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Improved domestic demand will keep the prices firm in the near term. Significant demand from the overseas is expected to be placed if the Jeera prices of Syria are quoting at higher rates. This will support prices to strengthen in the short term (till July). Reduced stocks of Jeera at the NCDEX warehouses are also supporting the prices. Jeera price quotesoffered by Syria, Turkey and India in the international market will determine the price trend in the medium term to long term (August) onwards. Further, prices will depend on the demand from the overseas and domestic buyers and stocks of Jeera with the major producers.Jeera prices in the intraday will trade bullish due to improved buying by the market participants. In the short term (till July), trend will depend on Jeera price parity of various origins in international market. In the medium to long term (August onwards) prices are likely to take cues from stocks with major producing nation such as India, Syria and Turkey.
Reports of inadequate rainfall in the some of the major Guar growing areas are providing support to the prices. According to the market participants expected shift by the farmers to other crops such as pulses and Bajra (due to increase in the MSP and high profits earned in the last year) will provide support to Guar prices in medium term. Further,scarcity of Guar and Guar gum due to lower production of Guar in the previous year will support prices in the medium term. Sowing of Guar commences in July following the first showers of monsoon in June. Rajasthan contributes around 50% of the total production while Haryana has a share of 25% and remaining 25% comes from Gujarat, Punjab, Madhya Pradesh and Uttar Pradesh. Thus, in the long term prices will takes cues from sowing progress and crop status in the above major growing areas. Guar seed futures in the intraday are likely to trade sideways to bullish on account of inadequate rainfall in the major guar growing areas. Short term (till July), prices will depend on the advancement of monsoon into the interior parts of India. In the medium to long term (August onwards), prices will depend on the sowing progress of Guar and demand from the overseas buyers for Guar gum.
August Soybean futures ended in red due to monsoon rain in major parts of Madhya Pradesh amid better carry over stock of Soybean with farmers are in favor of bears. As per market participants (farmers,traders and stockists) Soybean sowing acreage picked-up rapidly and it will caps the prices on higher side. CBOT August Soybean futures ended higher at $ 9.67/bushels on Wednesday, up 27 cents/bushels as compared to previous close. CBOT August Soybean meal futures ended higher at $ 293.70/tonnes on Wednesday, up $7.00/tonnes ascompared to previous close. As per US traders, Soybean futures surged sharply due to deterioration in the US Soybean crop in the USDA's latest Crop Progress report. In the intraday, Soybean prices are expected to open higher due to firm overseas market on account of adverse weather for soybean in US, which is largest producer in the world. However, monsoon rain in major producing states picked up in sowing acreage amid favorable weather and better carry over stock this year as compared to last year may keep selling pressure in medium term.
Llower price quotes of Chana in the domestic market may induce stockists to go for improved buying at lower levels. This will support prices to strengthen in the coming weeks (till July). Prices in medium term (till August), will trade sideways to bullish due to demand from the domestic buyers ahead of festival season. However, rains in Maharashtra in previous week will boost the acreage towards other pulses particularly Urad and Tur. This will be unfriendly for the Chana price trend in long term (October onwards). Also, in the long term bumper crop of Chana in the year 2009-2010 coupled with good carryover stocks will cap the upside in prices. Production of Chana in 2009-2010 is estimated at 7.38 million tonnes as compared to 7.06 million tonnes in 2008-09. In the intraday Chana futures are likely to trade sideways to bullish due to buying by the local stockists. Prices in the short term (till July), will depend on the crop growth status in Canada, one of the major suppliers of yellow peas and demand from the local stockists as prices are quoting at lower levels. In the long term (August onwards), prices may take cues from the prices of other pulses.

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