After the massive fall in rates seen the earlier day for most Agri commodities from rains in MP and some areas in South India, slight clearer skies in Central and North-West India enabled a moderate recovery from the lower levels. Rains at this stage amidst cooler weather would be good for the standing Rabi crop keeping prices down. Lack of rains would on the other hand, have adverse impact on the crop.
The uptrend was however limited due to lack of strong demand on the domestic and export front. Lack of strong movement in the International markets also showed on the Indian rates as most counters failed to take any clear direction.
Overall fundamentals do look strong however from a medium term point of view once demand starts rising and the weather clears up.