Pulses Monthly Research Report

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1 Pulses Weekly Report December 31, 2013 Pulses Monthly Research Report December 31, 2013 Contents Monthly Updates First Advance Estimates Pulses :- Chickpeas (Chana/Bengal gram) Peas (Matar) Black Matpe (Urad/Black gram) Pigeon pea (Tur/ Red gram) Lentils (Masoor) Green Gram (Moong) Commodity wise Prices and Arrivals at Different centers

2 Pulses Weekly Report December 31, 2013 Monthly Updates Pulses prices are likely to notice sideways to weak tone amid sluggish demand in the ready market. Higher rabi crop sown area also weigh on the prices. The general assembly of the United Nations has named 2016 as the International Year of Pulses. Commencement of new tur crop reported in several domestic markets. In ,the demand for pulses is projected at MMT against the 19MMT of domestic production with 1.42 MMT imports till September Ministry of Agriculture, GOI. In October, the dry beans and pulses exports from Myanmar surged to 125,893 tonne, 14% up from the same period last year on strong buying demand from India. India accounts for the 80% of the total exports i.e 100,412 tonne. However, exports between January to October in 2013 are down by 43.46% to tonne from 1,383,834 tonne exported till October in last year. International lentil markets remain unchanged on thin trading activity. Canadian field pea markets remain flat on shortage of transportation resources. Canada's pea exports in November are down by 69% to tonne in November from the quantity exported in October. Canada's lentil exports in November are down by 87% to tonne in November from the quantity exported in October. The USDA Risk Management Agency has announced the 2013 harvest prices for the dry bean revenue protection and revenue protection with harvest price exclusion plans of insurance. For green peas, the harvest price is 14 cents per pound; it s 19 cents for lentils; chickpea harvest prices are 25 and 35 cents per pound. The year 2013 is the first of a four-year pilot program for dry bean revenue insurance in North Dakota and Minnesota. USDA's Commodity Credit Corporation office seek purchase tender for 9000 tonne of pulses for February 1 to February 22 and February 23 to March 16 delivery at port. USDA bought bags of split yellow peas and lentils and the Guidry Liason Group and Yellowstone Bean are successful bidders. Monthly Outlook- Pulses prices are likely to notice sideways to weak tone in the near term amid lack of good demand in the market. Moreover, market is likely to consider the rabi crop, expected to harvest in February month.

3 Rabi Pulses Sowing Progress Pulses Weekly Report December 31, 2013 According to Ministry of Agriculture, acreage under rabi pulses till date is reported at lakh hectares compared to lakh hectares during the same period previous year. The area sown under chana is surged to 95.3 lakh Ha. against 90.3 lakh ha. in last year. In Maharashtra, Sowing acreage of rabi pulses till January 3,2014 surged to 1,349,926 hectares from 1,196,881 hectares sowed in same period during last year.the Chana sowing surge to 1,302,227 hectares from1,088,498 hectares. According to Gujarat Agriculture Department, rabi chana sowing in the state have been done in 273,300 hectares compared to 173,100 hectares during the same period last year as on December 30, According to government of Andhra Pradesh, total pulses sowing in the state have been down to 9.18 lakh hectares compared to lakh hectares during the same period last year as on 1 st January, 2014 in the current rabi season. According to weekly crop report released by government of Rajasthan, rabi pulses sowing in the state have been covered in lakh hectares compared to lakh hectares during the same period last year as on 28 th November, Crop Wise Sowing Progress as on Dec.20,2013 Pulses This Year Same Period last year Absolute Change Gram* Lentil Peas Kulthi(Horse Gram) Urad Moong Lathyrus Others Total Pulses *As on Jan.3,2014.

4 Tender Updates Pulses Weekly Report December 31, 2013 PEC LTD. will be procuring tonne of split dal for & under Dal Roti Scheme of the Haryana Government. The Approximate monthly requirement of all processed pulses is around 3,500 tonne. The procurement is from registered suppliers through e- procurement process at NCDEX spot exchange Ltd. At Present, PEC LTD require 5775 tonne of chana dal and 3855 tonne of urad sabut from January -February 2014.The rates offered for the purchase center includes all Govt. duties and taxes (exclusive VAT), expenses like transportation, transits loss, insurance, packing articles (PP bags etc.) and packing charges etc. to deliver the goods on F.O.R. basis at various destinations of Confed in the State of Haryana as may be prescribed by PEC. PEC also issue sale tender from 1647 tonne of Malawi tur and tonne of tur of Arusha. Tamil Nadu Civil Supplies Corporation floated and opened the pulses purchase tender, lowest bids are as follows: Type of Pulses Qty (in tonne) Bid Open Till Lowest Bids Delivery Period Green gram whole Within 30 godown working days from the Jan-14 (moong) receipt of confirmation order Chana (Whole) Jan-14 Within 30 godown working days Tur dal (Fatka) Jan-14 Rs.6140 per quintal for 5,000 tonne Within 30 godown working days Urid dal (whole Jan-14 Rs.5390 per quintal Within 45 godown working days Husked)-FAQ Canadian Yellow Lentil Jan-14 Rs.4614 per quintal Within 40 godown working days (whole -Husked) Tamil Nadu Civil Supplies Corporation opened the purchase tender of MT of split black mapte (urad dal FAQ variety) in December with lowest bid of Rs.5559 per quintal. Earlier, tender was opened on November 20,2013 with lowest bid of Rs.5478 per quintal.

5 Weekly Port Updates Pulses Weekly Report December 31, 2013 At Mumbai port, 20 containers of Burma tur, 178 containers of Mozambique tur,10 containers of Tanzania tur,14 containers of Malavi tur, 7 containers of Kenya tur,5 containers of Mozambique tur dal,106 containers of Burma urad, 3 containers of Kenya moong, 30 containers of Mozambique moong, 105 containers of Australia Chana, 169 containers of Canada masoor, 75 containers of Canada green pea, 4 containers of Canada yellow pea and 34 containers of USA green pea have arrived on 2-3rd December, At Mumbai port, 102 containers of Tanzania tur, 13 container of Uzbekistan moong,1 container of Russian chana, 73 container of Russian kabuli chana and 22 containers of moong have arrived on December 4, At Mumbai port, 142 containers of Tanzania tur, 10 container of Burmese tur,41 containers of Burmese urad,13 container of Australia chana, 20 container of Canadian masoor, 22 containers of Canada green pea and 25 containers of USA green peas have arrived on December 6, On 9th December, 95 containers of Burma tur,39 containers of Burma urad, 40 containers of Australian chana, 25 containers of Canada masoor,20 containers of Ausralia masoor,2 containers of Argentina moong dal,7 containers of kenya moong,5 containers of Canada green pea,3 containers of Canada green pea,5 containers of yellow pea arrived at JNPT port. AT JNPT port,5 containers of Tanzania tur,5 containers of Burma tur,3 containers of Burma urad,103 containers of Australia chana, 2 containers of USA chana, 10 containers of Australia masoor,4 containers of Australia moong and 7 containers of Canada green pea arrived on December 12,2013. At JNPT port, 40 containers of Tanzania tur, 68 containers of Canada masoor, 10 containers of Uzbekistan moong,31 containers of Canada green pea and 3 containers of USA green pea arrived on December 13,2013. Vessel named M.V. LO Shen containing tonne of Australian chana is likely to aived on December 16,2013. Vessel named M.V. CAPTAIN HARRY containing 44, tonne of Canada Yellow Pea and 10,000 tonne of Canada Lentil is likely to arrived on December 16,2013. At JNPT port, 68 containers of Burma urad, 50 containers of Tanzania tur,10 containers of Burma tur,2 containers of Kenya tur,15 containers of Mozambique tur, 2 containers of Malawi tur, 8 containers of tur dal,60 containers of Australia Chana, 10 containers of Australia masoor, 83 containers of Canada masoor, 1 containers of USA yellow pea, 12 containers of Canada green pea, 2 containers of USA green pea arrived on December 16, At JNPT port, 54 containers of Tanzania tur,8 containers of Kenya tur,1 containers of Mozambique tur,21 container of Uzbekistan moong arrived on December 17, At JNPT port 80 containers of Kenya Kabuli Chana (chickpea), 21 containers of Canadian Masoor (lentils), 9 containers of Canadian Peas, 60 containers of Tanzania Tur (Pigeon Peas), 10 containers of Burmese Urad (Black Matpe) has arrived as on 20 December, 2013 and 30 containers of Australian Chana (chickpeas), 5 containers of Australian and 44 containers of American Masoor (lentils), 3 containers of American Peas, 226 containers of Tanzania Tur (Pigeon Peas), 25 containers Burmese of Urad (Black Matpe) has arrived as on 19 December Vessel name M.V. Elar containing 20,900 tonne of Australian chana is likely to arrive on December 20,2013.

6 Pulses Weekly Report December 31, 2013 At JNPT port, 2 containers of tur, 1 containers of tur dal, 40 containers of Burma urad, 40 containers of Canadian masoor, 5 containers of Australian chana, 1 containers of Mozambique moong, 33 containers of green pea and 9 containers of USA green pea has arrived as on 23 December, 2013 At JNPT port, 20containers of Burma urad, 8 containers of USA green peas, 10 containers of Australian chana, 90 containers of Mozambique tur has arrived as on 24 December, At JNPT port, 81 containers of Mozambique tur,178 containers of Tanzania tur, 1 containers of Malawi tur, 5 containers of Australia masoor, 12 containers of USA masoor, 5 containers of Argentina moong,15 containers of USA green pea and 17 containers of Canada green pea arrived on December 30, At JNPT, 2 containers of tur dal,30 containers of Burma tur,21 containers of Burma urad,18 containers of Aaustralia masoor,41 containers of Canada masoor,2 containers of masoor dal,76 containers of Australia chana,61 containers of Russia chana,2 containers of Argentina moong,12 containers ofmoong and 2 containers of Madagascar moong arrived on January 2,2013. At Chennai port, 262 containers of urad, 3 containers of green moong and 37 containers of tur have arrived from November 29 to December 3, At Chennai port, 46 containers of Burma urad and 5 containers of tur arrived on December 16,2013. At Chennai port, 15 containers of Burma urad and 3 container of tur arrived during December 17-18,2013. At Chennai port, 55 containers of Burma urad arrived on December 19,2013. At Chennai port, 117 containers of Burma urad, 19 containers of tur and 6 containers of moong arrived on December 20,2013. At Chennai port, 488 containers of Burma Urad, 73 containers of tur whole,48 containers of green pea,13 containers of yellow pea,41 containers of masoor,5 containers of moong arrived during December 23-28,2013. At Chennai, 291 containers of Burma urad, 19 containers of tur whole,11 containers of yellow pea,28 containers of masoor,11 containers of moong arrived during the week (Dec.30-Jan.4,2013).

7 Pulses Weekly Report December 31, 2013 Indian pulses Production, Demand and Import (in Million Tonne) by MOA:- Year Production Imports Demand (upto Sept 13) 21.77

8 Pulses Weekly Report December 31, 2013 Indian Pulses Production Snapshot MOA revealed that the country s pulses production in is targeted to be million tonne according to 1 st advance estimates. India needs to import as its required pulses domestic production is insufficient to meet the rising demand. The country s import bill on pulses stood at $1.83 billion in Kharif Pulses (in million tonne -MT) Targets Govt. 1 st Adv. Est. (Total) Tur Urad Moong Total Kharif Pulses Rabi Pulses (in million tonne -MT) th Adv. estimates Target Gram Urad Moong Other Rabi Pulses Total Pulses

9 Pulses Weekly Report December 31, 2013

10 Chickpeas (Chana) Pulses Market Recap: Chana prices noticed mostly weak tone during the month on adequate stocks in the ready market. Current Scenario: Chana Prices in benchmark markets Chana Variety and Respective market Nov-13 Dec-13 Absolute Change Australian Chana at Mumbai Gauran Chana at Latur Chana Mixed Chana at Latur Annagiri Chana at Latur G-12 Chana at Latur Gauran Chana at Jalna Pila Chana at Jalna Mixed chana Chana at Akola Chapa Chana at Akola Annagiri Chana at Akola Desi Chana at Amaravati Desi Chana at Jalgaon Madhya Pradesh Chana at Delhi Desi Chana at Jaipur Desi Chana at Bikaner Kantewala Chana at Indore Kabuli 4446 Mill quality Chana at Indore Kabuli 5860 Export quality Chana at Indore Desi Chana at Pipariya Desi Chana at Ashok Nagar Desi Chana at Kanpur Annagiri Chana at Gulbarga Desi Chana at Vijayawada Reason Chana remain weak due to Comfortable stock Continuous arrivals Good new season sowing progress Favorable weather Viable imports Some market witnessed buying at lower levels Seed demand also support the prices.

11 Market participants revealed that -- At Dabra (M.P.), chana sowing is in line with last year progress. At Gotegaon(M.P.), chana and masoor sown area is likely to fell by 30% from last year. Farmers are shifting towards wheat and other competitive crops. Desi Chana at Delhi market noticed weak tone in the spot market amid lower demand in the local pulses market. Good rainfall coupled with favorable weather during the month of October has brightened the prospects of chana sowing during the Rabi season. Good rabi chana sowing in major growing area restrict the prices. Australian chana noticed weak tone, taking cue from domestic market. Following chart depicts the average price in key cash markets:-

12 Decline of Rs per quintal on an average is noticed in chana dal prices at almost all key markets. Following chart depicts the average dal price in key cash markets:- During December month decline in arrivals reported in major mandis. Following chart depicts the monthly arrivals in key cash markets:-

13

14 Seasonality Index Chana is likely to notice weak tone in the near term. Following charts represent the seasonality index for kantewala chana of Madhya Pradesh at Delhi spot market:-

15 Imports are currently unviable and importers are getting disparity of Rs per tonne. Following chart illustrates further:

16 Lower quantity of imported chana arrived at Indian ports. Following graph shows month wise chana import by India:- Field Crop Status: State Region Status Need based plant protection measures are being undertaken in standing crop. early or timely sown chana in rainfed region is at pod to grain formation stage Vidarbha Maharashtra late sown irrigated chana is through vegetative phase. Moderate intensity of pod borer is reported. Madhya spraying of insecticide in Chana for controlling insect pests and diseases are in progress. Uttar Pradesh Western sowing and weeding in Chana. Chana are in vegetative stage. Bihar Chana is in initial vegetative stage. Gujarat hoeing and weeding in Chana. Chana is in branching stage. Andhra Pradesh Chana is at sowing to seedling stage. spodoptera in chana is reported. Karnataka North Agricultural operations like plant protection are reported.

17 Tamil Nadu Jharkhand Chhattisgarh Odisha Chana is at pod formation and filling stage. Moderate intensity of pod borer in Chana. pulses are in vegetative to reproductive stage. Low intensity of leaf eating caterpillars in pulses. late sown chana crop are at vegetative stage. Chana is in flowering stage. need based plant protection in chana crop. pulses are at vegetative to pre flowering stage.

18 Market Outlook: Prices are likely to notice weak to flat tone in the near term.

19 Technical Analysis (Spot Market Monthly Chart) Chana M.P. Origin (at Delhi) Outlook - We expect prices to notice sideways movement in the coming days. Candlestick chart denotes range-bound movement in the market. Prices are facing resistance at 3200 levels. Downward movement of RSI in neutral region denotes weak tone in prices. Expected price band for chana is levels in the coming week. Strategy: Sell Trade Recommendations: Sell around 3200 with targets of 3000 and 2900 keeping stop loss of Support & Resistance S2 S1 PCP R1 R

20 Chana Technical Analysis (NCDEX Futures Monthly Chart) NCCHA (Chana) January Contract Outlook - We expect prices to notice range -bound tone in the coming days. Candlestick chart denotes volatile movement in the market. Momentum indicator MACD is flat in positive territory supporting sideways movement. Prices are facing stiff resistance from 9 days and 18 days EMA. Strategy: Sell Trade Recommendations: Sell near 3200 with targets of 3000 and 2900 keeping stop loss of Support & Resistance S2 S1 PCP R1 R

21 Peas (Matar) Market Recap: Weak tone noticed in pea prices during the month. Current Market Dynamics & Outlook: Pea Prices in benchmark markets Pea Variety and Respective market Nov-13 Dec-13 Absolute Change Reason Yellow peas (Canadian) at Mumbai Expected new crop arrivals in coming months. Yellow peas (American) at Mumbai 2712 Inline sowing progress Continuous imports Green Peas (Canadian) at Mumbai 3956 Green Peas (American) at Mumbai 5144 Desi peas at Kanpur Yellow Peas (Canadian) at Kolkata Green Peas (Canadian) at Kolkata Following chart shows the average price of peas in key cash markets:-

22 Moreover, pea dal prices noticed firm tone. Following are the pea dal prices at Kanpur cash markets:- The spread between Chana and Peas at Kanpur reached to - Rs.260 per quintal amid weak tone in chana prices. Meanwhile, spread is expected to sideways in the coming days.

23 Seasonality Index: Desi pea prices are likely to notice steady tone in the coming days. Following chart shows desi peas seasonality index at Kanpur market and Canadian yellow peas in Mumbai:-

24 Higher quantity of imported pea arrived at Indian ports. Following graph shows month wise pea import by India:- Imports are currently viable and importers are getting parity of Rs per tonne. Following chart illustrates further:

25 Field Crop Status State Region Status Uttar Pradesh Bihar Jharkhand Western sowing and weeding in pea pea are in vegetative stage Pea is in initial vegetative stage pea is at vegetative to flowering to pod formation late sown pea are at vegetative stage Market Outlook: We expect prices to witness steady tone in the near term.

26 Technical Analysis (Spot Market Monthly Chart) Yellow Peas -Canadian Origin (at Mumbai) Outlook - We expect prices to notice range bound tone in the coming days. Candlestick chart denotes fresh buying interest in the market. Downward movement of RSI in neutral region hints for firm tone in price. Expected price band for pea is levels in this week. Strategy: Buy Trade Recommendations: Buy around 2650 with the first target of 2700 and second target 2800 with stop loss at 2625 level. Support & Resistance S2 S1 PCP R1 R

27 Black Matpe (Urad) Market Recap: During the period, urad prices noticed weak tone. Current Market Dynamics & Outlook: Market participants revealed that -- Chennai (T.N.) local market noticed flat tone in urad (faq and sq) amid lack of fresh buying inquiry in the market. Arrival of new kharif crop is lower in various mandis amid expected lower crop output in the current kharif season. Vijayawada (A.P.), local market noticed sluggish demand in the market. Urad Prices in benchmark markets Urad Variety and Respective Novmarket 13 Dec- 13 Burmese FAQ Urad at Mumbai Desi Urad at Jalna Desi Urad at Latur Desi Urad at Akola Desi Urad at Jalgaon Urad SQ at Delhi Burmese FAQ at Chennai Burmese SQ at Chennai local Urad at Indore Maharashtra origin Urad at Indore Polished Urad at Vijayawada Sada (Bada) Urad at Vijayawada Urad (FAQ) at Kolkata Desi Urad at Jaipur Absolute Change Reason Fresh crop arrivals weigh on the prices. Sluggish demand Quality concern Corrections in prices noticed, earlier price rise on standing kharif crop damage

28 Following chart depicts the average price in key cash markets:- Good demand resulted bullish tone in Indore, while other markets witnessed weak tone The following chart depicts the average price of urad dal in key cash markets:-

29 During month, higher arrivals are reported in Jaipur and lower arrivals reported in other key markets. Following chart depicts the total arrivals in key cash markets:-

30 Seasonality Index:- Prices may notice sideways to weak tone in the near term.

31 Lower quantity of imported urad and moong arrived at Indian ports. Following graphs shows month wise urad and moong import by India:- Urad FAQ imports are currently viable and importers are getting parity of Rs per tonne. Following chart illustrates further:

32 Urad SQ imports are currently unviable and importers are getting disparity of Rs per tonne. Following chart illustrates further:

33 Yield Expectation Harvesting of the kharif urad crop is almost 60% over in the major growing regions. Yields are likely to decline amid rainfall in the growing states of Andhra Pradesh, Uttar Pradesh, Madhya Pradesh and Karnataka during the month of October. According to first advance estimates released by the government, urad production is estimated at 1.33 million metric tonnes in compared to 1.45 million metric tonnes during the previous season. Taking into account government acreage and production estimates, yield is likely to be 576 kg/ha in compared to 580 kg/ha during the previous year. According to trade estimates, the crop is likely to be 37% damaged and production will be around 0.91 million metric tonnes in the current season. Market Outlook: Range -bound tone is likely to be noticed in the near -term.

34 Technical Analysis (Spot Market Monthly Chart) Urad FAQ- Burma Origin (at Mumbai) Outlook - We expect range bound to firm tone in the near term. Candlestick chart hints buying interest in the market. Downward movement of RSI hints towards weak tone in prices. Expected price range is Strategy: Buy. Trade Recommendations: Buy around 4080 with a target of 4200 and 4300 keeping stop-loss at Supports & Resistances S2 S1 PCP R1 R

35 Pigeon pea (Tur) Market Recap: During this period, both imported and desi tur noticed mostly weak tone. Current Market Dynamics & Outlook: Tur farmers in Karnataka demanded a rise in minimum support price (MSP) for the year due to steep rise in the cost of cultivation along with crop damage caused by Helen cyclone. Karnataka Pradesh Redgram Growers' Association requested the Central government through a memorandum to Union Railway minister Mallikarjun Kharge, who is elected from the Tur growing region of Gulbarga, to enhance the MSP to Rs 6,450 per quintal based on the recommendations of M S Swaminathan in his report of Second Indian Farmers' Commission. Gulbarga district in northern Karnataka contributes 15% of national Tur output. According to the association, the cost of cultivation per quintal of tur has reached to Rs.4500 per quintal as against the MSP of Rs.4300 per quintal. Meanwhile, the prices are currently crashed to Rs per quintal. This year the prices of DAP fertilizer surged to Rs.1350 per bag as compared from Rs.530 per bag in last year. The dull trend continued in tur on slack buying and scattered arrivals of the new crop in some parts of the country in past week. The commencement of new crop reported in Maharashtra, Karnataka and Jhabua-Dahod line of Madhya Pradesh. At Akola, commencement of tur fresh crop reported on December 27 and new crop trade high at Rs.4450 per quintal. The tur prices are likely to drop further once market witnessed full pace arrivals. The better crop prospects and arrivals of cheaper imports also weigh on the prices. Tur Prices in benchmark markets Tur Variety and Respective market Nov-13 Dec-13 Absolute Change Reason Burmese Lemon Tur at Mumbai Arusha Tur at Mumbai Mozambique Tur at Mumbai Malawi Tur at Mumbai Red Tur at Latur Red Tur at Jalna White Tur at Jalna BDM Tur at Jalna Red Tur at Akola Tur at Jalgaon Desi Tur at Amravati Burmese Lemon Tur at Delhi U.P origin Tur at Kanpur Fresh crop arrivals

36 M.P origin Tur at Kanpur Burmese Lemon Tur at Kolkata Burmese Lemon Tur at Chennai Red Tur at Gulbarga Red Tur at Vijayawada Mah. Origin Tur at Indore Desi Tur at Pipariya Following chart depicts the average price in key cash markets:-

37 Moreover, decline of around Rs per quintal witnessed in tur dal prices at almost all key markets. Following chart depicts the average dal price in key cash markets:- Commencement of new crop arrivas reported in various domestic markets. Arrivals of tur increased in most key. Following chart depicts the total arrivals in key cash markets:-

38 Lower quantity of imported tur arrived at Indian ports. Following graph shows month wise tur import by India:-

39 Seasonality Index:- Tur prices are likely to notice sideways to weak tone in the near term.

40 Field Crop Status State Region Status Maharashtra Uttar Pradesh Andhra Pradesh Karnataka Jharkhand Chhattisgarh Odisha Vidarbha Madhya Western South North Mid-late tur is at physiological maturity stage. Late tur at pod formation to grain development stage. Mild intensity of pod borer in tur is noticed. Tur is in poding stage. Spraying of insecticide in tur crop field for controlling insect pests and diseases are in progress. Low intensity of pod borer in tur is reported. Low intensity of pod borer in tur is noticed. Tur is at pod filling stage. Moderate intensity of pod borer in tur is noticed. Tur is at physiological maturity to harvesting stage. Timely sown tur is at flowering to pod formation stage. Late sown tur crop is at pre flowering to flowering stage. Tur is in pod formation to physiological maturity stage. Early sown tur is at maturity to harvesting stage. Tur crop is likely to be harvested in December and January and early yield estimates will be available by December. According to first advance estimates released by the government, tur production is estimated at 3.04 million metric tonnes compared to 3.07 million metric tonnes.

41 Market Outlook: Tur prices are likely to notice sideways to weak tone in the near term. Technical Analysis (Spot Market Monthly Chart) Red Tur (at Gulbarga) Outlook - We expect prices to notice sideways to weak tone in the near term. Candlestick chart denotes selling interest in the market. RSI hints towards sideways movement in prices. We expect tur prices to notice weak tone in the coming days. Strategy: Sell Trade Recommendations: Sell around 4500 with the first target of 4000 and second target 3800 with stop loss at 4750 level. Support & Resistance S2 S1 PCP R1 R

42 Lentils (Masoor) Market Recap: Desi and imported masoor mostly noticed flat to weak tone during the month. Current Scenario: Market participants revealed that -- In Indore(M.P.), lower sown area expected. Meanwhile, higher sown area is recorded at Ganjbasoda (M.P.). Kanpur (U.P.) local market, noticed weak tone in masoor on slow demand around current levels. Imported red lentils in Mumbai market noticed steady tone amid lack of fresh buying inquiry in the market. Masoor Prices in benchmark markets Masoor Variety and Respective market Nov-13 Dec-13 Absolute Change Reason Canadian red Masoor at Mumbai Prices get support due to aggressive Chanti Export quality Masoor at Delhi buying for last year crop. MP or Kota origin Masoor at Delhi Buying demand for upcoming new crop. UP or Sikri origin Masoor at Delhi Local Masoor at Kanpur Bareilly origin Masoor at Kanpur Canadian origin Masoor at Kolkata Masoor (Mota Masra) at Indore Chota Masoor at Indore Desi Masoor at Pipariya Desi Masoor at Ashok Nagar 4100

43 Following chart depicts the average price in key cash markets:- Prices of masoor dal surged by Rs /Qtl on an average in most of the key trading centers. Following chart depicts the average dal price in key cash markets:-

44 Lower arrivals are reported mostly at key trading centers. Following chart depicts the total arrivals in key cash markets:- Lower quantity of imported masoor arrived at Indian ports. Following graph shows month wise masoor import by India:-

45 Seasonality Index:- Prices are likely to notice steady tone in the coming weeks.

46 Field Crop Status State Region Status Uttar Pradesh Western sowing and weeding in lentil lentil are in vegetative stage Bihar lentil is in initial vegetative stage Market Outlook: Prices are likely to notice sideways to weak tone in the near term.

47 Technical Analysis (Spot Market Monthly Chart) Desi Masoor (at Kanpur) Outlook Sideways movement in prices is likely to be noticed in coming week. Chart depicts selling interest in the market. RSI is increasing in the neutral region supporting firm tone in the near term. Expected price band Strategy: Sell Trade Recommendations: Sell around 4500 with the first target of 4300 and second target 4200 with stop loss at 4650 level. Support & Resistance S2 S1 PCP R1 R

48 Green Gram (Moong) Market Recap: Desi and imported moong prices noticed firm tone during the month. Current Market Dynamics & Outlook: Market participants revealed that -- Indore (M.P.) cash market, noticed firm tone amid good demand in the market. Arrival of good quality moong is surge in various mandis. Jaipur (Raj.), market noticed weak tone amid lack of demand from millers and traders in the market. Moong Prices in benchmark markets Moong Variety and Respective market Nov-13 Dec-13 Absolute Change Reason Tanzania Moong at Mumbai Desi Moong at Jalna Chamki Moong at Jalna Desi Moong at Latur Desi Moong at Akola Chamki Moong at Jalgaon Desi Moong at Amravati Merta city origin Moong Mogar at Delhi Merta city origin Moong Polished at Delhi Lack of good quality crop Chamki Moong at Indore Lower arrivals Desi Moong at Ludhiana High demand Desi Moong at Jaipur Desi Moong at Merta City

49 Following chart depicts the average price in key cash markets:- Lower crop arrivals reported in Jalgaon, Indore. Following chart depicts the total arrivals in key cash markets:-

50 Demand for dal increased in key domestic markets during the month. Following chart depicts the average dal price in key cash markets:-

51 Seasonality Index:- Prices are likely to notice range-bound to weak tone. Yield Expectation India moong yield is projected at 404 kg/ha in the current season as per government estimates compared to 494 kg/ha during the previous year. Yield of the crop is likely to be affected slightly amid lack of favourable weather during harvesting season in the growing regions. According to first advance estimates released by the government, moong production is estimated at 0.90 million metric tonnes in compared to 0.76 million metric tonnes during the previous season. Arrivals are lower in various mandis amid rainfall in the growing regions. According to trade estimates, the crop is likely to be 5% damaged and production will be around 0.72 million metric tonnes in the current season.

52 Market Outlook: Prices are likely to notice sideways to weak tone in the coming days.

53 Technical Analysis (Spot Market Monthly Chart) Desi Moong (at Jaipur) Outlook - We expect prices to notice sideways tone in the coming days. Candlestick chart depicts steady tone in the market. Positioning of oscillator RSI hints towards sideways movement in prices. Expected price band is levels. Strategy: Buy Trade Recommendations: Buy near 6000 with target of 6500 and 6600 keeping stop loss of 5700 levels. Support & Resistance S2 S1 PCP R1 R

54 Commodity-wise Prices and Arrivals at Different Centers Chana State Centre Origin/Variety/Grade Prices (Rs/Qtl) Arrivals (in bags of 1 Qtl) Maharashtra Delhi Madhya Pradesh 30-Dec Nov Dec Dec Nov Dec-12 Mumbai Australian NA NA NA Jalna Gauran Pila NA Mixed chana NA Akola Chapa NA NA NA Annagiri NA NA NA Jalgaon Desi NA NA NA Gauran 2500 NA NA 2000 NA NA Latur Chana Mixed 2600 NA NA NA NA NA Annagiri 3000 NA NA NA NA NA G NA NA NA NA NA Amaravati Desi 2450 NA NA 200 Delhi* Rajasthan Madhya pradesh Kantewala Indore Kabuli 4446 Mill quality NA NA NA Kabuli 5860 Export quality NA NA NA Pipariya Ashok Nagar Desi Uttar Pradesh Kanpur NA NA NA Karnataka Gulbarga Annagiri Andhra Pradesh Vijayawada NA NA 1200 Rajasthan Bikaner Desi NA NA NA Jaipur NA NA NA

55 Arrivals at Delhi markets are in Motors, 1 motor = 9 or 15 Metric Tones International Prices Centre Origin/Variety/Grade Prices (in USD $/MT) 30-Dec Nov Dec-12 Mumbai Australian Chickpea Processed Chana Dal State Centre Origin/Variety/Grade Prices (in Rs./Qtl.) 30-Dec Nov Dec-12 Jalgaon Maharashtra Latur Akola Uttar Pradesh Kanpur Rajasthan Bikaner Desi Madhya Pradesh Indore Katni Delhi Delhi NA 3800 NA Karnataka Gulbarga Gram Dal Retail Prices (in Rs/Kg.) Centre 30-Dec Nov Dec-12 % Change w.r.t previous year NORTH ZONE CHANDIGARH DELHI HISAR Unch KARNAL SHIMLA NR MANDI SRINAGAR JAMMU NR AMRITSAR

56 LUDHIANA NR - BATHINDA NR - LUCKNOW KANPUR VARANASI AGRA DEHRADUN WEST ZONE RAIPUR PANAJI NR - AHMEDABAD RAJKOT BHOPAL Unch INDORE GWALIOR JABALPUR MUMBAI NAGPUR JAIPUR JODHPUR NR - KOTA NR EAST ZONE PATNA NR BHAGALPUR NR 45 NR - RANCHI NR - BHUBANESHWAR CUTTACK SAMBALPUR ROURKELA NR - KOLKATA

57 SILIGURI NORTH-EAST ZONE ITANAGAR NR NR NR - GUWAHATI SHILLONG NR 50 NR - AIZWAL NR NR NR - DIMAPUR NR 55 NR - AGARTALA SOUTH ZONE PORT BLAIR NR HYDERABAD VIJAYWADA VISAKHAPATNAM NR - BENGALURU DHARWAD T.PURAM NR - ERNAKULAM KOZHIKODE PUDUCHERRY CHENNAI 52 NR DINDIGUL THIRUCHIRAPALLI Maximum Price Minimum Price Modal Price Gram Dal Wholesale Prices (In Rs./Qtl) Centre 30-Dec Nov Dec-12 % Change w.r.t previous year NORTH ZONE

58 CHANDIGARH DELHI HISAR Unch KARNAL SHIMLA NR MANDI SRINAGAR NR NR NR - JAMMU NR AMRITSAR LUDHIANA NR - BATHINDA NR - LUCKNOW KANPUR VARANASI AGRA DEHRADUN WEST ZONE RAIPUR PANAJI NR - AHMEDABAD RAJKOT BHOPAL Unch INDORE GWALIOR JABALPUR MUMBAI NAGPUR JAIPUR JODHPUR 3500 NR NR - KOTA NR

59 EAST ZONE PATNA NR BHAGALPUR NR 4300 NR - RANCHI NR NR NR - BHUBANESHWAR CUTTACK SAMBALPUR ROURKELA NR - KOLKATA SILIGURI NORTH-EAST ZONE ITANAGAR NR NR NR - GUWAHATI SHILLONG NR 4500 NR - AIZWAL NR NR NR - DIMAPUR NR 5000 NR - AGARTALA SOUTH ZONE PORT BLAIR NR HYDERABAD VIJAYWADA VISAKHAPATNAM NR - BENGALURU DHARWAD T.PURAM NR - ERNAKULAM KOZHIKODE PUDUCHERRY CHENNAI 4000 NR DINDIGUL

60 THIRUCHIRAPALLI Maximum Price Minimum Price Modal Price Peas State Centre Origin/Variety/Grade Prices (Rs/Qtl) Maharashtra Uttar Pradesh Mumbai Kanpur 30-Dec Nov Dec-12 White Canadian White American 2631 NA 2600 Green Canadian NA NA 3475 Green American NA NA 3550 Desi White Canadian 2871 NA NA Tamilnadu Chennai Canada White Peas 2750 NA NA International Peas Prices Centre Origin/Variety/Grade Prices (in USD $/MT) 30-Dec Nov Dec-12 Mumbai Yellow Peas- CANADA Break-Bulk Canadian Green Peas

61 Processed Peas Dal State Centre Origin/Variety/Grade Prices (in Rs./Qtl.) 30-Dec Nov Dec-12 Uttar Pradesh Kanpur Desi Tur State Centre Origin/Variety/Grade Prices (Rs/Qtl) Arrivals (in bags of 1 Qtl) 30-Dec Nov Dec Dec Nov Dec-12 Burmese Lemon NA NA NA Mumbai Arusha NA NA NA Mozambique NA NA NA Malawi NA NA 2850 NA NA NA Red NA Maharashtra Jalna White BDM NA 20 NA Akola NA Jalgaon Red NA NA Latur 4600 NA NA 4000 NA NA Amravati Desi 4150 NA NA 400 Delhi Delhi Burmese Lemon NA NA NA Uttar Pradesh Kanpur U.P line NA NA NA M.P.line NA NA NA Tamilnadu Chennai Burmese Lemon NA NA NA Karnataka Gulbarga MH Indore Madhya Pradesh Pipariya Desi

62 International Tur Prices Centre Origin/Variety/Grade Prices (in USD $/MT) 30-Dec Nov Dec-12 Mumbai Burmese Tur Lemon Chennai Burmese Tur Lemon NA NA 645 Processed Tur Dal State Centre Origin/Variety/Grade Prices (in Rs./Qtl.) Maharashtra Karnataka Madhyapradesh 30-Dec Nov Dec-12 Jalgaon Desi Latur 6500 NA NA Phatka Akola sava no Gulbarga Phatka Katni Sava Indore Desi Tur Dal Retail Prices (in Rs/Kg.) Centre 30-Dec Nov Dec-12 % Change w.r.t previous year NORTH ZONE CHANDIGARH NR - DELHI HISAR Unch KARNAL SHIMLA NR

63 MANDI Unch SRINAGAR Unch JAMMU NR AMRITSAR Unch LUDHIANA NR - BATHINDA LUCKNOW KANPUR VARANASI AGRA Unch DEHRADUN WEST ZONE RAIPUR PANAJI NR - AHMEDABAD RAJKOT BHOPAL Unch INDORE GWALIOR JABALPUR MUMBAI NAGPUR JAIPUR NR - JODHPUR NR - KOTA NR EAST ZONE PATNA NR BHAGALPUR NR RANCHI BHUBANESHWAR

64 CUTTACK SAMBALPUR ROURKELA NR - KOLKATA SILIGURI NORTH-EAST ZONE ITANAGAR NR NR NR - GUWAHATI SHILLONG NR 66 NR - AIZWAL NR NR NR - DIMAPUR NR 70 NR - AGARTALA SOUTH ZONE PORT BLAIR NR HYDERABAD VIJAYWADA VISAKHAPATNAM NR - BENGALURU DHARWAD T.PURAM NR - ERNAKULAM KOZHIKODE PUDUCHERRY CHENNAI 68 NR DINDIGUL THIRUCHIRAPALLI Maximum Price Minimum Price Modal Price

65 Tur Dal Wholesale Prices (In Rs./Qtl) Centre 30-Dec Nov Dec-12 % Change w.r.t previous year NORTH ZONE CHANDIGARH DELHI HISAR Unch KARNAL SHIMLA NR MANDI SRINAGAR NR NR NR - JAMMU NR AMRITSAR Unch LUDHIANA NR - BATHINDA NR - LUCKNOW KANPUR VARANASI AGRA Unch DEHRADUN WEST ZONE RAIPUR PANAJI NR - AHMEDABAD RAJKOT BHOPAL Unch INDORE GWALIOR JABALPUR

66 MUMBAI NAGPUR JAIPUR JODHPUR NR - KOTA NR EAST ZONE PATNA NR BHAGALPUR NR 5200 NR - RANCHI NR NR NR - BHUBANESHWAR CUTTACK SAMBALPUR ROURKELA NR - KOLKATA Unch SILIGURI NORTH-EAST ZONE ITANAGAR NR NR NR - GUWAHATI SHILLONG NR 6000 NR - AIZWAL NR NR NR - DIMAPUR NR 6600 NR - AGARTALA Unch SOUTH ZONE PORT BLAIR NR HYDERABAD VIJAYWADA VISAKHAPATNAM NR - BENGALURU DHARWAD T.PURAM NR -

67 ERNAKULAM KOZHIKODE Unch PUDUCHERRY CHENNAI 5800 NR DINDIGUL THIRUCHIRAPALLI Maximum Price Unch Minimum Price Modal Price Masoor State Centre Origin/Variety/Grade Prices (Rs/Qtl) Arrivals (in bags of 1 Qtl) 30-Dec Nov Dec Dec Nov Dec-12 Maharashtra Mumbai Red Lentils NA NA NA Delhi Uttar Pradesh Madhya Pradesh Chanti Export NA NA NA Delhi MP/ Kota Line NA NA NA UP/ Sikri Line NA NA NA Kanpur Mill Delivery NA NA NA Bareilly Delivery NA NA NA Indore Mota Masra Chota Masra NA NA NA Pipariya NA 200 Desi Ashok Nagar NA NA 3250 NA NA 300

68 International Masoor Prices Centre Origin/Variety/Grade Prices (in USD $/MT) 30-Dec Nov Dec-12 Mumbai Canadian Red Lentils(Crimpson)- No Processed Masoor Dal State Centre Origin/Variety/Grade Prices (in Rs./Qtl.) 30-Dec Nov Dec-12 Uttar Pradesh Kanpur Malka Madhya Pradesh Indore Desi Katni Desi Delhi Delhi Badi Masoor Choti Masoor Masoor Dal Retail Prices (in Rs/Kg.) Centre 30-Dec Nov Dec-12 % Change w.r.t previous year NORTH ZONE CHANDIGARH DELHI HISAR NR NR NR - KARNAL NR NR NR - SHIMLA NR MANDI SRINAGAR NR NR NR - JAMMU NR AMRITSAR LUDHIANA NR -

69 BATHINDA NR - LUCKNOW KANPUR VARANASI AGRA DEHRADUN NR NR NR - WEST ZONE RAIPUR PANAJI NR - AHMEDABAD RAJKOT BHOPAL INDORE GWALIOR JABALPUR MUMBAI NAGPUR Unch JAIPUR JODHPUR NR NR NR - KOTA NR EAST ZONE PATNA NR BHAGALPUR NR 56 NR - RANCHI NR NR NR - BHUBANESHWAR CUTTACK SAMBALPUR ROURKELA NR - KOLKATA SILIGURI

70 NORTH-EAST ZONE ITANAGAR NR NR NR - GUWAHATI SHILLONG NR 61 NR - AIZWAL NR - DIMAPUR NR 65 NR - AGARTALA SOUTH ZONE PORT BLAIR NR 66 NR - HYDERABAD VIJAYWADA VISAKHAPATNAM NR - BENGALURU NR NR NR - DHARWAD NR NR NR - T.PURAM ERNAKULAM KOZHIKODE PUDUCHERRY CHENNAI 56 NR 52 8 DINDIGUL NR NR NR - THIRUCHIRAPALLI NR NR NR - Maximum Price Minimum Price Modal Price Masoor Dal Wholesale Prices (In Rs./Qtl) Centre 30-Dec Nov Dec-12 % Change w.r.t previous year NORTH ZONE CHANDIGARH

71 DELHI HISAR NR NR NR - KARNAL NR NR NR - SHIMLA NR MANDI SRINAGAR NR NR NR - JAMMU NR AMRITSAR LUDHIANA NR - BATHINDA NR - LUCKNOW KANPUR VARANASI AGRA DEHRADUN NR NR NR - WEST ZONE RAIPUR PANAJI NR - AHMEDABAD RAJKOT BHOPAL Unch INDORE GWALIOR JABALPUR MUMBAI NAGPUR JAIPUR JODHPUR NR NR NR - KOTA NR EAST ZONE

72 PATNA NR BHAGALPUR NR 5400 NR - RANCHI NR NR NR - BHUBANESHWAR CUTTACK SAMBALPUR ROURKELA NR - KOLKATA SILIGURI NORTH-EAST ZONE ITANAGAR NR NR NR - GUWAHATI SHILLONG NR 5500 NR - AIZWAL NR - DIMAPUR NR 6000 NR - AGARTALA SOUTH ZONE PORT BLAIR NR 6100 NR - HYDERABAD VIJAYWADA VISAKHAPATNAM NR - BENGALURU NR NR NR - DHARWAD NR NR NR - T.PURAM ERNAKULAM Unch KOZHIKODE PUDUCHERRY CHENNAI 4800 NR DINDIGUL NR NR NR - THIRUCHIRAPALLI NR NR NR -

73 Maximum Price Minimum Price Modal Price Moong State Centre Origin/Variety/Grade Prices (Rs/Qtl) Arrivals (in bags of 1 Qtl) Mumbai 30-Dec Nov Dec Dec Nov Dec-12 Pedishewa NA NA NA NA NA NA Tanzania 5600 NA 5050 NA NA NA Annaseva NA Jalna Maharashtra Chamki 6400 NA NA 1000 NA NA Latur Desi Akola Jalgaon Chamki NA NA 5100 NA NA 150 Amravati Desi NA NA NA NA NA NA Tamilnadu Chennai Pedishewa NA NA NA NA NA NA Annaseva NA NA NA NA NA NA Raj line NA NA 5800 NA NA NA Karnataka NA NA NA NA NA NA Delhi Delhi Green NA NA NA Merta city(mogar) NA NA NA Merta city(polish) Madhya Pradesh Indore Chamki 6350 NA 5200 NA NA 60 Uttar Pradesh Kanpur NA Rajasthan Jaipur Desi NA NA NA Merta City NA NA NA NA NA NA

74 International Moong Prices Centre Origin/Variety/Grade 30-Dec Dec Nov Dec-12 Mumbai Burmese Moong Pokako 980 NA 920 Processed Moong Dal State Centre Origin/Variety/Grade Prices (in Rs./Qtl.) 30-Dec Nov Dec-12 Rajasthan Bikaner Split Madhya Pradesh Indore NA 7500 NA Mogar Karnataka Gulbarga NA Jalgaon Desi Maharashtra Akola Mogar Moong Dal Retail Prices (in Rs/Kg.) Centre 30-Dec Nov Dec-12 % Change w.r.t previous year NORTH ZONE CHANDIGARH NR - DELHI HISAR KARNAL NR - SHIMLA NR MANDI SRINAGAR NR NR NR - JAMMU NR AMRITSAR LUDHIANA NR - BATHINDA

75 LUCKNOW KANPUR VARANASI Unch AGRA DEHRADUN WEST ZONE RAIPUR PANAJI NR NR NR - AHMEDABAD RAJKOT BHOPAL INDORE GWALIOR JABALPUR MUMBAI Unch NAGPUR JAIPUR NR - JODHPUR NR - KOTA NR EAST ZONE PATNA NR BHAGALPUR NR RANCHI NR NR NR - BHUBANESHWAR CUTTACK SAMBALPUR ROURKELA NR - KOLKATA SILIGURI NORTH-EAST ZONE

76 ITANAGAR NR NR NR - GUWAHATI SHILLONG NR 79 NR - AIZWAL NR - DIMAPUR NR 80 NR - AGARTALA SOUTH ZONE PORT BLAIR NR NR NR - HYDERABAD VIJAYWADA VISAKHAPATNAM NR - BENGALURU DHARWAD T.PURAM NR - ERNAKULAM KOZHIKODE PUDUCHERRY CHENNAI 88 NR DINDIGUL THIRUCHIRAPALLI Maximum Price Minimum Price Modal Price Moong Dal Wholesale Prices (In Rs./Qtl) Centre 30-Dec Nov Dec-12 % Change w.r.t previous year NORTH ZONE CHANDIGARH DELHI

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