A RECORD output and brim-full granaries may give the government room to permit futures trade in rice, but the chances of re-listing pigeon peas and black gram seem remote due to spiralling prices, analysts said.
The government last week lifted a two-yearold ban on wheat futures, raising expectations rice could be next in line. "We are reviewing the situation in all three commodities (rice, urad and tur)...there is no deadline on re-listing them," said RK Agarwal, member, Forward Markets Commission (FMC).
The Centre banned futures trade in rice, wheat, pigeon peas (tur) and black gram (urad) in early 2007 under pressure from the Left, then a coalition member, which alleged futures trade in these commodities was fuelling a rise in spot prices.
The wheat ban was lifted as prices and stocks of the commodity are in a comfortable zone, a trend also reflected in rice, making it the next choice for bringing back to exchange platforms, analysts said.
India harvested a record 99.4 million tonnes in 2008-09. Country's rice stock stood at 21.6 million tonnes on April 1 and that compared with the buffer norm of 12.2 million tonnes. The government has allowed export of 1 million tonnes of non-basmati rice by state-run agencies, the latest in a series of moves to ease tight trade curbs as the country struggles to manage surplus stocks of grain.
Lentils, however, are unlikely to see re-listing anytime soon, industry players said. "Tur and urad prices have risen sharply due to lower production. In such a situation, the government is unlikely to think about their relisting in futures market," said Chowda Reddy, an analyst with Karvy Comtrade.
The farm ministry estimates pigeon peas output in 2008-09 to fall by about a quarter to 2.4 million tonnes, while black gram is seen down by a third to 0.9 million tonnes.
The government last week lifted a two-yearold ban on wheat futures, raising expectations rice could be next in line. "We are reviewing the situation in all three commodities (rice, urad and tur)...there is no deadline on re-listing them," said RK Agarwal, member, Forward Markets Commission (FMC).
The Centre banned futures trade in rice, wheat, pigeon peas (tur) and black gram (urad) in early 2007 under pressure from the Left, then a coalition member, which alleged futures trade in these commodities was fuelling a rise in spot prices.
The wheat ban was lifted as prices and stocks of the commodity are in a comfortable zone, a trend also reflected in rice, making it the next choice for bringing back to exchange platforms, analysts said.
India harvested a record 99.4 million tonnes in 2008-09. Country's rice stock stood at 21.6 million tonnes on April 1 and that compared with the buffer norm of 12.2 million tonnes. The government has allowed export of 1 million tonnes of non-basmati rice by state-run agencies, the latest in a series of moves to ease tight trade curbs as the country struggles to manage surplus stocks of grain.
Lentils, however, are unlikely to see re-listing anytime soon, industry players said. "Tur and urad prices have risen sharply due to lower production. In such a situation, the government is unlikely to think about their relisting in futures market," said Chowda Reddy, an analyst with Karvy Comtrade.
The farm ministry estimates pigeon peas output in 2008-09 to fall by about a quarter to 2.4 million tonnes, while black gram is seen down by a third to 0.9 million tonnes.
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