Better monsoon forecast pulls down guar seed prices at NCDEX
Prices of guar seed at NCDEX's counter fell sharply by two per cent on prediction of better monsoon in June-September period.
By PTI |
NEW DELHI: Prices of guar seed at NCDEX's counter fell sharply by two per cent on prediction of better monsoon in June-September period.
At 1400 hours, prices of May contract fell by 2 per cent to Rs 1,865 per tonne, while spot prices remained steady at Rs 1,880 per tonne.
"Prices fell today on anticipation that higher monsoon forecast would help rainfed crop like guar seed and boost production," Karvy Comtrade analyst Chowda Reddy told reporters.
The Meteorological Department last week projected that June-September's rain, vital for farmers, was 105 per cent of its long period average (LPA). The rainfall was 8 per cent above LPA over central India and 4 per cent above LPA over northeast India, he said.
The June-September monsoon is crucial for summer-sown crops like rice, cotton, guar seed oilseeds and sugarcane, which are planted in July and harvested in September-October.
At 1400 hours, prices of May contract fell by 2 per cent to Rs 1,865 per tonne, while spot prices remained steady at Rs 1,880 per tonne.
"Prices fell today on anticipation that higher monsoon forecast would help rainfed crop like guar seed and boost production," Karvy Comtrade analyst Chowda Reddy told reporters.
The Meteorological Department last week projected that June-September's rain, vital for farmers, was 105 per cent of its long period average (LPA). The rainfall was 8 per cent above LPA over central India and 4 per cent above LPA over northeast India, he said.
The June-September monsoon is crucial for summer-sown crops like rice, cotton, guar seed oilseeds and sugarcane, which are planted in July and harvested in September-October.
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