Mumbai, 08 Mar 2024 (Commoditiescontrol): Burmese urad prices displayed mixed trends today. SQ quality prices experienced an increase, while FAQ quality saw a decline. CNF quotes rose by USD 5-10 per MT, but resale prices in Chennai dipped by USD 5-10 per MT. Strong demand and limited domestic crop availability continue to underpin prices. Additionally, the superior quality of Myanmar's urad crop provides further market support.
Bilty urad prices remained stable across major markets, driven by a combination of rising demand and reduced supply.
The Ministry of Agriculture released its latest sowing data as of April 6th. Urad acreage stands at 2.23 lakh ha, an increase from the previously reported 2.11 lakh ha. This rise is mainly attributed to expanded acreage in Odisha. Sowing activities are nearing completion and are expected to wrap up by mid-April.
Spot prices are gaining strength due to dwindling Rabi crop arrivals alongside robust demand. However, following sharp price increases over the last few sessions, a short-term price correction is possible.
Spot Urad Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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