NCDEX Tips

Bullish trend is likely to continue in barley futures on the back of strong feed demand along with weak global production estimates. The NCDEX Barley futures augmented by more than1% in the last trading.
Mounting demand of poultry industries during the winter season might maintain strong gains in barley market. Moreover, weak global production might also add some gains in domestic market. As per the latest report from United States Department of Agriculture (USDA) , the total barley production in 2012-13 is estimated at 130.7 million tonnes , down almost 1.5% from the last year . This is mainly due to weak production estimated in Australia and Russia.
The spot prices of barley in Delhi mandi were trading in the range Rs 1150-1290 per quintal , up almost Rs 15 per quintal in the last day. While the total arrivals were remained thin in the range of 400-500 bags. The steady trend in other feed items such as Maize and Wheat might also add some gains in the barley market.
The NCDEX November Barley contract added almost Rs 15 per quintal to settle at Rs 1355.50 per quintal. The contract wilted almost 30 positions in open interest indicating short covering by traders. Technically, prices are likely to gather some buying around Rs 1320-1322 per quintal while resistances are likely at Rs 1375-1380 per quintal in the short term.