The Hindu Business Line : Higher production hopes pull down soya

Mumbai, Aug. 29 Soyabean for September delivery on NCDEX lost 2 per cent to Rs 1,488 per quintal. Expectation of higher production at 8.6 million tonnes in the current year against 7.6 million tonnes last year coupled with lower demand for its bye-products like soyameal and soya oil pulled prices down, said an analyst.

Chana futures fell sharply by Rs 45 to Rs 2,234 per quintal on lack of demand and higher kharif acreage this year.

Jeera for September delivery dropped nearly 2 per cent to Rs 10,185 per quintal. Futures followed the Unjha spot markets where prices fell on continued selling pressure, a trader said.

Large stockpiles at NCDEX warehouse dragged maize futures down 1.95 per cent to settle at Rs 703.5 per quintal. Pepper futures prices remained weak by 1.31 per cent at Rs 11,525 due to speculative selling.

Potato drops

On MCX, Potato Tarkeshwar lost marginally to settle at Rs 673 per quintal due to good arrivals and huge cold storage stock. Mentha futures fell marginally. Rubber and cardamom futures on MCX closed with a minor gain on MCX.

NCDEX registered a turnover of Rs 2,320 crore up to 5 pm. Active trades were high in among others guar seeds, chana, jeera, pepper, gold and soya oil. Turnover till 11.30 pm on Tuesday was Rs 1,912 crore.

While on MCX, the turnover was Rs 3,157.6 crore up to 5 pm. Bullion turnover was Rs 805.32 crore of which gold contracts accounted for Rs 366.86 crore and silver contracts for Rs 438.46 crore. Its turnover up to 11 pm on Tuesday was Rs 7,934 crore.