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Moong Prices Maintain Weak Stance Amid Slow Demand and Ongoing Govt Sales

1 Mar 2024 6:23 pm
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New Delhi, March 01 (Commoditiescontrol): Moong prices persisted in a weakened state across major markets, primarily influenced by sluggish demand from millers and the sustained sales activities by the National Agricultural Cooperative Marketing Federation of India (NAFED). The subdued market conditions have led to cautious buying practices, as participants anticipate a continuation of government sales until the arrival of Rabi crops.

In key markets, Moong prices experienced a decline due to the combination of sluggish demand and the persistent influence of ongoing NAFED sales. Buyers are adopting a hand-to-mouth approach, reflecting market expectations that government interventions will persist until the Rabi crop makes its way into the market. The onset of Rabi arrivals in Odisha, a significant Moong-growing state, is anticipated in April. Meanwhile, mandi arrivals in Rajasthan were reportedly minimal, contributing to the overall subdued state of the market.

However, amidst the prevalent weakness, prices in Delhi, Gujarat, and Karnataka managed to remain stable. The demand for Moong is reported to be lackluster, further contributing to the prevailing subdued market sentiment. The anticipation of continued government sales is likely to act as a stabilizing factor, preventing significant fluctuations in prices.

As demand remains dull, market analysts expect the government to persist in selling Moong to maintain stability. The subdued market conditions are expected to persist until the arrival of Rabi crops, and participants will closely monitor the evolving situation, including Rabi arrivals in key growing states, to assess the potential impact on Moong prices in the coming weeks.

Spot Moong Prices In Key Indian Markets:



(By Commoditiescontrol Bureau; +91-9820130172)


       
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