Chana Gains More Than 1%, Sowing Stays In Focus

NCDEX Chana futures for January, which just turned the benchmark, have been benefitting today from tepid sowing progress. The all India acreage under Chana stood at 61.58 lakh hectares as on November 29, 2019, down 10% compared to the same time last year. The total acreage also stood lower by 10% to 89.23 lakh hectares. This pushed up the commodity today after the futures tested their contract low under Rs 4350 per quintal. The counter is currently up 1.3% at Rs 4390 per quintal. The demand is holding steady and should be well supported in near term ahead of the start of the wedding season. Sentiments have been supported in wholesale markets and major pulses prices have edged up following damage to the kharif harvest due to excessive rain in Karnataka and Maharashtra.