Union Cabinet has approved Rs 8,000 crore bailout package for the sugar sector, which includes Rs 4,500 crore as soft loan for building ethanol production capacity and creating a 3 million tonne stockpile to deal with the excess supply.
Not much of demand seen in spot Chana market. Futures remain in correction mode. A late sell off today has pulled the benchmark futures to fresh contract lows yet again.
Demand remains lax for Soybean oil and meal as sowing is likely to pick up in coming weeks.
Turmeric futures remain weak. Export demand outlook not convincing.
Some buying emerging in Guar after recent correction but sentiments still weak on monsoon forecasts.