Tuesday, 16 June 2015

Weak Trend Persists In Indian Agri Markets for 16 June 2015

Markets trade weak for Agri commodities as favourable reports on the Monsoon front keep trend weak. Rains till date are reported at 11% excess as per IMD. Though reports are still not favourable from the crucial areas of North-West India, yet the recent rains there have favourably impacted the sowing for kharif crops. As per Government reports, the total sown area for kharif crop as on 12th June, as per reports received from States, stands at 75.10 lakh hectare as compared to 82.87 lakh hectare at this time last year. Thus even though the area sown is reportedly low, it is picking up pace as Monsoon picks up pace. The Monsoon progress over the next few weeks would remain critical as the sowing for the kharif crops are dependent on that. Sentiments look bearish as of now though, as improved rainfall prospects seen in most parts of India. Chana continued to trade weak as improved Monsoon conditions in Central and South India kept trend weak as that is reportedly beneficial for sowing of kharif Pulses.

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