The Hindu Business Line : Bird flu outbreak may hit soya

The sentiment on the national commodity exchanges, NCDEX and MCX, turned negative with the confirmation of a bird flu outbreak in South Korea. The South Korean Agriculture Ministry has confirmed that about 600 chickens died in the latest outbreak. However, traders feel that it would not have much impact on the Indian commodity prices.

The entire soya complex is likely to affected by the news. The sentiment of soyabean, which is being traded on NCDEX, may turn negative in the coming days. The crushing of soyabean may come down as soyameal consumption is likely to fall. In a quick reaction, rapeseed and maize lost ground.

Rapeseed futures on NCDEX lost 2 per cent at Rs 395 per 10 kg while maize lost one per cent at Rs 801 per quintal. Maize has remained range-bound as there was no clear signal from the Government over banning exports. Maize prices on the spot market in Indore have shot up in the last month and millers have been demanding a halt to exports.

Futures fall

After a dream run on Monday, rubber futures fell 4 per cent to Rs 7,650 per quintal on MCX as there were no buyers at the high levels. It opened on a positive note at Rs 7,815 to touch a high of Rs 7,950 before closing at Rs 7,650 per quintal.

"The prices appreciated yesterday due to short covering by few investors. We are still bearish on rubber as it is the peak season for rubber extracting," said an analyst.

Potato futures on NCDEX lost 4.8 per cent at Rs 559 per quintal on poor demand. Expectations of a drop in demand from Bihar and fresh arrivals from Punjab and Karnataka in the next two weeks dampened sentiment.

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