Agri Commodity Update (11th February 2020)
The National Agricultural Cooperative Marketing Federation of India has stocks of 1.6 mln tn of chana, which the agency bought under the price support scheme in the 2019-20 (Apr-Mar) rabi season.
"We have 1.6 mln tn of chana that we procured from farmers at minimum support price level under the PSS (price support scheme). Apart from this, we have around 100,000-150,000 tn chana in buffer," Sanjeev Chadha, managing director of NAFED, said on the sidelines of World Pulses Day.
As part of a central scheme, NAFED buys crops at the minimum support price when prices slump in spot markets.
The agency started buying chana from growers at the minimum support price of 4,620 rupees per 100 kg for crops produced in 2018-19 (Jul-Jun) and marketed in 2019-20 after state governments requested the Centre to arrest the fall in prices, Chadha said.
Soybean has its support at 3920 and resistance 4010.
Break and sustain below 3920 will see a fall till 3840---3780 levels or else it can touch its resistance level of 4010 again.
Sell on rise!
Trade with levels only.
CPO has its support at 736 and resistance 745.
Break and close below 736 will see a fall till 725---720 levels or else it can touch its resistance level of 745 again.
Sell it on rise!
Trade with levels only!
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