEVEL FOR Apr 2015 MONTH 3366 Support Resistance 45870 16 0.48 41220 2.71 P.POINT Positive 3372 NCDEX SOYABEAN Apr 2015 INTRA-DAY LEVEL FOR Apr 2015 MONTH 3415.0 Support Resistance 78730 -5 -0.15 23510 1.26 P.POINT Weak 3399.0 NCDEX WHEAT Mar 2015 INTRA-DAY LEVEL FOR Mar 2015 MONTH 1575 Support Resistance 5020 9 0.57 1830 -5.46 P.POINT Positive 1578 NCDEX SUGARM Mar 2015 INTRA-DAY LEVEL FOR Mar 2015 MONTH 2716 Support Resistance 23080 -57 -2.10 6680 P.POINT Weak 2675 NCDEX REF.SOYA OIL JUNE 0.87 SPREAD UPDATE DAILY SPREAD IN MENTHA OIL - MCX MONTH RATE Feb 2015 750.8 Mar 2015 760.9 Apr 2015 770.8 Feb 2015 DAILY SPREAD IN SOYABEAN - NCDEX Mar 2015 Apr 2015 MONTH RATE 10.1 20 Apr 2015 3390 9.9 Jun 2015 3408 Aug 2015 3420 Apr 2015 Jun 2015 18 Aug 2015 30 12 Spread between Menthaoil FEB & MAR contracts yesterday ended Spread between Soyabean APR & JUN contracts yesterday ended at Rs.10.1, we have seen yesterday Menthaoil future had traded at Rs.18, we have seen yesterday Soyabean future had traded in in a positive zone and settled 0.7% up. a negative zone and settled -0.15% down. DAILY SPREAD IN CPO - MCX MONTH RATE Feb 2015 462.1 Mar 2015 465.4 Apr 2015 467.8 Feb 2015 DAILY SPREAD IN CHANA - NCDEX Mar 2015 Apr 2015 MONTH RATE 3.3 6 Apr 2015 3672 2.4 May 2015 3681 Jun 2015 3710 Apr 2015 May 2015 9 Jun 2015 38 29 Spread between CPO FEB & MAR contracts yesterday ended at Spread between Chana APR & MAY contracts yesterday ended at Rs.3.3, we have seen yesterday CPO future had traded in a Rs.9, we have seen yesterday Chana future had traded in a negative zone and settled -0.56% down. negative zone and settled -0.6% down. DAILY SPREAD IN JEERA - NCDEX MONTH RATE Mar 2015 15290 Apr 2015 15555 May 2015 15815 Mar 2015 DAILY SPREAD IN TURMERIC - NCDEX Apr 2015 May 2015 MONTH RATE 265 525 Apr 2015 9088 260 May 2015 9200 Jun 2015 9334 Apr 2015 May 2015 112 Jun 2015 246 134 Spread between Jeera MAR & APR contracts yesterday ended at Spread between Turmeric APR & MAY contracts yesterday ended Rs.265, we have seen yesterday Jeera future had traded in a at Rs.112, we have seen yesterday Turmeric future had traded in negative zone and settled -0.1% down. a positive zone and settled 2.34% up. DAILY SPREAD IN CARDAMOM - MCX MONTH RATE Mar 2015 1143.7 Apr 2015 1121.2 May 2015 1114.1 Mar 2015 DAILY SPREAD IN REF.SOYA - NCDEX Apr 2015 May 2015 MONTH RATE -22.5 -30 Apr 2015 598.55 -7.1 Jun 2015 577.4 Aug 2015 576.25 Apr 2015 Jun 2015 -21.15 Aug 2015 -22 -1.15 Spread between Cardamom MAR & APR contracts yesterday Spread between Ref.Soyaoil APR & JUN contracts yesterday ended at Rs.-22.5, we have seen yesterday Cardamom future ended at Rs.-21.15, we have seen yesterday Ref.Soyaoil future had traded in a negative zone and settled -0.24% down. had traded in a negative zone and settled -1.32% down. NEWS YOU CAN USE It is expected wheat purchases by Madhya Pradesh and Rajasthan in the 2015-16 season will be 1.09 million tonnes (mt) and 0.35 mt less than in 2014-15, respectively. In the past few years, the two states have been at the fore of declaring a bonus over the Centre-determined minimum support price (MSP). According to the state-wise target of wheat to be purchased from farmers during the rabi marketing season, Madhya Pradesh is expected to purchase around six mt of wheat in 2015-16, against 7.09 mt in 201415. Rajasthan is likely to buy 1.8 mt, against 2.15 mt in the 2014-15 season. Wheat procurement by Punjab and Haryana is expected to be higher in 2015-16 compared to 2014-15. Punjab is expected to purchase 12 mt of wheat, against 11.64 mt in 201415, while Haryana is likely to buy seven mt, against 6.45 mt in 2014-15. Last year, the government had decided to limit its wheat and rice procurement from states declaring a bonus over the MSP to the extent needed for the Public Distribution System. The Centre has fixed a target of purchasing 30.05 mt of wheat in the 2015-16 crop marketing season starting April, marginally less compared to the target of 31 mt fixed in 2014-15 but about two mt more than the actual purchase of 28.02 mt in 2014-15. For 2014-15 (October-September), the government had fixed a procurement target of 35.10 mt, of which 30.05 mt is expected to be in the kharif season. India will not scale down its multi-billion dollar food welfare programme that promises ultra-cheap rice and wheat to most of its people despite a high-level recommendation, a top government source said. A panel set up by Prime Minister Narendra Modi last month urged the government to lower the number of beneficiaries to 40 percent from 67 percent as part of efforts to trim the $18.64 billion food subsidy bill that drains stretched state finances. India, the world's biggest rice and wheat producer after China, spends billions of dollars to ensure highly subsidised food for millions of the poor. But nearly half of the ultra-cheap rice and wheat meant for the welfare programme is either stolen or wasted, straining government resources. Modi formed the panel in August to suggest an overhaul of the theft-prone food distribution network. The food ministry is examining the report and will convey its views to Modi for a final decision, said the source. The government is however looking into the other suggestions of the panel such as cutting bureaucratic red tape in allowing rice and wheat exports from overflowing grain bins and strengthening grains procurement from the eastern states. Corporate Office 301/302, Payal Tower II, Sayajigunj, Vadodara 390005, Call: +91 265 2226201 Email: [email protected] SMS JHAVERI to 54959 Disclaimer : The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent. 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