Chili July NCDEX Futures at Rs.5310, have hit the upper circuit again today, twice within a week on strong demand and restricted arrivals. Chili July NCDEX Futures gained 4.04% yesterday ended at Rs 5104. Some profits booking can be expected today but the rally may sustain in the coming days as speculators enlarge their long positions.
India is the largest producer and consumer of chilies in the world with a contribution of nearly 25 percent of the global output. The average production inIndiais estimated to be around slightly above one million tons per year. India is also a major exporter of chilies as it contributes nearly 33 percent of the total quantity of Indian spice exports.
Volumes and open interest in July contract had witnessed a surge last week on the back of lower prices.
Brazil Witnesses Record Soybean Exports in 2011-12
The 2011/12 soybean crop in Brazil continues to be sold and exported at a record pace. According to the Ministry of Industrial Development and Exports, the Brazilian soybean exports in May totaled 7.2 million tons, which surpassed the prior record of 6.1 million tons of exports in June of 2009. The May exports were 37% higher than in May or 2011 when soybean exports totaled 5.3 million tons.
The rapid pace of exports is coming after the 2011/12 Brazilian soybean production was severely curtailed by a crippling drought earlier in the growing season. End users have been scrambling to secure needed supplies before Brazil runs out of soybeans driving prices even higher.
From January through May, Brazil has exported 18.5 million tons of soybeans compared to the 13.5 million tons exported during the same period in 2011. The total value of the soybean complex exports (grain, meal, and oil) through May totaled US$ 3.84 billion, whereas at the end of May 2011, it totaled US$ 2.55 billion. More than half of Brazil soybean exports are destined for China.
Soybean July NCDEX Futures remained range bound yesterday with a high of Rs.3393 an intraday low of Rs.3347. Trades have recorded a low of Rs.3354 as of now today.
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