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Chana futures on the NCDEX continued its downtrend on Monday. The October delivery contract was down nearly two per cent at Rs 4,287 a quintal on Monday.
According to the first advance estimates, the output of kharif pulses is estimated lower by 15 per cent at 5.26 million tonnes (mt) compared with 6.16 mt last year. The harvest of kharif pulses will start next month.
The price of pulses in the futures market has come down by about seven per cent in the last one month on improved rains in the main pulse-growing States. Besides, reports of higher output in Australia, the largest supplier of chickpeas to India, also led to the fall in prices.
The revival of the monsoon, especially in Rajasthan, which is a major chana growing State, has brightened prospects for this rabi crop.
The sharp fall in chana futures may lead to some value-buying at lower levels. Besides, the lower output in the kharif season may also push up prices.
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