NCDEX commodities channa cues to be having good crops for coming session. Good production is coming out from Rajasthan, Maharashtra and MP. It can keep pressure on market sentiments.
Latest reports from Australia indicate a rise in production there by 15000 tonnes to 3.94 lakh tonnes in 2011-12.
As per latest data from Ministry of Agriculture—as on 2nd Dec, 2011 the sown area under Chana (Gram) crop is up by 2.03 lakh hectares at 75.95 lakh ha vs same period last year.
1st Advance Govt estimates of a fall in Pulses production to 6.43 million tonnes vs last estimates of 7.12 million tonnes could support short to medium term rates for Chana.
Also, the soybean futures finished lower, retreating from early gains on poor export demand and outside pressure. Early gains fueled by optimism about Europe's debt, but enthusiasm waned and commodities fell on reports S&P is putting Europe's triple-A countries on downgrade watch.