Mumbai, 20 Sep 2024 (Commoditiescontrol): Urad prices continued their upward trend in both domestic and international markets on Friday, bolstered by rising demand ahead of the festival season and concerns over weather-related crop damage. Deecrease in moisture content in Maharashtra's new urad crop has further improved mills buying, lending additional support to prices. Additionally, improved offtake in urad dal is contributing to the ongoing price rally.
In Burma, prices for Urad have risen significantly. Superior Quality (SQ) Urad surged by 25,000 kyats to reach 4,410,000 kyats per metric ton, while Fair Average Quality (FAQ) Urad climbed by 50,000 kyats to 3,990,000 kyats per metric ton. This rise is fueled by strong international demand and tight supplies in Myanmar, a major exporter of Urad. CNF India trading also saw an increase, with SQ Urad quoted at $1,090 per metric ton and FAQ at $995 per metric ton, reflecting a $35 per ton rise for both varieties.
In the Indian market, prices remained firm, with Chennai witnessing a $20 increase for both SQ and FAQ Urad. Chennai SQ prices rose by ₹200 to ₹9,150 per quintal, and FAQ was quoted ₹100 higher at ₹8,400 per quintal. Mumbai saw FAQ prices advance by ₹100 to ₹8,600 per quintal, while Delhi collected gains of ₹50 for both varieties.
The "All Expenses Paid" (Bilty) market showed consistent upward trends, with Guntur, Vijayawada, and Indore reporting ₹100 increases. Jalgaon and Chandausi markets saw ₹200 higher prices for Desi Urad, while Jaipur remained stable with no significant changes.
Urad Dal prices also saw an upward movement, trading between ₹11,600 and ₹12,100 per quintal in Jodhpur and Guntur.
Urad cultivation for the Kharif season has seen a slight decline of 1.7%, covering 30.01 lakh hectares as of September 6, 2024. Myanmar's Urad exports averaged 78,502 metric tons per month in 2024, with total exports reaching 628,018 metric tons between January and August.
Recent rains in Madhya Pradesh, Uttar Pradesh, and other Urad-growing regions are raising concerns about potential crop damage. While the extent of the damage remains unclear, this uncertainty is likely to slow Urad sales from Burma and domestic stockists, potentially supporting ongoing price recovery until more clarity emerges regarding crop conditions in India.
Spot Urad Prices In Key Indian Markets:
(By Commoditiescontrol Bureau; +91-9820130172)
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