Mumbai, 14 June 2024 (Commoditiescontrol): Moong prices in Madhya Pradesh have surged by Rs 100 per quintal, led by lower arrivals and improved quality. Warmer-than-average temperatures in the region has helped reduce moisture content and improve the quality. Current prices in Madhya Pradesh range from Rs 7,500 to Rs 8,100 per quintal, while in Rajasthan, they vary from Rs 7,500 to Rs 8,200 per quintal. Despite these increases, prices remain below the Minimum Support Price (MSP) as summer production reaches new highs, exerting downward pressure on the market.
In Rajasthan, market sentiment remains stable to weak, reflecting a broader trend across key moong-producing regions. The increase in Kharif acreage is expected to be significant, which could further suppress prices unless the government steps in with procurement measures.
The Indian monsoon has now covered all of South India and most of Maharashtra, remaining stagnant for the past four days. It is expected to reach the entire state of Maharashtra by mid-June. Farmers report that sowing in central Karnataka is nearly complete, with North Karnataka and Maharashtra poised to begin mid-June.
Market analysts predict that prices are unlikely to decline much further from current levels, as they have already experienced a significant drop. However, a substantial price recovery is not anticipated until government procurement begins in full swing.
Spot Moong Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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