Canada crimson variety Masoor, Australia Masoor price stay flat at Mumbai, Mundra

Mumbai, 6 OCT (Commoditiescontrol): Price of Canada crimson variety Masoor at Mumbai, Mundra, Hajira & Kolkata along with Australia Masoor at Mumbai-Kolkata remain flat on Thursday afternoon session due to thin trade by mills, traders said.

Further, weak CNF quotes of Canada-Australia origin Masoor in forward business and upcoming supplies from its origin had kept prices under pressure, they added.

Currency cues too remain negative for the commodity. Domestic currency, Rupee has depreciated to 82.11 against USD, making commodity's imports costlier. Lower imports should provide some relief for locally produced Masoor. Yet, imports are expected to rise as larger Masoor production is likely this year as against last year's at international markets.

Interestingly, prices will follow trends in International markets, in the long run, which is largely dependent on demand from India. If Indian demand fails to absorb additional international supply we may see a further fall in international quotes and weaker international quotes will lead to lower domestic prices.

At naya bazzar mkt odd Delhi, Canada-Madhya Pradesh origin Masoor moved higher by Rs 25-50/100Kg amid fresh mills purchase at lower rates on immediate requirement for crushing.

International market update

For 2022-23, lentil production in Canada is estimated to increase by 73% to 2.8 Mt due to higher yields. Seeded area was marginally higher, but above average yields are expected, with the majority of the increase being red lentil types. By province, Saskatchewan is expected to account for 84% of the lentil production and 16% in Alberta.

With the sharp rise in production, total supply is forecast to increase by nearly 1.0 Mt to 3.1 Mt. Exports are forecast to be higher at 2.3 Mt. Carry-out stocks are expected to increase sharply to 0.4 Mt. The average price for all grades is forecast to be significantly lower than 2021-22 at $750t, due to higher carry-out stocks and expectations for a increase in world supply.

For 2021-22, lentil exports fell to 1.6 Mt, down 31% from the previous year. Of this, 1.0 Mt were red lentil types, with 0.6 Mt consisting of the green lentil types. The leading export markets were Turkey, India and the United Arab Emirates. Total domestic use was lower than the previous year at 0.3 Mt.

Carry-out stocks fell sharply to 0.22 Mt. The average Canadian lentil price was significantly higher than 2020-21 at $970/t. No.1 large green lentil prices maintained a crop year premium of $325/t over No.1 red lentil prices.

In the US, the area seeded to lentils for 2022-23 is forecast by the USDA at 0.67 million acres, 5% lower than 2021-22, due to reduced plantings in Montana and North Dakota. However, with higher yields and lower abandonment, US lentil production is forecast by USDA at 0.35 Mt, up 47% from last year. The main US export markets for lentils are expected to continue to be Canada, Mexico and the EU, particularly Spain.

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(By Commoditiescontrol Bureau; +91-22-40015513)