Mumbai, 16 Sep 2024 (Commoditiescontrol):Urad prices declined on Monday, influenced by softer market cues from Myanmar, where both local and CNF (Cost and Freight) prices to India experienced drops. In India, the trend echoed with a noticeable decrease in Burma urad prices across Chennai and Delhi markets. The downward trajectory was further fueled by the impending Kharif arrivals, which exerted additional pressure on both domestic and imported urad prices. Moreover, the upcoming Pitru Paksha period—traditionally marked by lower agricultural demand—also contributed to the price pressure.
In Myanmar today, prices for both Superior Quality (SQ) and Fair Average Quality (FAQ) Urad declined. The SQ variety saw a price drop of K20,000 per metric ton, while FAQ Urad dropped by K55,000 per metric ton. A lack of exporter activity also resulted in a $5 decline in CNF prices for SQ and a $10 drop for FAQ. In the Chennai resale market, both SQ and FAQ varieties lost $10 each.
Indian domestic markets mirrored the weak trend, with prices declining due to muted buying interest. In Chennai, FAQ and SQ prices fell by ₹50 and ₹100 per quintal, respectively. Delhi also recorded a price drop of ₹50 per quintal for both FAQ and SQ varieties. In contrast, Mumbai and Kolkata markets exhibited steady price trends.
In Maharashtra, arrivals remained steady with 14,250 bags reported, and prices ranged between ₹6,000 and ₹8,800 per quintal, reflecting sluggish trade activity.
On the supply side, Urad cultivation during the Kharif season witnessed a slight decline of 1.7%, with 30.01 lakh hectares covered as of September 6, 2024. Myanmar’s Urad exports have averaged 78,502 metric tons per month in 2024, totaling 628,018 metric tons from January to August.
Urad prices are expected to remain subdued during the seasonal decline in demand over Pitru Paksha. However, any significant downturn may be mitigated as retailer demand is anticipated to rebound during Navaratri. Additionally, heavy rains in the Urad growing regions have raised concerns regarding crop yield and quality, potentially supporting prices and limiting any major downside in the market.
Spot Urad Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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